"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.
The Finance Minister asked the bankers to get ready for effective 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, the Minister emphasised on the need to expand the reach of banking sector to every nook and corner of the country.
He advocated granting loans to the poor and small scale businessmen.
"Banking and banking services are the rights of people and I want to make every citizen of the country to believe this. Every citizen has a right to seek loan depending upon his economic situation and capacity to repay the loan.