Ensuring Financial Inclusion: NPCI Circular on Direct Benefit Credits to Dormant Accounts

In a recent development, the National Payments Corporation of India (NPCI) issued a crucial circular emphasizing the importance of not returning Direct Benefit Credits to Inoperative or Dormant Bank Accounts. This directive, effective from April 1, 2024, aims to streamline the process of Direct Benefit Transfer (DBT) under various government schemes. Key Points from the Circular: The circular, referencing the RBI communication RBl/2023–24/105 DOR.SOG (LEG).REC I 64 1 09.08.024 12023–24 dated January 1, 2024, outlines specific Return Codes (53 and 54) related to In-operative and Dormant accounts. <a href="https://nshantin.medium.com/ensuring-financial-inclusion-npci-circular-on-direct-benefit-credits-to-dormant-accounts-023f5eb699e3">Read More</a>