Press Esc to close
Saturday 23 August 2014
News updated at 2:45 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Cloudy sky

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
Tourists stand in line outside Notre Dame Cathedral in Paris ...

Tourists stand in line outside Notre Dame Cathedral in Paris ...

A brave-heart woman takes on a group of attackers as they assault her husband in Meerut ...

A brave-heart woman takes on a group of attackers as they assault her husband in Meerut ...

Indian Men’s Hockey team accepting the “ ALS Ice Bucket Challenge” in New Delhi ...

Indian Men’s Hockey team accepting the “ ALS Ice Bucket Challenge” in New Delhi ...

Bengal Warriors and Telugu Titans in action during the Pro Kabaddi league match in Jaipur ...

Bengal Warriors and Telugu Titans in action during the Pro Kabaddi league match in Jaipur ...

Irom Sharmila who is on an indefinite fast  being re-arrested in Imphal ...

Irom Sharmila who is on an indefinite fast being re-arrested in Imphal ...

Bhojpuri actors Ravi Kishan, Madhu Sharma and Pawan Singh at a music launch in Patna ...

Bhojpuri actors Ravi Kishan, Madhu Sharma and Pawan Singh at a music launch in Patna ...

Sculptors giving final touches to the idols of Ganesh ahead of the Ganesh Chaturthi festival ,Agra .

Sculptors giving final touches to the idols of Ganesh ahead of the Ganesh Chaturthi festival ,Agra .

Singaporean Prime Minister Lee Hsien Loong with Chief Minister of Telangana K Chandrasekar Rao ...

Singaporean Prime Minister Lee Hsien Loong with Chief Minister of Telangana K Chandrasekar Rao ...

Women during the  inaugural ceremony of the Three-day North East Film Festival ...

Women during the inaugural ceremony of the Three-day North East Film Festival ...

Indian Men’s Hockey team Captain Sardar Singh ccepting the “ ALS Ice Bucket Challenge” ...

Indian Men’s Hockey team Captain Sardar Singh ccepting the “ ALS Ice Bucket Challenge” ...

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