MeitY: 9 mn every day funds through DBT in FY22, Rs 6.3L cr transferred

During FY22, the Centre made about 9 million direct profit switch (DBT) funds every single day value an estimated Rs 6.3 lakh crore, the Ministry of Electronics and IT (MeitY) mentioned Thursday. In an announcement, the ministry mentioned that over Rs 24.8 lakh crore has been transferred by DBT mode since 2013.

Under the eleventh instalment of PM Kisan Samman Nidhi Yojana, near Rs 20,000 crore was transferred on to financial institution accounts of over 10 crore beneficiaries. As far as digital funds are involved, greater than 8,840 crore digital cost transactions have been carried out throughout 2021-22 and almost 3,300 crore in fiscal 2022-23, until July 24.

“India is today leading the world in digital payments in particular and also becoming the pre-eminent country in use of technology to improve citizens lives and governance — the India stack and other various digital government solutions are now envy of the world’s nations — India leads digital and digital leads India thanks to PM Narendra Modi ji’s vision,” mentioned Rajeev Chandrasekhar, Minister of State for Electronics & IT.

The DBT mechanism, began in January 2013, is aimed toward transferring subsidies and money advantages on to folks through their Aadhaar-seeded financial institution accounts. There have, nevertheless, been reported incidents of DBTs at instances not reaching folks.

A research by Chennai-based Dvara Research, together with Centre for Monitoring Indian Economy, mentioned there are specific glitches within the DBT system and a few households they surveyed that tried to withdraw money throughout January-July 2020 confronted inaccessibility, overcrowding and transaction failures.