Trinamool Congress (TMC) MP Saugata Roy on Wednesday expressed serious concern over continuing reduction of the interest rates in small saving schemes by the Government which he said has hit badly a large section of society dependent on such savings after their retirement.
Raising the issue during zero hour, Roy said while interest rates have been reduced on smaller savings and still falling, the big business get money on cheaper interest rates from banks. The MP said interest rates for PPF are now reduced to 7.9 per cent and for senior Citizen Savings to 8.4 per cent (from 8.85).
“These are the lowest interest rates in forty years”, said Roy.
The TMC MPs staged a dharna in front of the Mahatma Gandhi statue in the Parliament complex, protesting the slashing of interest rates on PPF and other small savings schemes.
TMC members of both the Houses raised slogans against the Centre's move which they said would hurt the common man and added that no action was being taken against the defaulters of non-performing assets (NPA).
They demanded withdrawal of the decision to cut interest rates on small savings schemes.
West Bengal Chief Minister Mamata Banerjee had earlier launched an attack on the Centre on the issue, claiming that the decision would lead to mushrooming of chit funds.