#Budget2017-18: Construction workers to get Micro-Credit ATM Cards

KL News Network

Srinagar

Final Draft: Dr Drabu giving finishing touches to his third budget

Finance Minister Dr Haseeb A Drabu Wednesday announced micro-credit ATM cards as a part of a social-security system for construction workers in the state.

“In a major initiative for the welfare of the working class, which will also push financial inclusion and the DBT system, it has been decided that the J&K Bank will seed/link all the Bank Account Numbers of construction workers registered with the J&K Building and Other Construction Workers Welfare Board,” he said while delivering budget speech in the Jammu and Kashmir Legislature.

He said a specially designed micro-credit ATM card will be provided to the construction workers of the state. “We will be providing specially designed micro-credit ATM cards to all the registered construction workers.”

The Micro credit ATM cards will bear cash credit facility of up to Rs 10,000 at one year MCLR to every registered construction worker.

Besides, an in-built accidental insurance cover of Rs 2 lakh through Pradhan Mantri Suraksha Bima Yojana at a premium of Rs 12 per annum.

The card will also have an in-built life insurance cover of Rs 2 lakh through Pradhan Mantri Jeevan Jyoti Bima Yojana at a premium of Rs 330 per year.

The card will have a facility of withdrawal of cash through Bank’s Business Correspondents/Khidmat Centres post biometric verification

“This social security will provide direct and extended benefits to all the workers and their families such as education benefit to the children of workers, marriage benefits etc,” Dr Drabu said.

“It is planned that account numbers and Aadhaar numbers of all the dependent family members of the registered construction workers shall also linked by the J&K Bank to the main account to create an extensive database of about 15 lakh people directly related to the registered construction workers,” he said.

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