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The Ministry of Labour and Employment recently directed the Employees' Provident Fund Organization (<keyword id="19966712" type="General" weightage="100" keywordseo="EPFO" source="keywords">EPFO</keyword>) to ensure the activation of UAN (<keyword id="20789489" type="General" weightage="20" keywordseo="universal-account-number" source="keywords">Universal Account Number</keyword>) via Aadhar-based OTP. The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme. The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity. In the first stage, all employers must complete <keyword id="24089674" type="General" weightage="20" keywordseo="UAN-activation" source="keywords">UAN activation</keyword> through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

Union Minister of Labour and Employment <keyword id="19906409" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="keywords">Mansukh Mandaviya</keyword> and Chairperson of the Central Board of Trustees, EPF, have given the green light to the proposal for a Centralised <keyword id="23037839" type="General" weightage="100" keywordseo="Pension-Payment-System" source="keywords">Pension Payment System</keyword> (<keyword id="23039389" type="General" weightage="20" keywordseo="CPPS" source="keywords">CPPS</keyword>) under the Employees' Pension Scheme, 1995. According to the Ministry of Labour and Employment, this initiative represents a major advancement by establishing a national-level centralised system, allowing pension disbursement through any bank or branch across India. Commenting on this development, Mandaviya stated, "The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in the modernization of the <keyword id="19966712" type="General" weightage="20" keywordseo="EPFO" source="keywords" meta.keywordsubtype="org" meta.entityname="EPFO" meta.hostid="83" meta.entityid="EPFO">EPFO</keyword>. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism." He added, "This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better." The CPPS is expected to benefit over 7.8 million <keyword id="21992385" type="General" weightage="20" keywordseo="EPS-Pensioners" source="keywords">EPS pensioners</keyword> of EPFO. By leveraging advanced IT and banking technologies, it aims to provide a more efficient and user-friendly experience for pensioners. The CPPS will also ensure seamless pension disbursement across India, eliminating the need to transfer Pension Payment Orders (PPO) when a pensioner relocates or changes their bank or branch. This will be a significant relief for pensioners who move to their hometowns post-retirement. This facility will be launched on January 1, 2025, as part of EPFO's ongoing <keyword id="23015602" type="General" weightage="20" keywordseo="IT-Modernization" source="keywords">IT modernization</keyword> project, Centralised IT Enabled System (CITES 2.01). In the following phase, CPPS will enable a smooth transition to an <keyword id="20028363" type="General" weightage="20" keywordseo="Aadhaar-based-Payment-System" source="keywords">Aadhaar-based payment system</keyword> (ABPS). The CPPS marks a significant departure from the current decentralised pension disbursement system, where each EPFO Zonal/Regional Office maintains separate agreements with only 3-4 banks. Pensioners will no longer need to visit branches for verification at the start of their pension, as it will be credited immediately upon release. Additionally, EPFO anticipates a significant reduction in disbursement costs with the new system.

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

The <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 <keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">EV</keyword> charging sites. Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd &amp; Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative. Chandra said, "This forward-thinking initiative reflects the Government's unwavering support for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s transition to electric mobility, fostering innovation and investment within the sector. We believe this scheme will not only enhance the growth of the EV ecosystem but also strengthen India's leadership in the global movement towards environmental sustainability." Dr Anish Shah, Group CEO &amp; MD, Mahindra Group also commended government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme. Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country." M&amp;M noted that schemes like <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have already driven penetration of electric three-wheelers in India. "Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. FAME and EMPS have helped in 20 per cent e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100 per cent electrification in this segment by 2030", he added. The Union Cabinet, on Wednesday, cleared the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) Scheme,' with a total outlay of Rs 10,900 crore over two years. It includes Rs 3,679 crore in subsidies and demand incentives for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging electric vehicles. It is expected to support the deployment of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, providing a significant push to India's EV ecosystem. A critical aspect of the scheme is the introduction of e-vouchers for EV buyers. At the time of purchase, an Aadhaar-authenticated e-voucher will be generated, which will enable buyers to avail of demand incentives. Additionally, the scheme allocates Rs 500 crore for the deployment of e-ambulances, marking a new initiative to integrate electric vehicles into essential public services. Another Rs 4,391 crore has been earmarked for the procurement of 14,028 e-buses, with a demand aggregation process led by CESL in nine major cities, including Delhi, Mumbai, and Bangalore. Intercity and interstate e-buses will also be supported in consultation with states. Furthermore, Rs 500 crore has been set aside to incentivize the adoption of e-trucks, a critical move given that trucks are one of the largest contributors to air pollution. The scheme encourages those with a scrapping certificate from <keyword id="19897457" type="General" weightage="20" keywordseo="ministry-of-road-transport" source="keywords">Ministry of Road Transport</keyword> and Highways-approved (MoRTH) vehicle scrapping centres to participate in this transition. With an allocation of Rs 2,000 crore, the scheme will support the installation of 22,100 fast chargers for four-wheelers, 1,800 fast chargers for e-buses, and 48,400 fast chargers for two- and three-wheelers. These chargers will be installed in cities with high EV penetration and along selected highways, making long-distance EV travel more viable.

Automobile industry hails PM e-DRIVE scheme to promote EVs

<ul><li><keyword id="144117" type="General" weightage="20" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> facilitated the Government of India in extending support to over 900 million beneficiaries, totaling $400 billion. </li><li>The elimination of fraudulent or duplicate IDs through the use of Aadhaar has resulted in an estimated government savings of approximately $34 billion. </li><li><keyword id="11907269" type="General" weightage="20" keywordseo="digilocker" source="Orion">DigiLocker</keyword> has broadened its document coverage, and includes banking, financial services, and education, through collaborations with private sector entities. </li></ul>The use of <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> has gone beyond metros. Around 70% of UPI's current users hail from beyond Tier-1 cities. Also, more than 80% of new users emerge from locations in Tier-2 cities and beyond, according to the ‘Impact of DPI on the Indian Internet Economy’ report by Redseer Strategy Consultants. With a user base exceeding 350 million, UPI stands out as an incredibly successful digital asset, revolutionising India's transaction landscape. Currently, approximately 45% of all transactions within the country occur digitally, with UPI commanding a significant share of 52%, surpassing 10 billion monthly transactions. The convenience associated with UPI <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> has spurred the development of an expansive network of merchants, the digitalization of operations, and a noteworthy shift in consumer preferences. Aadhaar, the game changer Aadhaar's seamless digital ID verification has significantly enhanced governance effectiveness, leading to substantial cost savings for the government. By reinforcing the direct benefit transfer framework and policies, Aadhaar facilitated the Government of India in extending support to over 900 million beneficiaries, totaling $400 billion in cash and in-kind benefits across 313 schemes. The elimination of fraudulent or duplicate IDs resulted in an estimated government savings of approximately $34 billion. “Additionally, Aadhaar-based eKYC procedures streamlined processes such as bank account openings, issuance of credit cards, and filing of income tax returns, digitising various facets of government-citizen interactions,” says the report. Digilocker and FastTag gain users as they mature The success of Aadhaar, eKYC, and UPI have paved the way for various other Digital Public Infrastructures (DPIs) and the evolution of India Stack. Among these, platforms like DigiLocker and FasTag have matured considerably and amassed substantial user bases. The ongoing expansion of these initiatives has led to the development of innovative products and applications, exploring new use cases. For instance, DigiLocker facilitates KYC/ID verification and dynamic linking of insurance and health records, while FasTag enables parking fee payments using its balance, among other functionalities. The government has amplified the DigiLocker framework through DigiLocker 2.0, aiming to streamline the Know-Your-Customer (KYC) process across various financial and alternative services. This initiative revolves around centralising the process, eliminating redundant procedures at different touchpoints. “Embracing an enterprise-level approach for MSMEs, trusts, and other entities will enable companies to alter documents, changes of which will be reflected in personal DigiLocker accounts achieving high interoperability,” says the report. Furthermore, DigiLocker has broadened its document coverage, and includes banking, financial services, and education, through collaborations with private sector entities.

Eight in ten new UPI users are coming from Bharat

New Delhi, Dec 26 () The government has made Aadhaar mandatory for subscribers of the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for senior citizens.
 The scheme, which envisages an assured rate of return of 8 per cent annually, is being implemented through Life Insurance Corporation of India (LIC). The scheme was announced in Union Budgets of 2017-18 and 2018-19.
 "An individual eligible for receiving the benefit under the scheme shall hereby be required to furnish proof of possession of Aadhaar number (the unique 12-digit biometric identity number) or undergo Aadhaar authentication," according to a finance ministry notification.
 The notification, dated December 23, has been issued under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.
 It further said any individual desirous of availing benefit under the scheme who does not possess the Aadhaar number or has not yet been enrolled for Aadhaar, "shall be required to apply for Aadhaar enrolment before registering for the scheme".
 In cases where Aadhaar authentication fails due to poor biometrics, the the ministry's Department of Financial Services through its implementing agency will make provisions to help the beneficiaries get the Aadhaar number.
 Further, where biometric or Aadhaar one-time password or time-based OTP authentication is not possible, benefit under the scheme may be given on the basis of physical Aadhaar letter whose authenticity may be verified through the quick response (QR) code printed on the Aadhaar letter, the notification said.
 In the Budget 2018-19, the maximum limit under PMVVY was doubled to Rs 15 lakh per senior citizen. The scheme is available for subscription till March 2020. DP NKD HRS

Aadhaar made mandatory for PMVVY pension scheme

<ul><li>The Economic Survey 2018-19 highlights how technology has helped the Indian government plug leaks in the country's '<keyword id="7286241" type="UNKNOWN" weightage="20" keywordseo="food-for-work">food for work</keyword>' programme -- the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).</li><li>It attributes the programs success to the JAM trinity of Jan Dhan, <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword>, and mobile payments.</li><li>The National Electronic Fund Management System (NeFMS) also also helped the government keep a more accurate account of which workers are on the payroll and if they're actually showing up for work.</li></ul>The origins of ‘food for work’ programs trace back to Kautilya’s Arthashastra — a Indian documents on statecraft, economic policy and military strategy. John Keynes, who popularised the theory, was still a century behind Nawab Asaf-ud-Daula who already had a ‘food for work’ program working in Lucknow when famine struck in 1784. In today’s day and age, India’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is using technology to streamline the national ‘food for work’ scheme to bring financial and economic inclusion. The JAM trinity — Jan Dhan, Aadhaar, and mobile payments — has eased the validation of beneficiaries and the process for releasing funds, according to Economic Survey 2018-19. Wages directly to the people Since it’s induction in 2005, the programme was riddled with issues. But, applying Direct Benefit Transfer (DBT) and Aadhaar-linked Payments (ALP), the Indian government has been striving to reduce delays in the payment of wages, curb corruption and political interference, and plug up any leakages in the system. As a workforce programme, MGNREGA’s mandate is to alleviate distress and ensure payments happen in a timely manner. Before DBT, wages were transferred into panchayat bank accounts and most of the workers had to collect their wages from the gram panchayat office. And, in order for DBT to work — the workers needed bank accounts. That’s when the Pradhan Mantri Jan Dhan Yojana (PMJDY) was implemented to bring about universal access to banking facilities. The Economic Survey 2018-19 highlights that before the implementation of ALP and DBT, there used to be an average lag of 90 days before wage payments for recieved. After their implementation, that lag has been cut down one-third from 35% to less than 10%. Culling out the ‘ghosts’ in the system Bringing in <keyword id="7829443" type="UNKNOWN" weightage="20" keywordseo="aadhaar-linked-payments">Aadhaar linked payments</keyword> ensured that the government would not be funding any ‘ghost’ beneficiaries. The National Electronic Fund Management System (NeFMS), implemented in 2016 and currently functional in 24 states, bolsters that effort by providing a real time database of wages being credited into bank or post office accounts by the central government. NREGAsoft, a local language workflow based e-governance system, looks at registration and muster rolls, a form of attendance register signed by workers to check false reporting of numbers. The service isn’t available to the public but does make it easier for the government to keep track of who is employed under the scheme and whether they are actually showing up for work. The government’s also held accountable of its actions with the use of mobile apps like Gram Samvaad Mobile App and JanMnRega were rural workers have direct access to information and can give their own feedback on how the system is working. The supply demand gap Since the government now access to data, the Economic Survey 2018-19 asserts that it will be able to implement MGNREGA more effectively by pushing government officials to provide more jobs in distressed areas. This should help bridge the demand supply gap between jobs available and the enlisted worker by using data provide jobs where there is more demand for them and vice versa. The survey also highlights how the vulnerable sections of the society — women, scheduled class, and scheduled tribes — have increased their participation in the program during times of distress. Going forward, the government wants to expand the number of jobs available to workers under the scheme, upskill the workers it has enlisted, expand the use of JAM, and use digital infrastructure to expand MGNERA beyond wages to also offer micro-insurance, micro-pensions and micro-credit to the underserved sections of society.

Technology plugged the leaks in India’s ₹60,000 crore rural employment guarantee scheme

New Delhi, Jan 17 () Aadhaar will be required for getting benefits under a central government scheme for providing financial assistance to family members of victims of violence perpetrated by terrorists or naxals, and communal riots.
 In a notification, the Union Home Ministry said an eligible beneficiary desirous of receiving the benefit under the 'Central Scheme for Assistance to Civilian Victims/Family of Victims of Terrorist/Communal/LWE Violence and Cross Border Firing and Mine/IED Blasts on Indian Territory' is required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication.
 Any eligible beneficiary desirous of receiving benefit under the scheme, who does not possess the Aadhaar number or, has not yet enrolled for Aadhaar, shall have to apply for Aadhaar enrolment.
 The home ministry said the notification comes into effect in all states and union territories except Assam and Meghalaya, where Aadhaar has not covered all residents.
 "The assistance is given by the state governments and the home ministry reimburses the state governments when it gets their demand. The annual budget for the scheme is broadly in the range of Rs 6 to 7 crore," a senior home ministry official said.
 The notification said the ministry through the implementing agency is required to offer Aadhaar enrolment facilities for the eligible beneficiary, who is not yet enrolled for Aadhaar and in case there is no Aadhaar enrolment centre located in the respective Block or Taluka or Tehsil.
 Till the time Aadhaar is assigned to the beneficiary, benefit under the scheme shall be given to such beneficiary subject to the production of the Aadhaar enrolment identification slip if he or she has enrolled and any one of the following: bank or post office passbook with photo; or voter identification card; or PAN card; or ration card; or passport; or kisan photo passbook; or driving licence or certificate of identity having photo of such person issued by a gazetted officer or a tehsildar on an official letter head; or Mahatma Gandhi National Rural Employment Guarantee Scheme Job Card; or any other document as specified by the ministry.
 In order to provide convenient and hassle free benefit to the beneficiary under the scheme, the ministry through the implementing agency or other means shall make all the required arrangements to ensure that wide publicity through media is given to the beneficiary to make them aware of the requirement of Aadhaar under the scheme.
 In all cases, where Aadhaar authentication fails due to poor biometrics of the beneficiary or due to any other reason, the following remedial mechanisms shall be adopted.
 In case of poor fingerprint quality, IRIS scan or face authentication facility shall be adopted for authentication, thereby the ministry through the implementing agency shall make provisions for IRIS scanners or face authentication along with fingerprint authentication for delivery of benefits in seamless manner.
 In case of biometric authentication through fingerprints or IRIS or face authentication is not successful, wherever feasible and admissible authentication by Aadhaar One Time Password (OTP) or Time-based One-Time Password (TOTP) with limited time validity, as the case may be, shall be offered.
 In all other cases where biometric or OTP or TOTP authentication is not possible, benefit may be given on the basis of physical Aadhaar letter whose authenticity can be verified through the QR code printed on the Aadhaar letter and the necessary arrangement of QR code reader shall be provided at the convenient locations by the ministry through the implementing agency. ACB SMN

Aadhaar required to get benefits under scheme for civilian victims of terror, communal violence

<ul><li>The RBI has opened the latest tranche of Sovereign Gold Bonds for subscription.</li><li>The issue price has been fixed at ₹5,000 per gram of gold and a discount of ₹50 can be availed by applying online.</li><li>The last day for subscription is January 1, 2021.</li></ul> The Reserve Bank of India (RBI) has opened the latest tranche of Sovereign Gold Bonds for subscription from today. The RBI has fixed the issue price under this scheme at ₹5,000 per gram of gold. Additionally, investors who apply online and make payment using a digital mode will be eligible for a ₹50 discount and can apply at ₹4,950 per gram. The RBI’s Sovereign Gold Bond Scheme (SGBs) is a safe option to invest your surplus money. What is the Sovereign Gold Bond Scheme? Sovereign Gold Bonds (SGBs) are government securities that are denominated in the form of grams of gold. It is similar to buying gold without taking its physical delivery. SGBs are issued by the Reserve Bank of India on behalf of the Government of India. How to apply for the Sovereign Gold Bond Scheme? Investors can apply for SGBs either by using the form provided by the issuing banks, designated post offices, Stock Holding Corporation of India or RBI’s <a href="https://www.rbi.org.in/Scripts/BS_ViewForms.aspx?FCId=13">website</a>. Additionally, investors can also apply online by visiting the website of the bank. What documents do I need to apply for SGBs? The investor needs any one of the following KYC documents to invest in SGB - Proof of identity (Aadhaar card/PAN or TAN/Passport/Voter ID card) Who can invest in SGB? The Foreign Exchange Management Act of 1999 (FEMA) has formulated the eligibility criteria for investing in SGB. As per this, Indian residents, associations, trusts, HUFs, universities and charitable institutions are eligible for investing in SGB. While minors cannot hold SGBs directly, their parents or guardians can hold SGBs on behalf of them. What is the maturity period of SGBs? SGBs come with a maturity period of 8 years. However, investors can redeem SGBs after 5 years, but this will be considered as a premature withdrawal. What are the minimum and maximum investment limits for investment? The SGBs are issued in denominations of 1 gram and in multiples thereof. The maximum limit is 4kg for individuals, 4kg for HUF and 20kg for trusts and similar entities notified by the government. An investor can buy 4kg / 20kg of SGB every year. What are the benefits of applying for the Sovereign Gold Bond Scheme? Buying a SGB is better than buying physical gold due to multiple factors, which are: <ul><li>You are assured of getting the market value of physical gold at the time of redeeming SGB.</li><li>The risk associated with storing physical gold is eliminated by SGB as SGBs are held in demat form.</li><li>Making charges and risk of lower purity are both eliminated.</li></ul>Who is authorized to sell SGBs? The SGBs are sold through branches or offices of nationalized banks, scheduled private banks, scheduled foreign banks, designated post offices, Stock Holding Corporation of India, authorized stock exchanges and their agents. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-coal-india-lupin-dlf-niit-reliance-capital-cadila-health-dish-tv-vedanta-and-others/articleshow/79938147.cms">Top stocks to watch – RIL, Coal India, Lupin, DLF, NIIT, Reliance Capital, Cadila Health, Dish TV, Vedanta, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-antony-waste-handling-cell-ipo-allotment-status-and-listing-date/articleshow/79939036.cms">How to check Antony Waste Handling Cell IPO allotment status, listing date and more</a>

RBI’s Sovereign Gold Bonds scheme opens today —  price, how to apply, and more

<ul><li>The government has withdrawn its <keyword id="159114" type="PERSON" weightage="20" keywordseo="interest-rate-cut">interest rate cut</keyword> order, bringing relief to Indians who invest in small savings schemes.</li><li>The initial order announced cuts as sharp as 1.1% points, with some of the schemes barely beating the prevailing inflation rate.</li><li><keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman said that the initial order was ‘issued by oversight’.</li></ul>The Indian government had declared late evening on March 31 that small savings schemes including savings deposits of up to 5-year duration, Public Provident Fund (PPF), Sukanya Samriddhi scheme, Senior Citizens Savings schemes, and more will yield much lower interest than they do now. However, the morning after, Finance Minister Nirmala Sitharaman rolled back the decision after much criticism on social media. The rate cuts announced 12 hours earlier was “issued by oversight,” she said in a tweet. <div type="twitter" handle="nsitharaman" handlename="Nirmala Sitharaman" image="http://pbs.twimg.com/profile_images/1134546635629838336/GwjE8izd_normal.jpg" favoritecount="10434" retweetcount="3246" status="Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter… https://t.co/CKQryM8yUN" createdat="1617243845000" id="1377446641356087297"></div> The old interest rates prevailing as on March 31, 2021 will continue to be applicable. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Small Savings Scheme </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interest rate will continue to be... </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Savings deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1-year deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-year deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3-year deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.5% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5-year deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5-year recurring deposit </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Citizens Savings schemes </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sukanya Samriddhi scheme </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.6% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public Provident Fund </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.1% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">National Savings Certificate </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monthly Income Account </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kisan Vikas Patra </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.9% </td></tr></tbody></table>Source: Finance Ministry As former Finance Minister P Chidambaram <a href="https://twitter.com/PChidambaram_IN/status/1377461977031696387">pointed</a> out, it is the practice for the government to issue new interest rates at the start of the financial year and therefore, the order may not have been ‘inadvertent’. The <keyword id="37018" type="PERSON" weightage="20" keywordseo="interest-rate">interest rate</keyword> cuts, if implemented, would have affected the middle income class and poorer sections. These schemes require minimum investment as low as ₹1,000, which makes it possible for very low paid workers, or senior citizens, to save for a rainy day. This would have not gone down well with a majority of voters. And with four states and a union territory, namely ⁠— Tamil Nadu, West Bengal, Kerala, Assam and Puducherry ⁠— in election mode, the Bharatiya Janata Party-led National Democratic Alliance (NDA) may not want to anger the voters by eating into their retirement money or funds set aside for the girl child’s education. The benefit of these cuts is that they would have brought down the cost of capital for investors, and even the government that is looking to borrow heavily to meet its COVID-19 related expenses and the planned stimulus for the economy. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-icici-hdfc-and-other-bank-customers-could-face-otp-issues-from-april-1/articleshow/81777962.cms">Bank OTP issue – SBI, ICICI, HDFC and other bank customers could face OTP issues from April 1</a> <a href="https://www.businessinsider.in/india/news/pan-aadhaar-linking-deadline-extended-till-june-30/articleshow/81783275.cms">PAN-Aadhaar linking deadline extended to June 30</a> <a href="https://www.businessinsider.in/science/environment/news/google-bmw-volvo-and-samsung-ban-on-deep-sea-mining-could-favour-india-but-the-country-has-its-own-plans-to-exploit-ocean-resources/articleshow/81777647.cms">India has the most to gain from Google, BMW and Volvo’s call for a ban on deep-sea mining — but it has its own plans to exploit resources under the ocean</a>

You Searched For "Aadhaar scheme" and got 9 results

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

BI India Bureau

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

ANI

Automobile industry hails PM e-DRIVE scheme to promote EVs

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Eight in ten new UPI users are coming from Bharat

Anagh Pal

Aadhaar made mandatory for PMVVY pension scheme

PTI

Technology plugged the leaks in India’s ₹60,000 crore rural employment guarantee scheme

Prabhjote Gill

Aadhaar required to get benefits under scheme for civilian victims of terror, communal violence

PTI

RBI’s Sovereign Gold Bonds scheme opens today — price, how to apply, and more

Rounak Jain

Folks investing in PPF or Sukanya Samriddhi scheme need not worry⁠ — the rate cuts have been rolled back

Rounak Jain

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