Direct Cash Transfer a ‘pure magic’, says Chidambaram

Describing the proposed Direct Cash Transfer scheme as 'pure magic' that brings a big responsibility on banks for its implementation, finance minister P Chidambaram today asked bankers to work with the government to make the scheme a success.

"Through this unique benefit transfer scheme, money when it is released, will instantaneously be credited in the bank account of the beneficiary, leaving no scope for corruption and pilferage. That is why I describe it a pure magic," Chidambaram told a function here.

"We will roll out the scheme from January 1st in some districts with some schemes but by the end of the year, we hope to cover all the districts and all the schemes," he said. He asked bankers to get ready for implementation of the scheme.

"It is a bigger responsibility that rests on bankers. I appeal to all banks to work with the government to make the revolutionary scheme a success," he said.

Speaking at the golden jubilee year celebration of State Bank of Bikaner and Jaipur here, he emphasised on the need to expand the reach of banking sector to every nook and corner of the country.

"Banking and banking services are the rights of people and I want to make every citizen of the country to believe this," he said.

Meanwhile, joint secretary to the Puducherry government G Ragesh Chandra told reporters that Chidambaram would review on Monday the preparatory works for implementation of DCT for 15 welfare schemes in Puducherry district.

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