RBI, yesterday, cut the Repo rate by 25 basis points. But how does it affect you as a Pensioner ? Yes, TWO major issues !
1. Bank deposit rates will come down.
2. Small Savings rate will also come down.
These will affect you. Your earnings from your Bank deposits/Small savings will certainly come down by atleast 0.25 %. That's a serious matter for all Pensioners/ Senior Citizens.
There's another important point RBI has warned the Govt. Govt is likely to consider this impact making the 7CPC implementation at reduced levels and delayed levels. The reports say : "RBI has warned that the implementation of 7CPC and the impact of OROP award could lead to a major increase in Consumer Price Index (CPI) inflation. This could lead to a nearly 190 basis points increase in CPI inflation."
1. Bank deposit rates will come down.
2. Small Savings rate will also come down.
These will affect you. Your earnings from your Bank deposits/Small savings will certainly come down by atleast 0.25 %. That's a serious matter for all Pensioners/ Senior Citizens.
There's another important point RBI has warned the Govt. Govt is likely to consider this impact making the 7CPC implementation at reduced levels and delayed levels. The reports say : "RBI has warned that the implementation of 7CPC and the impact of OROP award could lead to a major increase in Consumer Price Index (CPI) inflation. This could lead to a nearly 190 basis points increase in CPI inflation."
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