Incheon's Yeongjong-gu will expand the number of financial institutions authorized to issue dedicated accounts and cards for local subsidy management from one to three.
Starting next year, subsidy recipients will have a wider choice of financial institutions and greater convenience in managing their funds.
Yeongjong-gu signed an MOU on dedicated accounts and cards for the integrated local subsidy management system with Yeongjong Saemaul Geumgo and Yeongjong Credit Union.
The move follows a revision to local subsidy management guidelines by the Ministry of Interior and Safety. Previously, dedicated accounts could only be opened at the bank designated as the district treasury, but the regulatory change extended eligibility to other financial institutions in the area.
Dedicated subsidy accounts and cards are mandatory management tools linked to the integrated local subsidy management system — known as Botame — to prevent misuse of subsidies and ensure transparency in their disbursement.
Until now, subsidy recipients in Yeongjong-gu were limited to using Shinhan Bank, the designated district treasury, which meant those who normally banked with a saemaul geumgo or credit union had to open a separate new account.
Under the agreement, which takes effect Jan. 1, 2027, recipients will be able to open dedicated accounts not only at Shinhan Bank but also at Yeongjong Saemaul Geumgo and Yeongjong Credit Union. A credit union card will also be added to the existing lineup of accepted dedicated cards, which previously included only Shinhan and NH cards.
To ensure the stability and transparency of subsidy management, the district limited the agreement to institutions that have received a rating of good or higher in management performance evaluations.
The agreement runs for one year from Jan. 1, 2027, and will automatically renew annually unless either party objects.
Yeongjong-gu District Mayor Son Hwa-jeong said residents and subsidy recipients would now be able to manage their subsidies far more conveniently through the local financial institutions they already use.
gilbert@heraldcorp.com
