Press Esc to close
Sunday 25 September 2016
News updated at 12:39 PM IST
Weather
Max: 25.8°C
Min : 19.6°C
In Bengaluru
Generally cloudy

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

New Delhi, Dec 21, 2012 (PTI)

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
Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

Thangavelu Mariyappan who won the gold in the Paralympics in Rio de Janeiro...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A view of regular traffic during relaxation given by authorities and separatists from strike...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

A truck hangs mid-air after breaking the railing of a road bridge over Manjira river in Medak...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

Cricketer M.S. Dhoni at the launch of refurbished edition of Maruti Suzuki's Alto 800...

An artist takes selfie with other artists in Ahmedabad on Saturday...

An artist takes selfie with other artists in Ahmedabad on Saturday...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

Indian Space Research Organisation's PSLV-C35 ready to be launch on Saturday with SCATSAT-1...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

People participate in a protest by Maratha Karnti Morcha against Kopardi Rape case in Nashik...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

Soldier carrying weapon at a location near the Indo-Pak border in Jammu...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523