IBA instructs banks to deposit ₹500 each in PMJDY accounts of women for three months

Vinson Kurian Thiruvananthapuram | Updated on March 31, 2020 Published on March 31, 2020

IBA writes to member banks

An amount of ₹500 each will be credited to the accounts of all women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) for the next three months, as announced by Finance Minister Nirmala Sitharaman.

The Indian Banks Association (IBA) has written to member banks with respect to the direct cash transfer and logistics for withdrawal by the account holders, as part of Central assistance amid the pandemic.

Necessary beneficiary and bank account details have been collected by the Department of Financial Services (DFS), Ministry of Finance, for the purpose, said the IBA in its note.

A meeting of the IBA Managing Committee held on Monday decided to advise banks that, keeping in view the ongoing lockdown and the need for maintaining social distancing and sanitisation, they may take steps to ensure seamless withdrawal of the amount by individual beneficiaries from their respective accounts.

Firstly, they may implement a token system at the branches to manage the crowd. For instance, 200 tokens may be issued, depending on the capacity of the branches, to the beneficiaries during the course of a day. Secondly, customers with RuPay cards may be encouraged to use electronic channels such as ATMs/AePS (Aadhaar-Enabled Payment System) to withdraw cash.

The IBA also reiterated that the bank should be mindful of the guidelines issued by the DFS. They require that banks ensure adequate liquidity at branches and business correspondents; replenish ATMs on a regular basis to meet requirements; arrange for mobile ATMs wherever required with sufficient cash; and send SMS to beneficiaries regarding (i) the time schedule for withdrawal (ii) requesting them to utilise digital payment modes with a view to complying with prescribed Covid-19 safeguards.

Published on March 31, 2020

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