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Kisan Vikas Patra to be Re-Launched by Finance Minister

Kisan Vikas Patra to be Re-Launched by Finance Minister

The Union Finance Minister, Arun Jaitley, re-launched the Kisan Vikas Patra in order to improve the savings habit among the small time investors and to safeguard them against fraud or Ponzi schemes that claim to offer high rates of interest. While making the announcement, the Finance Minister stated that the savings habit of the Indians has dropped considerably to below 30% from an impressive 36.8%, because the progress of the economy had slowed down phenomenally. There is now, an urgent need to improve the savings habit and the re-introduction of these Patras is an effort towards this.

There are two main benefits of KVP scheme – One is small level investors will be able to direct their hard earned money towards this trusted government scheme and the second is these people can get ultimate protection against fraud schemes that are launched by private individuals. In the absence of KVP, these small level investors approach these Ponzi schemes as they are promised very high rates of interest. However, they face severe disappointments eventually, because their money vanishes into thin air.

During the first phase of launch of the Kisan Vikas Patra, it would be introduced as a simple and plain bearer instrument and will not have the name of the holder. The FM re-launched the scheme recently after explaining its features and benefits. The KVP is being introduced in denominations of 1000, 5000, 10000 and 50000. Investors can be assured of double the returns on their investment in 100 months’ time.

One of the main benefits of KVP scheme is that investors can encash their investments once they cross the minimum time period of 30 months. Initially, investors can buy these Patras from post offices and there are future plans to sell these Patras through nationalised banks and their branches that are spread all over the country. Mr. Ravi Shankar Prasad, Minister of Communications and IT stated that the KVP was an emotional form of investment for the small time investor in the earlier days when it was launched and before it was discontinued in 2011. The contribution of savings contributed by KVP when compared to all other National Savings Schemes was a maximum of 29%. Of late, there are too many illegal and fraudulent schemes launched in the country that lure the small investors with huge rates of interest. Hence the Union Finance Ministry has come up with the initiative of re-launching the KVP scheme. This scheme was aimed at people with meagre incomes and who do not have access to other forms of investment.

Kisan Vikas Patra to be Re-Launched by Finance Minister

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