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"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 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.
Please link the direct cash transfer to Family planning with only 2 children.
This is our worry. This 'pure magic' would turn the scheme into congress coffers. Aadhar, the back-up instrument has not matured to be flawless. There are delays and errors and the correction mechanisms have not been introduced in a manner that the citizen can derive ease and comfort in dealing with them, more particularly, in the villages where the cash transfer scheme gets going by New Year 2013. It is just a magic of Chidambaram and he can turn to public shows for the elections of 2014 with a black gown adorning him.
Direct Cash Transfer system a 'pure magic': Chidambaram... Yes, it would be a great Indian vanishing trick for the money. Do you remember 'Loan Mela' implemented by Indira Gandhi. Banks incurred huge losses and no one knows who benefited.
Like all magic this will last for a shortwhile,decieving public and filling magicians'coffers!!!
