Finance Minister Nirmala Sitharaman stated on Saturday that out of 1,200 central and state government schemes, 1,100 are now under DBT, ensuring that money is transferred directly to the beneficiaries' bank accounts.
India's per capita GDP at current prices is estimated to reach Rs 2.35 lakh in the financial year 2024-25 (FY25), driven by better policy-making and improved distribution of benefits through the Direct Benefit Transfer (DBT) system, according to a report by the State Bank of India (SBI).
The Chief Minister disbursed the assistance through DBT (Direct Benefit Transfer) via a single click under the Namo Lakshmi Yojana, Namo Saraswati Vigyan Sadhana Yojana, Mukhyamantri Gyan Sadhana Merit Scholarship Yojana, and Mukhyamantri Gyan Setu Merit Scholarship Yojana.
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The Tsunami of the women centric Direct Benefit Transfer schemes announced by various states can bleed the state finances, says a report by State Bank of India.
The amount will be credited directly to the bank accounts of the Padma Awardees from Odisha on DBT mode. The Department has asked Collectors and Culture officers of all districts to collect the bank account details of the Padma Awardees.
Since Direct Benefit Transfer (DBT) inception, enabled by JAM (Jan Dhan, Aadhaar and Mobile) trinity, Rs40.81 lakh crore has been transferred to citizens, with an estimated Rs3.5 lakh crore saved by reducing inefficiencies and leakages.
As part of its FinMin Year Review 2024 initiative, the Finance Ministry in a social media post on X, stated that DBT through Public Financial Management System (PFMS) supports Digital India by enabling electronic payment and receipt for Ministries and Departments in both Centre and States.
The Reserve Bank of India (RBI) has directed banks to take immediate steps to reduce the number of inoperative or frozen accounts and to make the activation process smoother and more hassle-free.
Finance Minister Nirmala Sitharaman highlighted that more than USD 450 billion has been transferred through Direct Benefit Transfers (DBT) to the people in last 8 years.