Banks to gear up for DCT ,a ‘pure magic’ System: FM

Appreciating Rahul Gandhi’s Direct Cash Transfer scheme as a ‘pure magic’, today Finance Minister P Chidambaram asked banks to gear up for implementation of scheme, the biggest banking responsibility.

UPA’s Direct Cash Transfer Scheme leads to directly transfer money into beneficiary Aadhaar-enabled accounts in wake of leaving no scope for corruption and pilferage.

“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,” FM said.

DCT scheme has been introduced to prevent corruption in work of facilitating subsidies and social welfare schemes. The scheme would be implemented from 1January across identified 51 districts in 16 states of India.

Appealing banking system to come up and support the government’s proposed DCT, Chidambaram said, “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.”

The minister advocated banks to facilitate loans to the poor and SSI units instead of doing favour at time of loan grant as each one have equal rights to take advantages of banking services.

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