One of the associate banks of SBI – State bank of Travancore has launched a special branch for processing direct benefit transfers. This new exclusive branch is set up at Thycaud. It has been reported that through this branch faster transfer of social benefits to the accounts of the beneficiaries of direct benefits will be made.
On Sunday Jawahar Thakur, Controller-General of Accounts, Ministry of Finance, Government of India initiated the branch. Through the Public Financial Management Systems (PFMS) portal, the transfers will be made. Through this portal system a smooth and efficient fund flow systems and expenditure network will be maintained.
This portal is monitored by office of the Controller General of Accounts in the Union Ministry of Finance. SBT bank is leading n implementing the central financial inclusion initiatives; Bank is already having 26 lakh basic savings accounts under the financial inclusion plan.