http://www.thehindubusinessline.com/industry-and-economy/banking/syndicate-bank-preparing-for-centres-direct-fund-transfer/article4181328.ece
Transferring funds directly to the bank accounts of beneficiaries is an ambitious project of the Central Government and Syndicate Bank is working towards implementing it.
M.G. Sanghvi, Chairman and Managing Director of the bank said, “The bank will join hands with the government to make the project successful. We are preparing a blueprint as to how to implement in all out 2,738 branches across the country.”
“Since inception of the bank has been offering banking services in rural areas and don’t see any difficulties in implementing it. Now we are to ensure that every family living in rural areas has an account by December-end,” he added.
This mechanism would help beneficiaries of government schemes to get funds directly to their accounts. Syndicate Bank on its part has set up 1,553 branches and nine lakh accounts were opened in 1,219 villages by March 31, 2012, under the Financial Inclusion (FI) scheme.
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