India's DBT system has transferred over $450B since 2014, saving $40B from fraud through digital payments.
The Indian Finance Ministry reports that its Direct Benefit Transfer (DBT) system, part of the Digital India initiative, has transferred over USD 450 billion through the Public Financial Management System (PFMS) since 2014, saving about USD 40 billion from fraud. The PFMS facilitates electronic payments, tracks funds, and combats ghost accounts and fraudulent transactions. The ministry also increased state borrowing limits for fiscal year 2024-25.
4 months ago
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