Govt heartless in cutting savings interest: Cong

The Congress on Wednesday slammed the Modi Government for bringing down interest rate on the small savings schemes during the nationwide lockdown as “brainless, heartless & shameless, insensitive, illogical & ill-timed.”

Its spokesman Jaiveer Shergill told a videoed press conference this act of the government is a “warrant of loss” and “economic grief” since it is rubbing salt on the wounds of the depositors at a time of the coronavirus when middle class, lower middle class, farmers, pensioners, women are facing a lifetime crisis. It is a “stealing touch” rather than a “healing touch” for the common man of this country, he

This act of the government is a “warrant of loss” and “economic grief” since it is rubbing salt on the wounds of the depositors at a time of the coronavirus when middle class, lower middle class, farmers, pensioners, women are facing a lifetime crisis. It is a “stealing touch” rather than a “healing touch” for the common man. —Congress said.

He said the ‘interest rate cut’ will unsympathetically, adversely, negatively and badly damage the already shrinking savings and rob the income of approximately 30 crore depositors/ families of 90 crore individuals who have deposited Rs14 lakhcrore in various small savings schemes.

Due to the already existing economic crisis worsened by the corona crisis, the income of the people is down, saving investment avenues are down, market is down, employment is down and now the BJP by bringing the interest income also down has given a fatal blow to the economic security of the depositors, he said.

Keeping in view the magnitude of ongoing economic crisis, anticipated visible economic depression and recession, the Congress demanded withdraw of the notification on March 31 reducing the interest rate and announcement of minimum 3month loan interest waiver on EMI of the salaried/middles class/MSME.