Government to launch revamped Kisan Vikas Patra soon: Official
Written By Admin on October 28, 2014 | Tuesday, October 28, 2014
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.
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