The government on Friday announced that cooperative banks will not be authorised to accept deposits under the Pradhan Mantry Garib Kalyan Deposit Scheme.
Under the scheme, all those who are declaring previously undisclosed income under the Scheme have to place 25% of the amount being declared in an interest-free fixed deposit with a lock-in period of four years.
“Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies,” the official notification states.
This amends the notification of December 16, 2016, which stated that deposits would be accepted by all banks to which the Banking Regulation Act applies, which includes cooperative banks.
