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As a measure of increasing customer convenience in the matter of operation of accounts under Public Provident Fund (PPF) Scheme and Senior Citizens Savings Scheme, government has decided that all fully computerized and networked banks/branches of Public Sector Banks shall be authorized for handling business of PPF and Senior Citizens Savings Scheme. The four institutionally promoted private sector banks viz. ICICI Bank, IDBI Bank, HDFC Bank and UTI Bank that are already authorised for Government business shall also be authorized to operate these schemes.
Modalities for implementation are being worked out and banks/branches authorized in addition to the existing ones, will be notified shortly.
At present in addition to post offices, there are about 5500 bank branches operating these schemes and this measure will increase the number quite substantially.
BSC/BY/GN-17/5
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