SBI’s Action is Anti-Inclusion
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.