Centre withdraws decision to cut interest rates on small savings
After the highly unpopular decision of slashing interest rates on small savings schemes on 31st March, a day after, Union Finance Minister Nirmala Sitharaman announced that the order is withdrawn. She tweeted that the interest rates of small savings schemes of government of India shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021.
Orders issued by oversight shall be withdrawn, the minister mentioned. The decision to withdraw the order was taken keeping the lakhs of small depositors in mind, according to analysts.