Direct Benefit Transfer was introduced on 1st January 2013 to improve the Government's delivery system and redesign procedures in welfare schemes by creating the flow of funds and details faster, and securely, and reducing the number of frauds. Let us learn what is DBT in bank.
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What is the meaning of DBT?
If you are wondering what is the full form of DBT, then the answer would be Direct Benefit Transfer. The method of directly transferring the amount and letting others transfer directly to the account of the beneficiary besides providing it to Government offices is known as DBT. During these circumstances, it can be considered as the money that has been transferred by the government directly to the beneficiary without getting any returns. Examples such as scholarships or subsidies can be considered DBT.
Advantages of DBT:The primary advantages of DBT are:
The primary aim of DBT is to prevent fraud. So, here the beneficiary receives funds directly from the government.
Identification is done better with the help of the beneficiary's Aadhar number. Since the Aadhar card is a universal ID, the beneficiaries' identity can be easily detected.
The beneficiary directly receives the amount.
It can be transferred directly from the State Treasury Account to the beneficiary.
From an Implementing Agency that is under the government.
Funds received from State or Central Government.
Examples of schemes include National Social Assistance Programme (NSAP) and MGNREGA.
This was all about what is DBT in bank. I hope this helps.
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What is DBT in bank?
Jahnvi
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2 Year
2022-08-30T09:50:30+00:00 2022-08-30T09:50:32+00:00Comment
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