Dhaka, (Barta24.com): In 2018-19 fiscal year the target of savings certificate selling was Taka 26 thousand 197 crore. But from July of 2018 to April of current year the sale has doubled than the target. During these nine months period savings certificate worth Taka 43 thousand crore was sold.
Though the government tells that to meet the deficit of the budget it takes loans from the banking sector practically the savings sale proceeds has become one of the sources of internal loan.
It was learnt from National Savings Certificate directorate that during the current fiscal year (July-April) the neat amount of savings certificate sale stands at Taka 43 thousand 475 crore. But the government fixed the target of collecting Taka 26 thousand 197 crore from savings certificate in the budget.
According to the information of National Savings Certificate directorate during last ten months an excess of Taka 17 thousand 287 crore was sold than the target which is 166 percent of the fixed target of 2018-19 fiscal year.
The bank officials informed that as the rate of interest is higher than bank deposit so the people are tilting towards various savings schemes. Some are investing in the name of mother or some are investing in the name of wife. The bankers are of opined that the acute liquidly crisis in the banks is prevailing due to people’s tilting towards savings certificate purchasing.
The savings certificate depositors inform that in banks the profit is given at the rate of Taka 5 to 6 percent only while in savings scheme the rate of profit is at least Taka 11 percent.
Analyzing the data it is found that the sale of savings certificate sale has increased to Taka 3 thousand 412 crore. Only in April the neat sale has increased to Taka 3 thousand 741 crore while in the same time of last year it was Taka 3 thousand 354 crore.
During this period (July –April) the authority had to spend Taka 33 thousand 38 crore as capital and interest. The interest was paid to the tune of Taka 20 thousand 354 crore.
To meet the deficit in the budget the government plans to take loan from savings certificate schemes every year. But during last few years the target of taking loans from this source is gradually increasing. Though the condition of submitting ID cards at the time of selling savings certificates was introduced, the desired result was not achieved. Economists are of opined that the central bank should be more strict so that the only the proper men can invest here.