RBI Asks Banks To Furnish Progress Report On KVP, Sukanya Account

03 July, Mumbai

RBI has asked banks to furnish region-wise weekly progress report on Kisan Vikas Patra and Sukanya Samriddhi Yojana.

In a notification, RBI asked all agency banks implementing these schemes to furnish reports indicating the number of accounts opened. RBI also said agency commission will be paid to the authorised banks for handling the work relating to these schemes.

The government had relaunched the popular small savings instrument Kisan Vikas Patra in November last year to encourage people to save more and keep them off fraudulent schemes. Sukanya Samridhi Yojana was launched in January to promote the girl child as part of the ‘Beti Bachao Beti Padhao’ campaign, which would fetch an interest rate of 9.1 per cent and provide income tax rebate.

In another notification, RBI has asked banks to make use of credit information available with Central Repository of Information on Large Credits – CRILC for opening of current accounts.

With a view to improve credit discipline and reduce NPA level, RBI has advised lenders not to limit their due diligence seeking NOC from the bank with whom the customer is supposed to be enjoying the credit facilities.

RBI has asked banks to verify from the data available in CRILC database as to whether the customer is availing of credit facility from another bank. Banks may also seek No Objection Certificate from the drawee bank where the initial deposit to current account is made