Project will cover 92,000 beneficiaries in Mandya district in the first phase
To make disbursal of social security pensions fast and more convenient, Vijaya Bank, lead bank of Mandya district, is launching a project wherein the pension will be credited to the bank accounts of beneficiaries.
The beneficiaries can then use their biometric smart cards to withdraw the money either at an ultra small branch or when a business correspondent calls on them.
The bank will launch the project at Mysugar auditorium at Hanakere village on Sunday.
In the first phase, the project will cover 92,000 beneficiaries and in the second 27,000 beneficiaries.
The bank aims to disburse old age and widow pensions as well as pension for the physically handicapped. It has distributed 1.19 lakh smart cards in the district. The biometric data on the smart card will prevent impersonation, and ensure that only the actual beneficiary can access his/her bank account.
“While 92,000 beneficiaries will get their pensions under this project from Sunday, the remaining will receive them under the second phase,” H. Dayakara Reddy, Chief Manager, Vijaya Bank (Finance Inclusion Cell), told The Hindu here on Saturday.
He said the project would cover at least 1,600 villages in Mandya. The bank had opened more than 122 ultra small branches (USBs) under the financial inclusion initiative. It had also employed 232 business correspondents (BCs), who had completed at least SSLC, in all 232 gram panchayats in the district.
The objective of opening the USBs and launching this project (distributing pensions through smart cards) was to bring banking services to the rural masses in Mandya, Mr. Reddy explained.
The USBs were established in line with the Reserve Bank of India’s guidelines, in villages with a population of more than 2,000.
Beneficiaries would be able to withdraw money using the smart cards at the USB in their village or they could access their bank accounts with the help of the BCs, who had been equipped with handheld devices that were connected to the wireless network of the bank, the officer said.
Vijaya Bank, lead bank, will launch the project today Project will cover at least 1,600 villages in Mandya district
Vijaya Bank, lead bank, will launch the project today
Project will cover at least 1,600 villages
in Mandya district