State Bank of Travancore (SBT), an associate of State Bank of India, has unveiled an electronic Fund Management System for direct and faster release of wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGA). This scheme has been introduced in the country for the first time and Kerala has been chosen for the pilot project. The National Electronic Fund Management System (NeFMS) will allow direct and immediate credit of wages into the accounts of 21 lakh beneficiaries of MNREGA in all districts of Kerala. Out of this, about 50% of the beneficiaries maintain accounts with SBT.
State Bank of Travancore was incorporated in 1945 as Travancore Bank sponsored by the erstwhile princely state of Travancore. Under a special statute of the Indian Parliament (SBI subsidiary Banks Act 1959) it has been made an Associate of the State Bank of India and a member of the State Bank Group, the largest banking group in India.
