Savings through Aadhaar-based DBT expected to rise: FM Jaitley
The central government expects the savings made through Aadhaar-based Direct Benefit Transfer (DBT) scheme, which mitigates pilferage of state subsidies, to expand.
According to Finance Minister Arun Jaitley, the Aadhaar-based DBT has led to "huge savings" till now.
"... Yes, this has led to a huge amounts of savings. There are estimations that it is expanding and it will continue to expand," Jaitley said at an event here on Saturday.
The minister was speaking at the book launch of "Aadhaar: A Biometric History of India`s 12-digit Revolution" authored by Shankkar Aiyar, Visiting Fellow at IDFC Institute.
As per the recent central government data, Aadhaar based DBT has led to saving worth Rs 57,029 crore till 2016-17.
The government describes Aadhaar based DBT as "a significant governance reform initiative to ensure greater transparency and accountability in the public service delivery through effective use of technology".
Aadhaar is a condition precedent for services and benefits flowing from the Consolidated Fund of India, provided no service or benefit is denied for want of Aadhaar.
As per information from Unique Identification Authority of India (UIDAI), 252 schemes from various central government ministries have been notified under the scheme.
Under the Prevention of Money Laundering Rules 2005 as amended on June 1, 2017 and subsequently from time to time also require Aadhaar based identification by various reporting entities including banks, financial institutions and other intermediaries.