The government is all set to relaunch the new revamped Kisan Vikas Patra (KVP), a popular savings instrument for small savers, soon. Besides, it will also come up with a few more savings instruments especially meant for the girl child and the physically challenged.
KVP was a popular saving scheme that doubled the money invested in eight years and seven months. The government sold these saving bonds through post offices in the country.
The new KVP is likely to offer better returns and may be made available at various points not just post offices.
Finance minister Arun Jaitley, while presenting the Union Budget, had announced the relaunch of the KVP. “I plan to reintroduce the instrument to encourage people, who may have banked and unbanked savings to invest in this instrument.”
“KVP would soon be relaunched... there would be a few more new instruments especially meant for the girl child and the physically challenged,” said a senior government official who refused to be identified.
The UPA government had discontinued the KVP in 2011 following the Shyamala Gopinath Committee report over fears of money laundering, as anyone could invest in the scheme without giving the source of income.