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Express News Service NEW DELHI:  The interest rate cut on small saving schemes announced on March 31 and which was withdrawn hours later by Union Finance Minister Nirmala Sitharaman as an oversight had the go-ahead of both the ministry as well as the Election Commission (EC), an RTI application filed by this newspaper revealed.  The RTI reply disclosed the swift movement of letters between the Department of Economic Affairs (DEA) and the EC. The DEA had to seek clearance from the EC as the Model Code of Conduct was imposed due to Assembly polls. Details of communications between the DEA and the EC received through RTI revealed that the DEA had written to the EC on March 31 seeking its approval on the rate cut. The letter, which was in the most immediate category, was sent to the EC with the subject “revision of interest rates for small saving schemes”.

Nirmala sitharamanSukanya samriddhi yojanaKumar vikramVikas patraElection commissionDepartment of economic affairsPublic provident fundNews serviceUnion finance minister nirmala sitharamanEconomic affairsModel codeKisan vikas patraSmall saving schemesElection commissionDepartment of economic affairsInterest rate cut