Over 100,000 Indian households to benefit from special PNB savings scheme

PUTRAJAYA: The Indian community will be provided an opportunity to invest in a special savings scheme with Perbadanan Nasional Bhd (PNB) under the Malaysian Indian Blueprint (MIB), said Health Minister Datuk Seri Dr S. Subramaniam.

Subramaniam who chairs the special Cabinet Committee on the Indian Community that monitors the Special Unit for Socio Economic Development of the Indian Community (Sedic), said the scheme is expected to benefit over 100,000 Indian households in the next five years.

"This is one of the agendas under MIB to increase the economic livelihood in the Indian community.

"At present we are still discussing the matter with PNB who have agreed to the proposal in principle," he said during the press conference at the Sedic office, here, today.

Subramaniam said the scheme is expected to allocate two billion units for exclusive subscription to the Indian community.

"This is an open opportunity to allow the Indian community to have meaningful savings under PNB," he said.

He said the scheme will be divided into two categories, with one category to serve the 20% of the B40 group (households in the bottom 40% income category).

"The 20% or the B40 group will be provided assistance and subsistence from the government to ensure that they will get profitable dividends.

"While the rest will be allocated to the members of the Indian community at all levels," he said.

He said the scheme which operation mechanism is currently being finalised, is hopefully expected to be announced by the Prime Minister during the 2018 Budget which will be tabled this year and will be rolled out by early next year.