Please make sure that you read today's Editorial of
BusinessLine.
ISROfef is too happy that atleast one responsible media is now raising the issue, though a bit late.
The issue is that of the bank rates going down. Now with the demonetisation of currencies, the inflation is heading south. This will now be followed by a sharp fall in bank deposit and small saving rates. Though this is certainly good for the national economy, its a serious problem for the depositors.
As we all know, most of the pensioners / senior citizens have deposited their funds, hoping and depending on its interest income. With the interest rates falling, we all, pensioners and senior citizens are in a serious problem.
This well known issue, however , is not in the eyes of our Government authorities. BusinessLine now writes :
With bank deposits and small savings rates likely to fall sharply, the Centre must consider measures to cushion Senior Citizens.