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 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.

"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.

"The Poor are equally credit worthy like wealthy. The poor man of India feels that it is his duty to repay the loan. With small amount, poor and small scale businessmen, shopkeepers and vendors can grow their business. They cannot raise equity so they must be given loans," Chidambaram said. Highlighting the need to expand banking network in the country, he asked banks not to hesitate in opening brick and mortar branches in areas where such services are not available.

Speaking on the occasion, Minister of State for Finance Namo Narain Meena lauded the SBBJ for its progressive growth and achievements. Rajasthan Chief Minister Ashok Gehlot said banks must expand their network for the success of Aadhaar card project. He said the success of the Aadhaar project would also depend on the banking network. Earlier, Chidambaram inaugurated the bank's 1000th branch through video conferencing and press of a remote. The latest branch of the bank is located in Sambhar town, about 60 kms from.

Earlier, SBI Chairman Pratip Chaudhury said the banking group is committed to the needs of people. On the occasion, the bank donated Ambulances to Navjeevan Sansthan of Jodhpur and Amar Jain Relief Society of Jaipur. The SBBJ which was formed on January 1, 1963 with 124 branches and business of Rs 45 crore, today has 1,000 branches and business of Rs 120 lakh crore.

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