Revised Interest Rates on Government Small Savings Schemes

Scheme	Rate of Interest wef 1/10/16 to 31/12/16
Savings Deposit	4
1 year Time Deposit	7
2 year Time Deposit	7.1
3 year Time Deposit	7.3
5 year Time Deposit	7.8
5 year Recurring Deposit	7.3
5 year Sr Citizen Savings Scheme	8.5
5 year Monthly Income Account Scheme	7.7
5 year National Savings Certificate	8.0
Public Provident Fund	8.0
Kisan Vikas Patra	7.7 ( will mature in 112 months)
Sukanya Samriddhi Account	8.5
Special Deposit Scheme for Non-Government Provident , Superannuation and Gratuity Funds	8

‘Doubling Farmers’ Income by 2022’ - Measures

Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022.

The strategy to achieve this goal, inter-alia, include,

-        Focus on large budget irrigation

-        Provision of quality seeds and nutrients

-        Investments in warehousing and cold storage chains

-        Promoting food processing

-        Creation of a national farm market, removing distortions and develop infrastructure such as e-platform across 585 stations

-        Strengthening of crop insurance scheme

-        Promotion of ancillary activities like poultry, bee-keeping and fisheries.

Bank should simplify their documentation for crop loans and ensure speedy sanctioning and disbursal.

The Lead Bank Scheme should be leveraged for doubling farmer’s income by 2022. Lead banks are accordingly advised to ensure the following:

a)    Work closely with NABARD in preparation of Potential Linked Plans & Annual Credit Plans.

b)    Include ‘Doubling of Farmer’s Income by 2022’ as a regular agenda in SLBC, DCC, DLRC and BLBC.

c)    Use the benchmarks as provided by NABARD.

d)    Map the overall strategy to the agriculture/agro-ancillary lending plan of your bank.

Based on RBI circular dated 29/09/2016. For any further clarification please refer www.rbi.org.in

Credit Facilities to Minority Communities

The following communities have been notified as minority communities:

(a)     Sikhs

(b)    Muslims

(c)     Christians

(d)    Zoroastrians

(e)     Buddhists

(f)      Jains

With a view to monitor Bank’s lending to this community, data on credit assistance provided should be furnished to RBI, Ministry of Finance and Ministry of Minority Affairs, every half year ie. In Sep & March. 

The Lead Banks should furnish the relevant extracts of the agenda notes and the minutes of the meetings of the DCCs and SLBCs to the Union Ministry of Finance and Minority Affairs on a quarterly basis.

Based on RBI notification dated 29/09/2016. For any further clarification, please refer www.rbi.org.in

Aadhaar-based Authentication for Card Present Transactions

RBI has advised that banks are to ensure that all new card acceptance infrastructure deployed with effect from January 1, 2017 should be enabled for processing payment transactions using Aadhaar-based biometric authentication also.

Based on RBI notification dt 29/09/2016. For any further clarification, please refer www.rbi.org.in