Press Esc to close
Monday 26 June 2017
News updated at 10:50 PM IST

FM asks banks to gear up for Cash Transfer Scheme roll out

New Delhi, Dec 21, 2012 (PTI) 19:50 IST
Finance Minister P Chidambaram today asked banks to gear up for implementation of the ambitious cash transfer scheme, which seeks to transfer money directly into beneficiary accounts in 51 districts from January 1.

"There is lot of work to be done from January 1. There are huge burden, huge responsibility going to fall on your shoulders. It is banks that have to make cash transfer scheme successful. I know you can do it," Chidambaram said at a function of Central Bank of India.

The government has proposed to roll out the direct cash transfer (DCT) scheme meant for providing subsidy and other welfare schemes to the desired beneficiaries by transferring money to their Aadhaar-enabled bank accounts from January 1.

The direct cash transfer scheme has been introduced to prevent leakages and corruption in implementation of social welfare related schemes. The government has identified 51 districts in 16 states for the roll out of the scheme.

The project had started in Alwar district of Rajasthan on a pilot basis in December 2011. The government had reportedly received complaints about direct cash transfer scheme for beneficiaries of kerosene oil subsidy in Alwar.

Chidambaram further said, "just as education is a right, just as speech is a right, just as work is a right, banking services is a right of every individual." Banks are not doing favour when they provide banking services, he said, adding, they are discharging their duties.

"It is your right to demand that banks discharge their duties. It is right of every young boy or girl in this country to demand that he or she is qualified to pursue higher education and he or she should be given education loan," he said.

Go to Top

Photo Gallery
A black kite flies past during Sunrise in New Delhi...

A black kite flies past during Sunrise in New Delhi...

Bollywood actress Kajol with Soundarya and Dhanush during the trailer launch of film VIP 2...

Bollywood actress Kajol with Soundarya and Dhanush during the trailer launch of film VIP 2...

Pakistani women greet each others after the Eid al-Fitr prayers...

Pakistani women greet each others after the Eid al-Fitr prayers...

A Barbary lion cub, stands next to its father 'Schroeder' at the zoo in Neuwied, Germany...

A Barbary lion cub, stands next to its father 'Schroeder' at the zoo in Neuwied, Germany...

Winners of 8th Men Mega Mr. North East and 15th Miss North East 2017, Mary Khemlang (Center)...

Winners of 8th Men Mega Mr. North East and 15th Miss North East 2017, Mary Khemlang (Center)...

Bollywood actors Huma Qureshi and Dhanush during the trailer launch of film VIP 2 Lalkar...

Bollywood actors Huma Qureshi and Dhanush during the trailer launch of film VIP 2 Lalkar...

Muslims offering namaz at historical Taj Mahal on the occasion of Eid-ul-Fitr...

Muslims offering namaz at historical Taj Mahal on the occasion of Eid-ul-Fitr...

Obama and his family arrived last week on the resort island for a vacation...

Obama and his family arrived last week on the resort island for a vacation...

Smoke rises from the ground by charred trees near the access to the Cuesta Maneli beach...

Smoke rises from the ground by charred trees near the access to the Cuesta Maneli beach...

President Pranab Mukherjee receiving Eid greetings from various groups of people...

President Pranab Mukherjee receiving Eid greetings from various groups of people...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.