EBT scheme in State by March

EBT scheme in State by March

Project being implemented in Bellary, Chitradurga and Gulbarga

EBT scheme in State by March

SLBC plans to announce this at an international convention on ‘Financial Inclusion and Financial Literacy,’ to be organised by the Reserve Bank of India (RBI) in Bangalore, as part of its platinum jubilee celebrations.

Under Electronic Benefit Transfer (EBT) scheme, launched earlier this year, payment of Mahatma Gandhi Rural Employment Guarantee Act (MGREGA) wages and delivering of other social security benefits to beneficiaries are made on a smart-card mode. The bank implementing the EBT scheme appoints a business correspondent at the village level. He/she uses biometric smart cards and voice-guided systems to help people in the rural areas access banking services at their doorstep.

Making the announcement at the 110th SLBC meeting in Bangalore on Tuesday, SLBC Chairman Basanth Seth urged full cooperation from all nationalised banks to extend the scheme to the entire State.

The project is currently being implemented in Bellary, Chitradurga, Gulbarga and will soon be extended to Chamarajanagar, Mandya and Dharwad.

Seth, who is also the Chairman and Managing Director, Syndicate Bank, said on Chief Minister’s request at a special meeting last month, bankers had agreed to finance the construction of house with lower interest rate of four per cent to those who had lost their dwellings in the recent floods in the State.

The State government has decided to channelise funds for construction of houses by way of grant assistance under Indira Awas Yojana and Ashraya scheme, he said.
He also urged banks to ensure that they meet the RBI target of 100 per cent financial inclusion in villages of 2,000 plus population in the State by March 2010.