The government will soon launch the revamped Kisan Vikas
Patra (KVP) besides some new saving instrument programmes for the girl child as
well for the physically challenged person, a senior finance ministry official
said today.
"We are going to launch the revamped Kisan Vikas
Patra (KVP) soon again in the form of saving instrument," Rajat Bhargava,
Joint Secretary (Budget) in the ministry finance said at an event here.
"Similarly, the government of India is also going to
launch some new saving instrument programmes for girl child as well as for the
physically challenged person who has not been covered so far (under the
programme)," Bhargava added.
Finance Minister Arun Jaitley, in the Budget speech, had
said he will re-introduce the KVP, which was a very popular instrument among
small savers.
"I plan to reintroduce the instrument to encourage
people, who may have banked and unbanked savings to invest in this
instrument," Jaitley had said.
The KVP was discontinued by the UPA government in 2011
following the Shyamala Gopinath Committee report. It had suggested that KVPs
may be discontinued as they are prone to misuse.
KVP was a popular saving scheme that doubled the money
invested in eight years and seven months. The government sold these saving bonds
through Post Offices in the country.
The new government has identified financial inclusion and
access to formal financial channels as a priority area and the reintroduction
of KVP is seen as furthering this objective.
Source : The Economic Times
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