Union Minister Nitin Gadkari is coming up with the new mega plan for state.
He is planning to pay two to three percent more interest to retired people who has FD's in bank. For which they have started discussions to make the Invit for small investors which will help in country's infrastructure.
Gadkari himself has indicated that the concrete dicision will be taken soon, he also started discussing this matter with SEBI.
The National Highways Authority of India (NHAI) and Power Grid Corporation have also proposed an Infrastructure Investment Trust (INVIT) for the public sector.
Gadkari said that this would give investors an interest rate of two to three percent higher than that of banks. 'I am discussing this with my the investors. Efforts are also underway to get permission from SEBI. If SEBI allows,small investors will invest in Invit. We don't want to hurt the banks, but it will benefit the investors. Investors can also withdraw interest per month if they wish. The retired officers usually keeps their money at banks and get interest from it but now the interest rate is getting low, as a result they are facing big loss'. Gadkari said
Gadkari also said that if they invest this money in Invit, their money will be used for the country's infrastructure and will get good returns.
There is no risk in Invit, it is like a mutual fund so far EPFO invested 5 percent in this Invit.