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RBI suggests Fin Min to align small savings rate
RBI suggests Fin Min to align small savings rate

New Delhi, Dec 28 (TIWN) Ahead of the announcement of interest rates on small savings schemes for the January-March quarter by December 31, the RBI has asked the Finance ministry to align their interest rates with market rates which govern the banks also in a bid to improve transmission.

"The ministry has been internally sounded out and communicated by RBI also on small savings rate alignment requirements for better transmission, RBI has told government the banks' response in this regard also. It will be a call by the government," said sources.  Small savings rates are revised every quarter and if there is no change in the rates, the finance ministry retains the existing rates. Focus will be on the small savings rates by banks, industry and account holders of such schemes mostly retired government workers, marginal class, farmers, women.

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