Cheaper Loans for Defaulters
This refers to the Edit, ‘Where Do You Save When Bank Rates Dip?’ (Aug 2). It’s ironical that while the government appeases government employees with regular wage increases, it ignores the senior citizens who built the nation. The public sector banks are reducing interest rates on deposits to make good their losses arising out of mismanagement of public funds. They actively lend to those who borrow public funds at cheap rates and happily default, without worrying over the consequences. The government must step in to protect senior citizens who struggle to build their retirement nest.