India to directly transfer $5.4 billion in welfare benefits in six months
NEW DELHI (Reuters) - India will transfer welfare benefits of at least 330 billion rupees ($5.35 billion) into the banks accounts of beneficiaries in six months, Financial Services Secretary Hasmukh Adhia told reporters on Tuesday.
The move is aimed at cutting out frauds who siphon billions of dollars from welfare schemes. It is also expected to bring some order to India's troublesome fiscal deficit over medium term by plugging leakages of welfare benefits.
($1 = 61.7200 rupees)
(Reporting by Manoj Kumar; Editing by Malini Menon)