Non-cooperation of Centre affects state's Safe Savings Scheme

Non-cooperation of the Centre has affected the state government's Safe Savings Scheme badly after a nationalised bank decided not to continue with the scheme anymore.

The project was started on November 16, 2013 after several people were cheated by chit fund groups. The scheme for small investors was launched so that people do not fall prey to the chit fund groups anymore to get higher returns. Under the scheme, investors would get 9 to 9.25 percent interest. In 2013-14, Rs 2.5 crore was invested under the scheme, the amount was Rs 72 lakh, Rs 50 lakh and Rs 88 lakh in the past three consecutive financial years. The nationalised bank wrote to the state government a week ago that they are no more ready to continue with the scheme.