Banks in Punjab asked to expedite seeding Aadhaar

Banks in Punjab have been asked to expedite Aadhaar seeding (linking bank accounts with Aadhaar number) so that the state government can roll out the scheme from April 1.

The scheme envisages online transfer of funds into the account of beneficiaries of welfare schemes.

According to data, bank-Aadhaar seeding in the state for the accounts opened under the Jan Dhan Yojna was around 68 per cent as on January 28.

Punjab has about two million beneficiaries under welfare schemes.

As of now, panchayats disburses pensions to beneficiaries in schemes covering the aged, widows, differently-abled, dependents of pension from central and state governments.

According to sources, in the wake of increasing complaints of mismanagement in disbursal of pensions through the panchayats, the government decided to implement online transfer of pensions. This would ensure transparency and speedy disbursal of pension.

There were also apprehensions that through the present system of disbursal, through panchayats, the state was losing money via these social security schemes, as a number of dead and fictitious pensioners were found enrolled.

The online disbursement of pension through banks would ensure timely and hassle-free payment of pensions to eligible beneficiaries.

Addressing a recent meeting of state level bankers committee, secretary-revenue Jaspal Singh asked the bankers to speed up the seeding process. The bankers assured of complete seeding by February 20, 2015.

The state government disburses Rs 50 crore a month under welfare schemes in the state. Earlier, Singh had told Business Standard, “We had made our treasury online and now are planning to transfer the funds online directly into beneficiaries accounts. On an average, we disburse Rs 50 crore monthly to the beneficiaries. So, there is a huge opportunities for the banks also.”

By this initiative of the state government, 5.4 million families might benefit, which is 40 per cent of the state’s population. Banks in Punjab has opened over 3.6 million accounts as on January 28, under the  Jan Dhan Yojna scheme and have covered all households in the state.