Come January, 2 mn to get pension in bank accounts

It is pertinent to mention here that state government disburses Rs 50 cr per month under different welfare schemes in the state

Come January 2015 and around 20,00,000 beneficiaries of different welfare schemes in Punjab will be able to get their pension in their bank accounts. The state government is planning to tie up with various banks for the successful rollout of the scheme which envisages online transfer of funds in their accounts.

As of now, panchayats disburses pension among the beneficiaries under various schemes like old age, widow, disabled, dependent pensions of central government and state government. According to insiders, in the wake of increasing complaints of mismanagement in disbursal of pensions through panchayats, the government has decided to implement online transfer of pensions which not only ensures transparency but also speedy disbursal of pension.

It is pertinent to mention here that state government disburses Rs 50 crore per month under different welfare schemes in the state. Speaking to Business Standard, Jaspal Singh, Secretary-Finance, Expenditure, Planning & Social Security said, "We had made our treasury online and now planning to transfer the funds online directly into beneficiaries account. Under 'Pardhan Mantri Jan Dhan Yojna', the entire underprivileged population in the state will be covered by November 16, so transferring the funds into beneficiaries account would not be hurdle. We are keen to launch this initiative by January 2015. In this regard, I would be meeting the bank official very soon to sort out modalities to streamline the system of disbursement of pension, which was now being made through the panchayats in the villages."

"On an average we disburses Rs 50 crore monthly to the beneficiaries. So, there is a huge opportunities for banks also, as the commission involved in the disbursal of pension is around 2 per cent, "he added.

There were also apprehensions that through the present system of disbursal, which is through panchayats, the state is losing money in these social security schemes as a number of dead and fictitious pensioners are found to be availing these benefits.

The online disbursement of pension through banks will ensure timely and hassle-free payment of pension to the eligible beneficiaries in a transparent manner.

By this initiative of the state government, over 54 lakh families are likely to be benefited, that constitute 40 per cent of the state's population. The state government has already opened over 600,000 new accounts under this scheme and targeting to open over 150,000 new accounts by this week under 'Pardhan Mantri Jan Dhan Yojna,' so that the beneficiary come under the ambit of banking services.