Context:
A paper by a member of the Economic Advisory Council to the Prime Minister (EAC-PM) found that Women-Centric Cash Transfer Schemes in Maharashtra and Odisha improved household spending, savings, and financial inclusion. It recommended periodic revision of transfer amounts to keep pace with inflation.
Explanation:
- Direct Benefit Transfer (DBT) is a mechanism through which government benefits are transferred directly into beneficiaries’ bank accounts, reducing leakages and improving transparency.
- Cash Transfer Schemes provide direct financial assistance to eligible individuals or households; they may be conditional or unconditional, depending on eligibility criteria.
- Unconditional Cash Transfers (UCTs) provide money without requiring beneficiaries to fulfil conditions such as school attendance or health check-ups.
- Women’s cash transfer schemes aim to improve household welfare, financial inclusion, consumption, nutrition, education, and women’s economic empowerment.
- Such schemes are supported by the JAM Trinity (Jan Dhan–Aadhaar–Mobile) and the Unified Payments Interface (UPI), enabling secure and timely digital transfers.
- Inflation can reduce the real value of benefits; therefore, periodic revision of transfer amounts helps maintain purchasing power.
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