Excelsior Correspondent
JAMMU, Oct 15: 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, 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 said that the initiative will help fast-track the transfer of funds under MGNREGA.
Zubair Iqbal, VP and Circle Head, HDFC Bank, said that 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 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.
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