Bengal CM plans to launch govt sponsored deposit-taking scheme

The scheme aimed at providing secured saving option to the rural people of the state as an alternative

At a time Saradaha scam has led to unearthing of many more illegal ponzi schemes in the state, West Bengal chief minister Mamata Banerjee on Wednesday proposed to launch a government-sponsored deposit-taking scheme to provide a secured saving option to the rural people of the state as an alternative.

"To provide proper facility in the wake of growing financial insecurity we are thinking of a social security scheme. It will ensure proper safety for public money and ensure decent return, proper return. We will put out a proposal on finance department's website inviting public opinion," Mamata Banerjee said.

Blaming the lack of adequate number of saving options from banks and post office to the poor rural people for mushromming chit funds in the state, she said, the government financial scheme is aimed meet that need.

The proposed finacial scheme is likely to be backed by a state legislation. "We may need to pass a legislation for this. We invite opinions from all section of people. From common people who have been cheated in ponzi schemes to experts and economic and business newspapers, we seek suggestions from everyone " she added.

However, she pointed out the government-sponsored scheme, which according to her, can be named as "Social Security Scheme" or "We The People Scheme" -- would not offer high returns like chit funds.

"There may not be high return, but with government's involvement there will be offer security, which is more important for people, who are being cheated by the chit funds," she said.

Banerjee, did not share the further details of the plan as the scheme is at the planning stage.

Although, the government did not set any deadline for the launch of the scheme, chief minister said, the government would soon put on propsal on website and that would accept public suggestion for a period of one month.

"We will decide and chalk out the scheme after receiving public comments," she noted.

The state government's proposal is seen as an yet another effort to show that it was serious about taking decisive action against deposit-taking companies. TMC government has been under immense political pressure because of alleged link between its leaders and some illegal money-pooling companies.

As investigation is on into Saradha scam with its promoter Sudipta Sen being in the police custody, the state police has in the meantime has recently raided offices of two more such companies, pulling the plug on their operations.