Bengal govt to launch savings scheme

 In a first-of-its-kind initiative to safeguard the savings of its people, the West Bengal state government has decided to launch a state-operated small-savings scheme for its denizens. While announcing the scheme, Chief Minister Mamata Banerjee told reporters that return on savings comes with guarantee from the government.

The “Safe Savings Scheme” comes after the Saradha chit-fund scam in which lakhs of small investors from across Bengal have been left without any hope of recovering money they deposited with the private company. Saradha’s owner Sudipto Sen, along with a number of its directors and managers, are presently under trial.

Giving out details of the scheme on Thursday, she told reporters at the state secretariat that under the scheme, an account holder can keep between Rs 1,000 to Rs 1 lakh for a period of one to five years. Families, however, will be allowed to invest up to Rs 5 lakh.

The money can be deposited and matured amounts will be disbursed through the four public sector banks of SBI, UBI, Allahabad Bank and UCO Bank, she added. While the chief minister had said that West Bengal Finance Corporation will decide the rate of interest by October 5, government sources say that the rate will be kept at par with the public sector.