On the night of 31 March, it was said by tweeting that the interest rate for all small saving schemes is being reduced and this decision was withdrawn at 8 am on 1 April.
At that time assembly elections were going on in many states including Bengal.
In the month of April, the government withdrew the decision to cut the interest rate on small savings schemes within 12 hours. A RTI was filed on behalf of Aaj Tak and India Today in this matter, which has revealed a lot. Let us know that by tweeting suddenly on the night of March 31, the Finance Ministry had said that the interest rate for small saving schemes is being cut. Within 12 hours, on April 1, Finance Minister Nirmala Sitharaman himself tweeted and said that there is no change in the interest rate. He described it as just a lapse.
According to what has been revealed about who took the decision to cut the interest rate, the file of interest rate review was approved by the Finance Minister Nirmala Sitharaman himself. When it came to withdrawing the decision, this decision was also taken by Nirmala Sitharaman. It is clear from the RTI that both the decision to cut the interest rate and later rollback it was taken by the Finance Minister himself. In this RTI it was also asked whether Prime Minister Modi was consulted in this matter, but the answer was not received. In response to the question of who were the people in the meeting regarding the interest rates, it was said that no such meeting was held.
At the time when this matter came up, at that time assembly elections were being held in many states including Bengal. In many media reports at that time it was claimed that in view of the Bengal elections, the government has withdrawn the decision to cut the interest rate. Bengal has the highest contribution to the National Small Saving Fund (NSSF). The government did not want it to buy voters’ displeasure.
Govt cuts interest rates on small savings wef from April 1
Savings deposit revised from 4% to 3.5%,annually.
PPF rate down from 7.1% to 6.4%,annually.
1 yr time deposit revised from 5.5% to 4.4%,quarterly.
Senior citizen savings schemes rate down from 7.4% to 6.5%,quarterly&paid pic.twitter.com/x05Hko3vho
– ANI (@ANI) March 31, 2021
Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021.
Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India
– Nirmala Sitharaman (nsitharaman) April 1, 2021
According to NSI India’s FY 2017-18 data, West Bengal’s contribution to the gross contribution of NSSF is the highest at 15.1 per cent. Uttar Pradesh is on the second number, its contribution is 11.7 percent. Apart from this, West Bengal also contributes 13.20 percent in net contribution. Uttar Pradesh’s contribution is 9.8 percent. According to the trend, Bengal’s contribution to the Small Savings Fund has increased steadily.
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