Time to give depositors some respiteWe have had too many problems with the Modi Government. The depositors, mostly retired employees, who depend on the banks for their living. Since he assumed power for the second term, the great PM has never allowed the banks to raise rates, though the inflation was at a record high.
His ineffective Finance Minister was ( and still is) worse than any one other Finance Minister of India. Today, when the chips are down and the Covid-19 menace is back, it is prudent and just for the depositors to be given something extra. Either the Government of India should come out with a good scheme that offers 8.5 percent interest, or allow the banks to raise their deposit rates to 8.5 percent.
The time to act is now.