All
Public Sector Banks, ICICI Bank Ltd., Axis Bank Ltd., and HDFC Bank Ltd., were
authorised to receive subscriptions under National Saving Time Deposit Scheme,
1981, National Saving (Monthly Income Account) Scheme, 1987, National Saving
Recurring Deposit Scheme, 1981 and National Saving Certificates (VIII Issue)
Scheme, 1989 in addition to the existing small saving schemes.
It has
been decided to pay agency commission to these banks for handling the work
relating to the above four small saving schemes.
All
the transactions may be directly reported to the Central Account Section,
Reserve Bank of India, Nagpur on a daily basis.
The Agency banks are required to observe the rules and regulations
of the respective scheme. Non-observance would attract penal action which shall
be borne entirely by the bank.
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