Country’s largest lending bank State bank of India decided to take up the safe saving scheme under West Bengal government. Due to the expanding depositing companies and the Shradha scam, the safe saving plan was declared earlier this year in Rural Bengal.RBI has approved for the scheme.
West Bengal Infrastructure Development Finance (WBIDFC)Corp. Ltd a non financial corporation will look after all the deposits. For the rural savers the scheme will provide 0.25% higher interest rate than other banks i.e 9.25%.
The State decided to incorporate Union bank of India, UCO bank, Allahabad bank and SBI to collect the deposits for the scheme across their branches, but only UBI bank accepted the proposal. In order to support the scheme the banks will be required to open and conduct the savings account so that people can deposit money. The deposit will be given to WBIDFC, and banks will gain cost from operating savings accounts.