 "RBI okays Bengal's state-sponsored deposit-taking scheme")
In the backdrop of the Saradha-like illegal ponzi schemes in the state, the West Bengal governtment's proposed alternative of a state-sponsored secured deposit taking, has received a go-ahead from the Reserve Bank of India (RBI).
Following an application from West Bengal Infrastructure Development Finance Corporation (WBIDFC), RBI has has given its nod allowing the state-government owned body to collect public deposit.
"WBIDFC already had Non-Banking Financial Company (NBFC) certificate from RBI. It had earlier raised firms for different development projects from financial institutions. But to raise public deposits one needs to fulfill more criteria. We had written to RBI on this," an official said.
Earlier after Saradha went bust, West Bengal chief minister Mamata Banerjee had proposed to launch this government-sponsored deposit-taking scheme to provide a secured saving option to the rural people of the state as an alternative.
Blaming the lack of adequate number of saving options from banks and post office to the poor rural people for mushrooming chit funds in the state, she said, the government financial scheme was aimed to meet that need.
As er the announcement then , in this scheme an individual can deposit an amount ranging from Rs 1,000 to Rs 1,00,000. The deposited amount can go up to Rs 5 lakh in case of a family. The scheme will have a maturity period between one and five years.
However, Banerjee had pointed out the government-sponsored scheme, which she proposed to name “safe savings scheme” -- would not offer high returns like chit funds, but will be in the lines of the PSU banks.
In fact, the state government is tying up with four nationalised banks - State Bank of India (SBI), Allahabad Bank, UCO Bank and United Bank of India (UBI) through which collection of money and subsequent return will be done.
Following an application from West Bengal Infrastructure Development Finance Corporation (WBIDFC), RBI has has given its nod allowing the state-government owned body to collect public deposit.
"WBIDFC already had Non-Banking Financial Company (NBFC) certificate from RBI. It had earlier raised firms for different development projects from financial institutions. But to raise public deposits one needs to fulfill more criteria. We had written to RBI on this," an official said.
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However, officials suggested it would take some time to launch any deposit-taking scheme. "Some issues need to be settled first. WBIDFC won't recruit, but private agencies would be roped in who would encourage people and aware them about the scheme. Other existing government set-ups would be use to take the scheme to the rural population of the state," the official added.
Earlier after Saradha went bust, West Bengal chief minister Mamata Banerjee had proposed to launch this government-sponsored deposit-taking scheme to provide a secured saving option to the rural people of the state as an alternative.
Blaming the lack of adequate number of saving options from banks and post office to the poor rural people for mushrooming chit funds in the state, she said, the government financial scheme was aimed to meet that need.
As er the announcement then , in this scheme an individual can deposit an amount ranging from Rs 1,000 to Rs 1,00,000. The deposited amount can go up to Rs 5 lakh in case of a family. The scheme will have a maturity period between one and five years.
However, Banerjee had pointed out the government-sponsored scheme, which she proposed to name “safe savings scheme” -- would not offer high returns like chit funds, but will be in the lines of the PSU banks.
In fact, the state government is tying up with four nationalised banks - State Bank of India (SBI), Allahabad Bank, UCO Bank and United Bank of India (UBI) through which collection of money and subsequent return will be done.