(a) whether collections at post offices for small saving plans have gone down by 30% during the first five months of this fiscal year as compared to previous
one;
(b)if so, the details thereof and reasons therefor; and
(c)the steps being taken or proposed to be taken to encourage small savings to
enable common man to contribute towards development of the country?
MINISTER OF STATE IN THE MINISTRY OF FINANCE SHRI PAWAN KUMAR BANSAL:
(a) & (b): The gross small savings collections in post offices and banks during the
first five months, viz., April – August, 2006 have been Rs. 73,456 crore as against
Rs. 82,800 crore during the corresponding period of last financial year.The net
collections (gross collections minus repayments) during the same period have
been Rs. 27,874 crore as against Rs. 36,782 crore last year. The decline in collections
appears to reflect inter-alia, investors’ preference for alternative instruments.
(c): The small savings schemes, carrying different terms and rate of interest
administered by the Govt. of India, are designed to provide safe and attractive
investment option to all individuals who invest in these savings schemes.
Central and State Governments take various measures from time to time to
promote and popularize small savings schemes through print and electronic
media as well as holding seminars and meetings, providing training to the
various agencies involved in mobilizing deposits under these schemes.
A website of the National Savings Institute under Government of India,
Ministry of Finance has also been launched to facilitate interface with the
public through wider dissemination of information on small savings and on-line
registration and settlement of investor’s grievances.The website address is
nsiindia.gov.in