All savings-schemes including at post-offices, RBI bonds and LIC pension-plans should be available through all branches of public-sector banks abolishing commission to agents
The then Finance Secretary Dr Hansmukh Adia vide a demo-official letter dated 07.02.2018 transferred suggestions about making available all government savings-schemes including all those available in post-offices, RBI-bonds bearing 7.75 percent annual-interest and LIC pension-plans including Jeevan Akshay and Pradhan Mantri Vaya Vandana Yojna in all branches of public-sector banks to Rajiv Kumar, the then Secretary of Department of Financial Services. These detailed submissions also suggesting linking of every branch of all public-sector banks to some nearing unit of LIC of India, were also posted on 02.02.2018 at various portals vide registration-numbers PMOPG-E-2018-0048627, PRSEC-E-2018-01856, DEABD-E-2018-01715, DEAID-E-2018-00278, DPOST-E-2018-01854, DORVU-E-2018-00185.
Deputy Director (Budget) Vijay Kumar at Department of Economic Affairs in reply dated 16.02.2018 to submissions dated 02.01.2018 registered at pgportal.gov.in vide registration-number DEABD-2018-0187 gave a list of 23 institutions including some of private and public-sector banks where investments could be made in RBI-bonds. He on telephone-number 23093569 confirmed that all saving-schemes presently available in post-offices were available in all public-sector banks. But bank-branches are not aware of any such facility as confirmed telephonically by Deputy Director (Budget). However he did not confirm in writing about facility being available in all bank-branches despite telephonic assurance.
Concerned government-departments and public-sector institutions should co-ordinate to implement these suggestions in interest of all concerned by abolishing private commission-agents, and instead motivate bank-managers through incentives to popularise these schemes. Even private-sector banks can be authorised to accept deposits under these schemes by offering some nominal commission.
SUBHASH CHANDRA AGRAWAL