• Monday, 05 April, 2021 11:13:AM

     The finance minister announced a reduction in the interest rate on almost all saving schemes in the night and by the next morning, it was withdrawn sighting that by mistake it was done. Sources say the same night when the PM came to know the repercussions of lowering interest rates, immediately called number two, who ensured the withdrawal. Sources say, this happened only because WB is contributing approximately 14-15% of the total saving scheme and southern states are around 9-10% making up to 25 % of total small savings, it is also known that Bengalis are very concerned about their small savings and cutting rate in mid of elections would have done the damage that would have been beyond the control of BJP, likewise southern states are also much concerned. Sources add that, in the year 2010, when Pranab Mukherjee was Finance minister a committee was constituted under the First Lady Governor of RBI, in which Shashikant, the then Additional Secretary, and Rajeev Kumar were also members, suggested when the interest rate on small savings set to be increased or reduced and according the decision was announced without taking consideration of goings-on in politics. Sources say ultimately with the interference of PM decision was rolled back?


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