Overnight, finance minister corrects ‘oversight’ on rate cuts

The government on Thursday hastily recalled an order drastically reducing interest rates on small savings schemes like post office deposits and public provident fund, with finance minister Nirmala Sitharaman attributing it to 'oversight'. The rollback was seen to be a political decision as the rate cut coincided with the crucial second phase of elections in West Bengal, which is the top source of small savings deposits on a gross basis

from Markets-Economic Times https://ift.tt/3dHyHXl