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Chidambaram describes Direct Cash Transfer scheme a ''pure magic''

Chidambaram describes Direct Cash Transfer scheme a ''pure magic''Jaipur, Dec 22 : Finance Minister P. Chidambaram on Saturday described the Direct Cash Transfer to be a ''pure magic'' and appealed to the banks to take the responsibility of making this scheme a success.

Chidambaram, who inaugurated the 1000th branch of State Bank of Bikaner and Jaipur here, said the Direct Cash Transfer scheme would end the scope corruption or leakage.

"Through this direct benefit transfer, the money when it is released in Delhi will be instantaneously credited into the bank account of the beneficiary. If the money is released at 10 in the morning, at the same time within seconds the money will be credited in the bank account of the beneficiary," said Chidambaram.

" There is no way anybody can stop it, there is no way anybody can steal it, there is no scope for leakage, there is no scope for corruption, the money will be in account of the beneficiary immediately after the money is released in Delhi, which is why I call it pure magic from the point of view of the student or the beneficiary," he added.

Chidambaram said every Indian has the right to banking and avail services like loans from banks.

"Every citizen of India has the right to have a bank account, every citizen of India has the right to ask for a loan, depending upon his economic situation and his capacity to repay the loan," he said.

Chidambaram said the poor are equally credit worthy like the wealthy and asked banks to open branches in areas, where banking services are not available.

"Banks must lend to the poor, it is not the rich alone that are credit worthy, the poor are equally credit worthy, if not more credit worthy. Our experience says that the poor man or poor women in India feel that it is their duty to repay the loan," said Chidambaram.

"It''s a matter of honour, it''s a matter of pride that I have taken a loan; I have repaid a loan. So, the poor are not bad borrowers, the poor are good borrowers. Banks must therefore lend to the poor," he added.

Rajasthan Chief Minister Ashok Gehlot also addressed at the function. (ANI)