Introduction:
In a recent development, the
National Payments Corporation of India (NPCI) issued a crucial circular emphasizing
the importance of not returning Direct Benefit Credits to Inoperative or
Dormant Bank Accounts. This directive, effective from April 1, 2024, aims to
streamline the process of Direct Benefit Transfer (DBT) under various
government schemes.
Key Points from the Circular:
The circular, referencing the RBI
communication RBl/2023-24/105 DOR.SOG (LEG).REC I 64 1 09.08.024 12023-24 dated
January 1, 2024, outlines specific Return Codes (53 and 54) related to
In-operative and Dormant accounts.
The NPCI NACH Team has explicitly
instructed all NACH Banks not to return DBT Credits to accounts falling under
these categories.
DBT under Government Schemes:
Understanding the significance of
DBT in government schemes, especially for beneficiaries with zero-balance
accounts, the circular addresses the challenges faced by Central and State
governments. To tackle issues related to inoperative accounts due to non-operation
for two years, the circular suggests that banks segregate these accounts in
their CBS based on the purpose of their opening. This exemption aims to
facilitate smooth fund transfers for welfare schemes, scholarships, and other
benefits.
About DBT:
Briefly delving into the
background, the post provides insights into the initiation of Direct Benefit
Transfer on January 1, 2013. The DBT Mission's role, subsequent expansions, and
its mission to bring efficiency, transparency, and accountability to the
government system are highlighted. The importance of JAM (Jan Dhan, Aadhaar,
and Mobile) as enablers for DBT is emphasized, with over 22 crore Jan Dhan
Accounts and 100 crore Aadhaar and Mobile connections providing a robust
foundation for the implementation of DBT.
In summary, this blog underscores
the paramount importance and dedicated focus that Direct Benefit Transfer (DBT)
commands within the government's strategic priorities. Emphasizing its pivotal
role, the measures outlined in the NPCI circular not only foster financial
inclusion but also serve as a robust defense against potential fraud. These
initiatives align seamlessly with the overarching vision of achieving
"MAXIMUM GOVERNANCE MINIMUM GOVERNMENT," propelling our nation toward
a more efficient, transparent, and accountable governance model.
Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights
The need
for observing World SafeePay Day and World Blouse Day arises from the absence
of dedicated global celebrations for these concepts. World SafeePay Day aims to
celebrate the joy of safe electronic payments in all financial transactions,
representing an abstract celebration that highlights the significance of secure
and efficient digital financial interactions.
As the
world increasingly relies on electronic payment systems, having a designated
day for SafeePay emphasizes the importance of secure and reliable digital
financial transactions.
On the
other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in
a more lively and visually impactful manner.
The
concept involves a powerful display of togetherness, with millions of people
stepping out wearing blouses based on a chosen theme.
This
display celebration not only promotes a sense of unity but also serves as a
unique and creative expression of shared identity through clothing.
The
introduction of these days aligns with the United Nations' approach to
designating specific days to raise awareness, promote action, and celebrate
achievements related to various global issues.
While
international days often focus on serious matters, World SafeePay Day and World
Blouse Day offer a mix of abstract and lively celebrations, catering to the
diverse interests and aspects of modern life.
In a
world where electronic transactions and cultural expressions are integral parts
of daily living, these designated days would contribute to fostering awareness
and appreciation for safe ePayments and the joy of wearing blouses.
SafeePay's
joy, transactions secure,
World
Blouse Day, colors allure.
Digits
dance, a digital delight,
Blouse
themes bloom, in unity's light.
Disclaimer: I am
solely responsible for errors, if any. The Only happiness is spreading the Joy
of Safe ePayments.
