Nitin Gadkari hardsells InvIT model to small depositors, like senior citizens, retired govt officials

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It has been reported that The Union Minister for Road Transport and Highways Nitin Gadkari on Friday said that his ministry is going to hold talks with SEBI for an invIT model where by small depositors, like senior citizens, retired government officials can invest their savings in infrastructure projects helmed by the Union government.

Gadkari said that the investors can benefit as they would be getting 2 to 3 percent higher returns than banks. “I am behind my officials and they are also trying and we would take SEBI permission, those who are small (depositors). We don’t want to cause loss to banks, but the interest that banks give to depositors (for FDs). We would give 2-3% more interest than banks and would give interest every month,” said Gadkari.

The minister added: “Those who are retired government servants, you deposit your savings in the bank, that interest is being reduced. This is a huge problem for senior citizens. so what I am saying is that if all these small depositors invest in our invIT model then from their money infrastructure would be built and they would get good returns too. This time we need to increase more (domestic) investors”, the report said. (Economic Times)