Setback to PM Sukanya Yojna in Nawada

Speed Post News Network
Nawada: The edge of the much touted Pradhan Mantri Sukanya samridhi Yojnna launched by the PM in 2015 to ameliorate the condition of the largely discriminated Indian girl child has been blunted by the RBI in 2016. The scheme, implemented by many nationalized banks and post offices across the nation, had promised 9.2% interest rate at its launching but currently stands curtailed to 8.6% resulting in many parents giving a second thought to partake in the scheme’s long-term investment. Many are now wary of the government’s intentions as they expect a further reduction in the interest rate by the RBI in the future.

A random glance at the figures provided by SBI and the post office branch at Warisaliganj are indicative that the scheme is losing its sheen. While the SBI has had only 27 parents investing, the post office has done better by recording around 600 accounts. Since post offices have a better reach in villages and rural areas compared to the nationalized banks, they reaped healthier figures.

The branch manager of Warisaliganj branch of the SBI, Ravi Kumar, blamed RBI’s slashing of the Repo rate by 6.5 % last month and said that it should have exempted the PM’s laudatory Sukanya Yojna. The post office has recorded no additional investment since the cut in the repo rate. More or less, the same scenario persists elsewhere in the district’s banks and post offices.

As per the scheme applicable to girl child under 10 years of age, a regular annual investment not exceeding Rs 1.5 lakh is to be deposited by the parent/guardian of the girl for 14 year. An account is opened with Rs. 1,000. The scheme shuts the door on withdrawals till the girl has attained the age of 18. Only partial withdrawal is permitted at her reaching 18 years with respect to her higher education and full withdrawal only when she attains the age of 21. A parent can avail the opportunity for only 2 girl child in the family.

Manish Kumar, who runs a computer shop and internet café at Warisaliganj market and is the father of two girls and a boy, all under 10, informed that it was better to open an recurring deposit account than going in for the Sukanya Yojna whose interest rates are going down.