State Bank of Travancore (SBT) opened an exclusive branch for processing direct benefit transfers at Thycaud here on Saturday.
This will facilitate faster transfer of social benefits to the accounts of the beneficiaries of direct benefits, according to a bank spokesman.
Jawahar Thakur, Controller-General of Accounts, Ministry of Finance, Government of India, inaugurated the branch.
Thakur was here for a review meeting with public sector banks on implementation of direct benefit transfer to beneficiaries through the Public Financial Management Systems (PFMS) portal, formerly called the Central Plan Scheme Monitoring System.
PFMS helps establish a web-based online transaction system for fund management and e-payment to implementing agencies and beneficiaries.
It is a portal maintained by the office of the Controller General of Accounts in the Union Ministry of Finance.
UPDATE ON TRANSFERS
It ensures efficient fund flow systems and expenditure network. It also provides stakeholders with a reliable and meaningful management information system and an effective decision support system.
Citizens can find out the status of Aadhaar-based benefits transferred through PFMS by using the ‘Know Your Payments’ link on the left side panel of the portal (www.cpsms.nic.in).
Meanwhile, the SBT spokesman said the bank has been in the forefront in implementation of the Centre’s financial inclusion initiatives.
At least 26 lakh basic savings accounts have been opened under the financial inclusion plan to extend banking facilities to excluded people.
FINANCIAL INCLUSION
SBT, which is the Lead Bank, has helped Pathanamthitta district in Kerala become the top district in financial inclusion. Bank branches have been opened in all panchayats in the district.
Business correspondent banking outlets have been opened in all sub-service areas by roping in up to 1,500 households. This has ensured that there is no unbanked rural village in the district. Banking penetration is now estimated at 96.20 per cent of the population in Pathanamthitta.
The CRISIL Inclusix index that measures the level of penetration of financial inclusion across the country has ranked SBT’s three lead districts in Kerala in the top 15.
The rankings are Pathanamthitta (first); Kottayam (fifth); and Alappuzha (15).