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of <h1>Public and private banks authorised to accept National Savings Certificates VIII Issue subscriptions, with remittance deadlines and penalties</h1> Authorises all public sector banks and specified private banks to receive subscriptions under the National Savings Certificates (VIII Issue) Scheme, 1989 from the date of Gazette publication, enabling them to accept and operate such deposits. The authorisation is conditional on maintaining dedicated small-savings scheme software; permitting online operations in Core Banking Solution branches with security checks and manual operations in non-Core Banking branches; remitting collections to the Government account within prescribed timelines; and paying penal interest for delayed remittances. Banks must pre-declare branches that will not accept such subscriptions, bear any pecuniary liability arising from non-performance (and risk de-authorisation), permit Government recovery of dues including penalties, and submit periodic reports on subscriptions and withdrawals.
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