SBI’s Ac­tion is Anti-In­clu­sion

The Economic Times - - The Edit Page -

The coun­try’s largest PSU bank SBI’s move to cut in­ter­est rate on sav­ings bank ac­counts with a bal­ance of less than .₹ 1 crore to 3.5%, while re­tain­ing 4% for ac­counts with a bal­ance of over .₹ 1 crore, favours the rich, and would fur­ther widen in­equal­ity. The RBI must in­ter­vene to stop such bi­ased bank­ing prac­tices. The poor and the re­tired use in­ter­est in­come, in­clud­ing from sav­ings ac­count, to make both ends meet. Bank­ing poli­cies should be skewed in favour of the poor to en­cour­age them to­wards the bank­ing and fi­nan­cial sys­tem.

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