Jammu, October 15 (Scoop News)-HDFC Bank has signed a Memorandum of Understanding (MoU) with the government of Jammu & Kashmir for direct transfer of payments to beneficiaries under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
The initiative – the first of its kind in J&K under the central government’s Direct Benefits Transfer (DBT) programme – will result in faster transfer of payments to beneficiaries. It will also enable the government to efficiently track funds.
The MoU was signed by Kuldeep Krishan Sidha, Assistant Commissioner Development, Jammu and Zubair Iqbal, Vice President & Circle Head, J&K, HDFC Bank. Others present on the occasion included Farooq Ahmad Peer (IAS) Commissioner/Secretary of J&K Rural Development and Panchayati Raj department, Shafiq Ahmad Raina, Director for Rural Development, Jammu, Sachin Mahajan, Cluster Head, HDFC Bank and Abhishek Khajuria, Branch Manager, HDFC Bank.
Commenting on the association with HDFC Bank, Farooq Ahmad Peer, Commissioner/Secretary of J&K Rural Development, said: “The Department owes this accomplishment to the vision of Ali Mohammad Sagar, Minister of Rural Development and Panchayats, J&K. The initiative will help fast-track the transfer of funds under MGNREGA, which has brought about a positive change in the socio-economic lives of people in rural locations.”
Speaking on the occasion, Zubair Iqbal, VP and Circle Head, HDFC Bank, said, “The Department of Rural Development of J&K has achieved a unique distinction by becoming the first in the state to affect electronic transfer for payments under MGNREGA. At HDFC Bank, we feel privileged to be chosen as a partner for this initiative. The Bank’s strong reach in far-flung rural locations of J&K, combined with advanced technology and multichannel servicing capabilities, will ensure efficient flow of funds to the last mile. The initiative also ties in well with our financial inclusion efforts at rural locations.”
The electronic transfer of payments to job card holders is expected to benefit an estimated 78,000 families. Currently, the transfer is being done manually through cash and cheque – which consumes relatively more time.
HDFC Bank has 63 branches in Jammu & Kashmir – the largest branch network among private sector banks. The geographical spread of its branches aligns with the Bank’s national focus on extending reach in under-banked and un-banked locations.
The Bank today offers an array of products and services to meet the needs of every customer in J&K. Customers can access these products through multiple channels including the Bank’s extensive branch and ATM network; mobile, net and phone banking services.
The Bank offers, under one roof, products ranging from Savings Account, Fixed Deposits and Current Account to Two-wheeler loan, Auto loan, Tractor Loan, Commercial Vehicle Loan, Kisan Gold Card, Agri and Commodities Loans, International Credit and Debit Cards.
As of June 30, 2013, the Bank has a national distribution network of 3,119 branches and 11,088 ATMs in 1,891 cities/towns across the country. At a national level, the Bank has 53% of its branches in semi-urban and rural areas and is continuously extending its reach in the hinterland in its endeavour to support inclusive growth.
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