Bengal moots social security scheme for investors: Mamata

Last Updated: Wednesday, May 8, 2013 - 16:48

Kolkata: The West Bengal government is planning to start a social security scheme for depositors and investors to ensure proper return of public money after the Saradha chit fund mess, Chief Minister Mamata Banerjee said on Wednesday.

"In the wake of growing financial insecurity, we are thinking of a social security scheme. It will ensure proper safety of public money and ensure safe and proper return. We will shortly put out a proposal on the website of the finance department to seek public comments," Banerjee said.

She said that after seeking public opinion, the government will finalise the scheme and subsequently pass a law.

"When there is a people`s government, it has accountability towards them. People have been subjected to atrocities by these chit funds," she said.
"People want to keep money with insurance companies, post offices and banks, but sometimes have to suffer atrocities from such institutions. But people trust the government when it takes responsibility because there is economic security involved and returns the money."
"We won`t be able to give a high interest rate because we do not have the capacity. But investors will get their money back," she said.


First Published: Wednesday, May 8, 2013 - 16:47

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