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India rolls back decision to cut interest rates on small savings

Published 01-04-2021, 08:37 am
Updated 01-04-2021, 08:42 am

NEW DELHI, April 1 (Reuters) - India has rolled back its decision to lower interest rates on the small savings scheme, Finance Minister Nirmala Sitharaman said on Thursday, adding that orders to cut rates to a more than four-decade low were issued due to oversight.

"India shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021," Sitharaman said in a tweet on Thursday.

"Orders issued by oversight shall be withdrawn," she said.

India had cut interest rates on small savings by up to 1.1% for the June quarter on Wednesday, the last day of the financial year. The government reviews interest rates on government-backed schemes every quarter

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