RBI revises operational guidelines for smart card-linked financial inclusion plan
16 Aug 2011
The Reserve Bank of India (RBI) has issued revised operational guidelines on implementation of Electronic Benefit Transfer (EBT) and its convergence with the government's financial inclusion plan.
Under the revised guidelines, state governments will select the leader bank for EBT implementation in respect of a particular district and designate a nodal department for coordination at district level.
The state government will also sign a memorandum of understanding (MoU) with the leader bank in respect of a particular district.
The leader bank will make arrangements with other participating banks in the district, on revenue sharing contract.
The nodal department will give a list of all beneficiaries to the leader bank, which in turn will distribute the list of beneficiaries among all participating banks.
Participating banks will select and appoint the technology provider and deploy BC/CSPs in all villages. BC/CSPs will, in turn, enroll all beneficiaries and participating banks to open accounts and issue smart cards.
