JAMMU, APRIL 12: Direct Benefit Transfer (DBT) is a poverty reduction measure in which government subsidies and other benefits are given directly to the poor in their bank accounts instead of cash.
Similarly financial Inclusion is a method of offering banking and financial services to individuals. It aims to include everybody in society by giving them basic financial services regardless of their income or savings. It focuses on providing financial solutions to the economically underprivileged.
Government of Jammu & Kashmir intends to achieve 100% coverage under all individual beneficiary schemes, particularly under various scholarship schemes during 2022-23. Union Territory administration is committed to achieving 100% saturation in respect of all beneficiary oriented schemes, besides 100% Aadhar seeding. This year more than Rs 2,017 crore has been disbursed to more than 65 lakh beneficiaries through Direct Benefit Transfer (DBT) under various social security schemes.
During covid-19 pandemic some 2,72,465 beneficiaries have been added to extend benefits of social security over past few years. Assistance of Rs.1,000 per month for four months has been provided to more than 1.66 lakh workers. Over 70,000 destitute, Slum Dwellers, Migrant Labourers were provided with ration.
Financial inclusion aims to build and maintain financial sustainability so that the less fortunate people have accessibility to the benefits as envisaged above. Aadhaar Payment Bridge (APB) System, one of the unique payment systems, uses Aadhaar number as a central key for electronically channelizing the government benefits and subsidies in the Aadhaar Enabled Bank Accounts (AEBA) of the intended beneficiaries.
With the outbreak of the COVID-19 pandemic and the imposition of lockdown and social distancing norms, DBT emerged as a boon in providing succor and relief to millions of citizens whose livelihood was impacted. As the crisis loomed large, the Public Financial Management System (PFMS) team took up the challenge during this adversity, facilitating smooth functioning of the financial machinery of the government.
The government of J&K has taken well calibrated steps to revive economy post covid pandemic. The Economic Revival Package of Rs1,350 crore announced in September, 2020 has been well received and so far, Rs750 crore have been provided as 5% interest subvention in case of 3.44 Lakh account holders/ borrowers for 6 months. Aadhar seeding of ration cards has been achieved completely besides 99.60% Aadhar seeding at beneficiary level has been registered, which is targeted for 100% completion in 2022-23.
Under Atma-Nirbhar Bharat Abhiyan,60736 borrowers have been benefitted under Guaranteed Emergency Credit Line -1 (GECL-1) involving Rs1,878 crore. Free rice was provided to 98,566 individual beneficiaries and pulses to 31,069 families. 289 borrowers have been benefitted under business support loan involving Rs74.37 crore. Special credit facility for street vendors with an initial working capital of Rs.10,000 has been disbursed to 14,514 beneficiaries under PM-SVANidhi Scheme. Rs.5,841 crore has been disbursed to 8.27 Lakh Kisan Credit Card (Crop) account holders and Rs637 crore to 1.26 Lakh KCC-Animal Husbandry & Fisheries (AH&F) account holders. Under Pradhan Mantri Mudra Yojana (PMMY) loan amounting to Rs.3,464 crore has been disbursed to 1,52,703 beneficiaries. While 23,434 loan cases involving Rs.407 crore for the youth identified during “Back to Village” programme have been sanctioned. 19,645 youth have been already provided loan of Rs336.79 crore through banks for starting their own business ventures among which 6,679 women entrepreneurs are included.
The introduction of principles of financial prudence, transparency and zero tolerance to corruption have revolutionized the project implementation and enhanced financial inclusion and social equity. Several important reforms have been undertaken to ensure transparency and accountability in the administration. Today a fear-free, corruption-free system of governance has been established through a paperless, faceless procedural framework for the benefit of downtrodden.