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Karnataka state cabinet nod for Bhagyalakshmi scheme

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The State 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

Bengaluru: The State 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.

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