Stimulus package: FinMin asks banks to ensure smooth transfer of funds to women account holders

The finance ministry has asked banks to ensure smooth transfer of money to women account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) as part of the stimulus package announced by the government.

While announcing the relief package for the poor affected by the 21-day nationwide lockdown, Finance Minister Nirmala Sitharaman said 20.4 crore women having Jan Dhan bank accounts would get one-time cash help of Rs 1,500 spread over three months.

"You are requested to ensure that the said amount is transferred smoothly to the targeted accounts, so that the beneficiaries can get access to the funds during this time to carry on their livelihood without facing any hardship," the department of financial services wrote in a letter addressed to head of public and major private sector banks.

Banks have been asked to make a list of beneficiaries -- women PMJDY account holders, and intimate it to the finance ministry, which would then inform about the date of transfer of funds.

The ministry has asked banks to prepare a detailed plan, in consultation with state governments and district authorities through the state level bankers' committee (SLBCs) and lead district managers, for withdrawal of fund.

"Ensure that withdrawal of the amount by individual beneficiaries from their respective bank accounts is done while also following the restrictions required under the on-going lockdown and maintaining the prescribed social distancing and sanitisation," it said.

Banks have been asked to maintain adequate liquidity at the branches and with business correspondents, regularly replenish ATMs to meet the requirement, ensure sufficient cash for mobile ATMs and send SMSes to beneficiaries regarding time schedule of withdrawal.

The government on Thursday announced a Rs 1.7 lakh crore stimulus that included free foodgrain and cooking gas to poor for three months, and cash doles to women and poor senior citizens as it looked to ease the economic impact of the nationwide lockdown.

Over 80 crore poor ration card holders will each get 5 kg of wheat or rice and one kg of preferred pulses free of cost every month for the next three months.