Money & Banking

Garib Kalyan Yojana: Bank branches to give 200 tokens per day to manage crowd

G Naga Sridhar Hyderabad | Updated on March 31, 2020

Beneficiaries of PM Garib Kalyan Yojana are expected to throng the bank branches. File Photo   -  PTI

IBA issues guidelines for disbursal of Garib Kalyan's benefits

All bank branches will now distribute up to 200 tokens per day to manage crowds who are likely to throng the branches to claim benefits under the PM Garib Kalyan Yojanag announced in the wake of Coronavirus (COVID-19). A decision to this effect was taken by the management committee of Indian Banks Association (IBA).

In a circular sent to banks on Social Banking, IBA said,“Banks may implement token system in order to manage crowd. In a day, 200 tokens (as per individual branch capacity) may be issued to the beneficiaries.” The decision was taken in view of the on-going lockdown and the prescribed social distancing and sanitisation. It will also ensure seamless withdrawal of amount by the individuals.

Customers who have been issued Ru Pay cards should be encouraged to use electronic channels including ATMs/AEPS to withdraw cash, IBA said.

The Centre has announced a slew of measures, including an ex-gratia of ₹500 per month for 20 crore women who hold accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme. In addition, PM Garib Kalyan Yojana includes cash transfers under the PM-Kisan scheme to farmers, senior citizens, and differently-abled persons.

The IBA guidelines are in addition to other norms advised by the Department of Financial Services including maintenance of adequate liquidity at the bank branches and with the business correspondents and regular replenishment of ATMs to meet cash requirements.

In a separate communication, C H Venkatachalam, General Secretary, All India Bank Employees Association has also asked bank staff to implement the token system.

Published on March 31, 2020

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