IBA directs banks to remit Rs 500/month in women Jan Dhan a/cs from April 3

The remittance under the recently announced Pradhan Mantri Garib Kalyan Yojana will be credited between April 3 and April 9, IBA said in a statement

Moneycontrol News

April 02, 2020 / 18:07 IST

The Indian Banks' Association (IBA) on April 2 directed banks to start depositing Rs 500 per month in the accounts held by women under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The remittance under the recently announced Pradhan Mantri Garib Kalyan Yojana will be credited between April 3 and April 9, IBA said in a statement.

The transfer of the monthly remittance will take place in a staggered fashion to ensure social distancing. The said amount will be transferred into the account of beneficiaries for the next three months (i.e. April, May and June).

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 novel coronavirus, or COVID-19, pandemic in India.

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The IBA has charted out a schedule to be followed by banks while depositing money into the Jan Dhan accounts of women in order to ensure an orderly withdrawal of money. The same will be disbursed into the accounts as per the last digit of the PMJDY account numbers of women.

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