As per RBI, if any person is interested in availing Direct Benefit Transfer, the Aadhar number of the customers should be obtained by the banks and e-verification must be carried out. You can read about the Direct Benefit Transfer – History, Structure, Schemes in the given link.
There are 317 schemes under DBT. In DBT, benefits or subsidies are directly transferred to citizens. This helps in removing corruption due to middlemen. It was launched by the Government of India in January, 2013. Here the money will be directly transferred to the bank account of the beneficiaries.
Further readings:
- Granting License for Small Finance Banks by the Reserve Bank of India (RBI)
- SIDBI – Small Industries Development Bank of India & its Functions
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Related Links |
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Financial Inclusion – National Strategy for Financial Inclusion [UPSC GS-III] |
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Types of Non Banking Financial Institutions India – Functions & Objectives |
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