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Financial inclusion scope widened

News18test sharma |

Updated: January 22, 2012, 8:34 AM IST
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Financial inclusion scope widened
CHENNAI: Following the successful implementation of the the pilot scheme for the disbursement of pension provided through Social S..

CHENNAI: Following the successful implementation of the the pilot scheme for the disbursement of pension provided through Social Security Schemes using the Biometric Smart Card, at the doorsteps of beneficiaries in three districts, Chief Minister J Jayalalithaa on Saturday extended the scheme to 4,385 villages where the population exceeded 2,000.
The scheme was launched by the CM on September 2, 2011, in Thovalai, Samudram and Udayarkudi villages in the districts of Kanyakumari, Tiruchi and Cuddalore respectively. After assuming office, the CM hiked the pension provided under various schemes of the Social Welfare schemes from `500 to Rs 1,000.  Beneficiaries receive pension quickly and fake beneficiaries can also be checked through the scheme.
In the second phase, the scheme will be implemented in villages which have a population ranges between 1,000 and 2,000.  In the third phase, the scheme will be extended to the rest of the villages and urban areas, an official release here said.  The scheme would be implemented in coordination with public sector banks like Indian Bank, Indian Overseas Bank, Bank of India, State Bank of India and Canara Bank. All beneficiaries will be helped to open bank accounts and the banks, in turn, would extend doorstep service and disburse the pension through banking correspondents, the release stated. The banks, after taking fingerprints, would issue Biometric smart cards and banking correspondents will carry equipment with GPRS to the houses of beneficiaries. The smart cards would be swiped and fingerprints verified to identify genuine beneficiaries and then the monthly pension would be given to them. They can avail the full pension at one time or can receive it in partial payments. A receipt would also be given to them.

First Published: January 22, 2012, 8:34 AM IST
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