BANK NEWS
Cooperative banks barred from accepting PMGKY deposits
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
Read Also : GAIL organized 'Kanthasth 2.0' Hindi workshop
News Must Read
- REC Ltd received NOC to set up wholly owned subsidiary in Gift City, Gujarat
- Atanu Chakraborty Reappointed as part-time Chairman of HDFC Bank
- MRPL Q4 Results: Net profit slips 40%, Annual Gains Strong
- DMRC Celebrates 30th Foundation Day at Bharat Mandapam
- Sushil Sharma assumes additional charge of CMD, and Director (Personnel) of SJVN Limited
- Coal India Limited Board recommends final dividend, here to know
- Dr. Subhransu Sekhar Acharya assumes charge of NSIC CMD
- CIL reports mixed bag of results for Q4 of FY23-24
- NMDC's Promising Start to FY25, Targets 50 Million Tonnes
- RITES to take assessment for Vande Bharat Trains