Akhilesh Yadav slams govt over small savings interest rate u-turn

BJP government by conspiring to reduce interest rates on small saving schemes of common people has created fear among elderly, said Yadav

Samajwadi Party supremo Akhilesh Yadav on Friday asked the BJP government at the Centre to withdraw forever any decision on slashing interest rates on small savings, saying its decisions have created fear among people.

The government on Thursday revoked a steep interest rate cut on small savings schemes such as PPF and NSC, with Finance Minister Nirmala Sitharaman saying it was an oversight.

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In a tweet in Hindi, Yadav said, the "BJP government by conspiring to reduce interest rates on PPF and small saving schemes of common people has created fear among elderly, women and common man that interest rates might go down to zero per cent also on their savings. How will they survive then? BJP government should withdraw its decision forever".

Reacting to Yadav's remarks, BJP spokesman Chandramohan tweeted, "This shows you studied in Australia. Read something in India also. This was made clear yesterday that interest will remain the same. Why are you becoming brother of Pappu."