No Interest Cut On Small Savings, "Orders Issued By Oversight" | Read

Steep cuts on interest rates on small savings schemes announced last evening were rolled back by the government today with Finance Minister Nirmala Sitharaman undoing what she called "orders issued by oversight". The cuts of up to 1.1 per cent on schemes ranging from the National Savings Certificates or NSC and Public Provident Fund or PPF would have hurt millions of middle class depositors at a time many have lost jobs or faced pay-cuts during the pandemic.