Why is it in news?

• The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra.  

KISAN VIKAS PATRA

• Kisan Vikas Patra is a saving certificate scheme which was first launched in 1988 by India Post.
• It was successful in the early months but afterward the Government of India set up a committee under the supervision of Shayamla Gopinath which gave its recommendation to the Government that KVP could be misused.
• Hence the Government of India decided to close this scheme and KVP was closed in 2011 and the new government relaunched it in 2014.
• The amount(Principal) invested in Kisan Vikas Patra would get doubled in 113 months i.e(9 years and 5 months). The rate of interest is 7.5%.