Cooperative banks barred from accepting PMGKY deposits

Psu Connect Date: 23-01-17

NEW DELHI: The government announced that cooperative banks will not be authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme.

Under the scheme, all those declaring previously undisclosed income have to place 25% of the amount being declared in an interest-free fixed deposit with a lock-in period of four years.

“Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies,” the official notification states.The Hindu

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