Direct Cash Transfer system a 'pure magic': Chidambaram

"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 sector to every nook and corner of the country.

He advocated granting loans to the poor and small scale businessmen.

"and 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.

  

image
Business Standard
177 22
Business Standard

Direct Cash Transfer system a 'pure magic': Chidambaram

Press Trust of India  |  Jaipur 

"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 sector to every nook and corner of the country.

He advocated granting loans to the poor and small scale businessmen.

"and 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.

  

RECOMMENDED FOR YOU

Direct Cash Transfer system a 'pure magic': Chidambaram

Describing the proposed Direct Cash Transfer scheme a '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.

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 sector to every nook and corner of the country.

He advocated granting loans to the poor and small scale businessmen.

"and 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.

  
image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard