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Small savings interest cut order withdrawn; FM calls it ‘oversight’

News Agencies

New Delhi: The government on Thursday announced that it is withdrawing an order that cut interest rates on small savings schemes.

Taking to twitter, Finance Minister Nirmala Sitharaman called the announcement made earlier as “oversight”.

The government had announced a cut in small savings rates by 50-100 basis points for the first quarter of the new financial year. It was the second time that interest rates on small savings schemes have been cut in the past one year. In the April-June quarter of 2020-21, the government had slashed rates of small savings schemes by 70-140 bps.

Sitharaman announced withdrawing the move this morning. “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 Orders issued by oversight shall be withdrawn,” she said on Twitter.

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