Government of India vide its notification No.G.S.R 705 ( E ) dated 23.09.2014 notified that the new Kisan Vikas Patra 2014 scheme. In terms of above notification the agency banks, which have been authorized for Public Provident Fund, 1968 (PPF 1968) scheme are required to implement issuance of Kisan Vikas Patra 2014 together with Post Offices doing Savings Bank Work.
The following banks conducting PPF 1968 business are eligible for conducting the business of Kisan Vikas Patra 2014 scheme.
State Bank of India/State Bank of Patiala/State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/Bank of Maharashtra/Canara Bank/Central Bank of India/Corporation Bank/Dena Bank/Indian Bank/Indian Overseas Bank/Punjab National Bank/Syndicate Bank/UCO Bank/Oriental Bank of Commerce/Union Bank of India/United Bank of India/Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.
RBI has today (10.2.2015) advised all the above agency banks to implement the KVP business as per government notification. Further, the reporting of KVP, 2014 transactions are in the same way of PPF transactions. The receipt, payment, penalty etc. are to be directly credited to the Government Account at Central Account Section of RBI, Nagpur on daily basis.
According to above communiqué, banks will place the indent for KVP certificates at National Savings Institute (NSI), Nagpur and collect the stock of KVP certificates from India Security Press, Nasik. Further, Agency banks are required to submit periodical progress report on collection in KVP to the Budget Division, Ministry of Finance, and Government of India.
Related articles: .
i. Modalities for commission payable to KVP agents at Banks ( Category: Bank News)
ii. Revision of interest for small savings (SCSS/PPF/ Kisan Vikas Patra/Sukanya Samriddhi Account) [Category: Bank News)
