Karnataka govt gives nod to switch implementing agency for Bhagyalakshmi scheme

By: |
October 22, 2020 9:37 PM

Since the interest rate offered by the LIC was way less, the state government decided to switch the agency, they said. Under this scheme, a girl child belonging to below poverty line (BPL) families is eligible to receive Rs one lakh after completing 18 years of age.

With this victories, the strength of BJP will rise to 118 in the 225-member assembly that would still have two vacancies caused by, including by a recent death of a member.

The Karnataka cabinet on Thursday granted approval to implement the Bhagyalakshmi scheme, which provides financial security to girl child of BPL families, through Sukanya Samriddhi Yojana of the postal department instead of LIC, government sources said. The postal department will be the implementing agency for Bhagyalakshmi scheme, one of the flagship schemes of the Yediyurappa-led BJP government in the state.

Since the interest rate offered by the LIC was way less, the state government decided to switch the agency, they said. Under this scheme, a girl child belonging to below poverty line (BPL) families is eligible to receive Rs one lakh after completing 18 years of age.

The scheme is aimed at elevating the status of a girl child in the family and society. Re-designing and implementing the Bhagyalakshmi scheme will not result in any loss to the beneficiary, the government sources said. The cabinet also approved the Karnataka Unregulated Deposit Schemes Regulation -2020, which restricts the functioning of private financial institutions and chit fund companies, which dupe the investors.

It also gave its nod to a revised estimate of Rs 109.81 crore for the by-pass road construction project at Mudhol town in Bagalkot district. Besides, administrative approval was given for a revised estimate of Rs 46.70 crore for the construction of Kindi Dam at Biliyur of Bantwal taluk in Dakshina Kannada district under the Western Ghat project.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Post Office Savings Account: Minimum balance Rs 500 must by December 11!
2No Income Tax on life insurance policies of 10 or more years, ICAI recommends Modi govt
3‘Long-term policies, awareness to help penetration of motor insurance’