The Reserve Bank of India (RBI) has directed all banks to strictly follow instructions under the Senior Citizens Savings Scheme (SCSS) and ensure that benefits reach retired army personnel, Parliament was informed today. "RBI has issued instructions to all agency banks on June 9, 2011, for strictly adhering to existing instructions and ensuring extension of benefits of the scheme to the retired army personnel," Finance Minister Pranab Mukherjee said in a written reply to the Rajya Sabha. In May 2011, the government received a complaint from a retired defence officer regarding non-implementation of the SCSS by banks, due to non-receipt of relevant instructions from RBI on the eligibility criteria of investment by ex-service men. Mukherjee said in response to the complaint, the government had written to RBI on May 20 this year for issuing necessary instructions to all banks operating SCSS. RBI has, however, informed that all instructions received from the government pertaining to the Scheme, from time to time, have been circulated to all banks for implementation, he added.
Moneycontrol
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