The Indian Banks Association (IBA) has directed all member banks to deposit Rs 500 to all accounts held by women under the Pradhan Mantri Jan Dhan Yojana (PMJDY) for the next three months.
The directive is based on the recent announcement made by Finance Minister Nirmala Sitharaman to ease the stress of the sections worst hit by the outbreak of the coronavirus pandemic in India. The IBA notification to member banks concerned logistics for withdrawal and direct cash transfers reported The Hindu Business Line.
It also informed the banks that the Department of Financial Services (DFS) of the Ministry of Finance has already collated all the details required of the beneficiaries of the relief scheme including their bank account details.
The Managing Committee of IBA held a meeting on March 30, to discuss how banks must follow social distancing and hygiene protocols during the nationwide lockdown while ensuring beneficiaries get to easily withdraw the amount deposited under the scheme.
To make sure the process is seamless, a token system may be introduced at all such bank branches so that there is no crowding. The tokens will additionally be distributed daily depending on the capacity of the respective branches.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.