1 December 2011

An extract from Business Standard:

The Reserve Bank (RB) on Wednesday directed banks to ensure opening of Aadhaar-enabled banks accounts for beneficiaries of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREG) and other social security schemes, for facilitating electronic transfers.

'In view of the timelines attached to implementation of Electronic Benefit transfer (EBT) for routing MGNREGA wages and social security benefits including proposed cash transfers in respect of subsidies on kerosene, LPG and fertilisers, you are requested to ensure opening of Aadhaar-Enabled Bank Accounts (AEBA) of all the beneficiaries,' the Reserve Bank said in a circular.

Source: Press Trust Of India, Mumbai

Read the full article: Business Standard