Should savings deposit rate be deregulated: RBI asks
GK NEWS NETWORK
Srinagar, May 1: The Reserve Bank of India has sought feedback from general public on several issues relating to its plan to deregulate Savings Bank Deposit Interest Rate.
In a press release the Central Bank has issued, a copy of which is with Greater Kashmir, it said in the light of pros and cons of deregulation of savings deposit interest rate as set out in the Discussion Paper, the Reserve Bank has sought feedback from the general public.
The bank has also released on its website a Discussion Paper on ‘Deregulation of Savings Bank Deposit Interest Rate’.
The items on which comments have been sought include: Should savings deposit interest rate be deregulated at this point of time? Should savings deposit interest rate be deregulated completely or in a phased manner, subject to a minimum floor for some time? How can the concerns with regard to savers (senior citizens, pensioners, small savers, particularly in rural and semi-urban areas) be addressed in case savings deposit interest rate is deregulated?
The Central Bank also seeks general people’s comment on: How serious are concerns relating to a possible intense competition amongst banks and asset-liability mismatches if savings deposit interest rate is deregulated? Should higher interest rate be paid on savings deposits without a cheque book facility?
People who want to make suggestions and comments can post them by May 20, 2011 to the Adviser-in-Charge, Reserve Bank of India, Monetary Policy Department, Central Office, 24th floor, Central Office Building, Mumbai-400001 or by email.
To mention while the interest rates on other Bank Accounts are fixed by the Banks themselves, the Savings Deposit Interest Rates are regulated by the RBI. The Central Bank fixes this rate which the Bank’s are required to follow.
Lastupdate on : Sun, 1 May 2011 21:30:00 Makkah time
Lastupdate on : Sun, 1 May 2011 18:30:00 GMT
Lastupdate on : Mon, 2 May 2011 00:00:00 IST
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