Congress Criticizes Centre Over Historic Low in Savings Account Interest Rates
The Congress has criticized the central government, blaming it for the lowest savings account interest rates in 25 years. Accusations include economic mismanagement under PM Modi's administration, pushing rates to low levels by reducing repo rates, and causing financial strain on common citizens and elderly.
- Country:
- India
The Congress party launched a scathing attack on the central government on Tuesday, highlighting historically low interest rates on savings accounts, which reportedly have reached their lowest in 25 years.
Jairam Ramesh, the general secretary in-charge of communications for Congress, shared a report noting that a 1% reduction in the RBI's repo rate has compelled banks to slash deposit rates, thus diminishing savings account interest to record lows.
Accusing Prime Minister Modi's government of economic mismanagement, Ramesh claimed these policies disproportionately affect the middle class and elderly, asserting that financial institutions now prioritize wealthy capitalist partners over common citizens.
(With inputs from agencies.)
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- Congress
- Centre
- interest rates
- savings accounts
- 25-year low
- Modi
- repo rate
- RBI
- economy
- Jairam Ramesh
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