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I am for lower interest rate regime: FM
February 28, 2003 19:15 IST
Having cut the interest rate on the small savings and the public provident fund, Finance Minister Jaswant Singh on Friday said he has sent a clear signal that the interest rate regime will continue to move downward.
While there is no move to immediately cut the interest rates on the Employees Provident Fund scheme, the finance minister said a decision would be arrived at in due course.
However, he would not like to dictate terms to the EPF Board, which is under the purview of the labour ministry.
Talking to Star News immediately after presenting his maiden Budget, Singh said the decision on giving a southward movement to the interest rates was taken in consultation with Reserve Bank of India Governor Bimal Jalan.
While the higher interest rates could be a boon for the present generations, it would lead to a debt trap for the coming generations. ''I can continue to benefit (from higher interest rates) but it will be at the cost of my grand children,'' he said.
UNI
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Sub: narrowing options for risk averse.
people who need a fixed income at a stage of life where they can't go for aggressive investments in stock market. to avoid risk they ...
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Posted by sarika
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Sub: low interest rate
Fm has indicated hard times ahead for salaried class by lowering interest rates on small savings we salaried class depends on savings in banks where ...
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Posted by amitabh mitra
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