Cooperative banks can’t accept deposits under PMGKDS: RBI

Under Pradhan Mantri Garib Kalyan Yojana (PMGKDS), money which shall not be less than 25 percent of the declared undisclosed income can be deposited at the authorised banks

GN Bureau | January 21, 2017


#PMGKDS   #RBI   #Banking  

The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.

Read: One-time opportunity to declare undisclosed income

“The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday),” the RBI said.
“In this connection, it is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016.”

Read notification

 

Comments

 

Other News

How toll policies are redefining the highway journeys

With the phenomenal growth in National Highways, queues at toll plazas used to affect commuters. However, over the last decade, tolling has undergone a major technological transformation, bringing faster movement and significant ease for road users. Building on this progress, year 2025 saw further people-c

From vulnerabilities to empowerment: Building resilience for small and marginal farmers

India’s small and marginal farmers are at the centre of a paradox in agrarian economy. They are the backbone of the food economy, but they are the most vulnerable stakeholders within agricultural economy. Among the 126 million farmers in India today, nearly makes 86% operate on small and marginal hol

Concerns over Mumbai air pollution ahead of Marathon

Environmental organisation Awaaz Foundation has flagged serious concerns over deteriorating air quality in Mumbai and the potential health risks it poses to participants of the Tata Mumbai Marathon scheduled for January 18. It has urged civic and pollution control authorities to conduct advance air quality

From darkness to demand: India’s power sector at a policy crossroads

India’s progress in electricity access over the past two decades represents one of the most consequential public infrastructure transformations globally. Yet, as policymakers now confront issues of reliability, financial sustainability, and grid stability, experts argue that the next phase of reform

2026: How AI is transforming everyday life and work in India

Artificial Intelligence is driving a new wave of innovation that touches every part of daily life, from healthcare and farming to education, governance, and climate prediction. It helps doctors diagnose diseases faster, assists farmers in making data-driven decisions, improves learning outcomes for student

Charting the contours of India’s Africa outreach

Prime minister Narendra Modi’s state visit at the end of the year 2025 to Ethiopia represented a notable point in the development of India-Africa relations. At a time of escalated geopolitical contest, renewed commitment to South-South cooperation and Africa’s expanding strategic prominence, th


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter