Maharashtra ties up with ICICI Bank for fund disbursals

Mumbai, Feb 2 (PTI) Maharashtra Government and leadingprivate lender ICICI Bank today signed a memorandum ofunderstanding (MoU) to implement the various state-sponsoredfinancial assistance schemes.

Under the MoU, ICICI Bank would be disbursing thegrants to the beneficiaries of the schemes through biometricsystem, which will be implemented initially in the threedistricts - Thane, Kolhapur and Beed - as pilot project.

The Central and State Governments have launchedseveral financial assistance schemes such as Sanjay GandhiNiradhar Yojna, Indira Gandhi Vruddha Bhumiheen ShetmajoorAnudan Yojna and National Maternity Benefit Scheme.

"We will be leveraging ICICI Bank''s wide branchnetwork to disburse funds under the various schemes," LabourMinister Hasan Mushrif told reporters here.

Currently, funds under these schemes are disbursedthrough post offices or co-operative banks, he said, addingthe beneficiaries were facing difficulties in accessing theirbranches, which are mostly situated in talukas.

"We have now tied up with ICICI Bank, which has itsnetwork across villages, to disburse these funds," he said.

The beneficiaries would be provided smart cards, whichwill be based on biometric system, to withdraw the funds.

The system is expected to be functional from GudiPadva festival which falls on April 4, the Minister said.

Maharashtra Government disburses around Rs 1,300 croreevery year under various welfare schemes.