As my colleagues will indicate in their presentations, the Bank also made the requisite policy adjustments, that is, monetary and exchange rate policy, financial sector policies and injection of liquidity into the banking system, including working with the banking industry to be fully aligned on the measures designed to address the national economic challenges occasioned by the COVID19 pandemic.
Accordingly, steps were taken to implement the scheme as a pilot in Bellary, Chitradurga and Gulbarga districts under “One district-multiple banks” model for routing payments through “no frills” accounts, or other bank accounts, under Mahatma Gandhi Rural Employment Guarantee Programme and Social Security Pensions schemes. Such account-holders will be issued biometric smart cards with individual IDs.