Early morning PMO order behind roll-back of small savings rate cut
The timing of the withdrawal of the rate cut was very crucial as it was done moments before the commencement of second phase of voting in ongoing state assembly elections
Ashutosh Kumar | April 2, 2021 | Updated 00:04 IST
FM Nirmala Sitharaman mentioned that the interest rate cuts were issued by oversight
Early morning intervention today by Prime Minister s Office (PMO) led to the immediate reversal of sharp interest rate cuts on small savings schemes approved by Finance Minister Nirmala Sitharaman late Wednesday evening.
The decision on interest rate reduction for April-June quarter of FY22 faced massive backlash due to mega pruning of rates in PPF, Sukanya Samriddhi Yojana and senior citizen savings schemes used by the people to park their life s savings.