Banks told to gear up for direct benefits transfer

Our Bureau Updated - March 12, 2018 at 06:18 PM.

The Finance Minister P Chidambaram lighting the lamp as MoS Namo Narain Meena and Central Bank of India CMD V. Tanksale look on during the 102nd foundation day celebration of the bank in New Delhi on Friday.

Finance Minister P. Chidambaram has asked public sector banks to shoulder the responsibility of making the ambitious ‘direct benefits transfer’ scheme a success.

Come January 1, the Centre is looking to directly transfer the benefits of various Government programmes to the bank accounts of the beneficiaries.

This initiative will start with 43 identified districts across the country.

“There is lot of work to be done for you from January 1. There will be huge responsibility on your shoulders. It is banks that have to make direct benefits transfer a success. I know you can do it,” Chidambaram said at an event to mark the 102{+n}{+d} Foundation Day of Central Bank of India, on Friday. Banks are now expected to use technological advancement such as micro ATMs to transfer the cash benefits to Aadhaar-enabled bank accounts.

Debt waiver

Chidambaram pointed out that public sector banks had proved their mettle by ensuring success of the near Rs 70,000-crore farm debt waiver scheme launched by the UPA-I Government four years ago.

On the occasion, Chidambaram also ‘virtually launched’ 101 branches, 101 ATMs and 101 ultra small branches. To mark the occasion, Central Bank of India issued 10,001 kisan cards.

>Srivats.kr@thehindu.co.in

Published on December 21, 2012 14:00