Tue. Jan 19th, 2021

Canara Bank vs All India Bank Deposit Collectors … on 5 October, 2015

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1. Syndicate Bank was the original pioneer of a movement to penetrate
banking in small muffasil towns when it introduced a Pigmy Deposit
Scheme. By virtue of the deposits Syndicate Bank grew from a pigmy to a
giant. Others followed, giving it names such as Honey Bees Scheme, Small
Depositors Scheme, Mini Deposit Salap Sanchey, Pragati Deposit Scheme,
Nityha Laxmi Deposit Scheme, Timely Deposit Collection Scheme, Honey
Deposit Collection Scheme, Janta Deposit Scheme etc. As per the scheme,
the banks appointed Deposit Collectors who would go to the house or the
work place of the customers and collect a daily deposit which was credited
to the account of the customer. The customer would earn interest on the
deposit and the bank would augment its resources. It was a win-win
situation for the bank as well as the customer. The daily Deposit Collector
would earn a commission on the deposit collected.

Source: Indian Kanoon

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