My Comment on an article "RBI Governor Urjit Patel cuts interest rates, bats for growth in first monetary policy" published in the economictimes.com Dated 05/10/2016 at 10:10 pm.
"Cutting the lending rates is a good move as it lowers the burden on borrowers.
Further, it boosts more and more investments in the production field as more loans will be opted to invest in businesses.
But, interest on savings accounts and investments intended for the welfare of lower income groups should not be decreased at any cost. On the other hand, they should be increased from the existing rates which are very low as compared to the rates offered a few years before.
Previously, it used to double your investment in 5 years (like FD or RD). Presently, there is no such scheme to get it doubled without taking risks."
"Cutting the lending rates is a good move as it lowers the burden on borrowers.
Further, it boosts more and more investments in the production field as more loans will be opted to invest in businesses.
But, interest on savings accounts and investments intended for the welfare of lower income groups should not be decreased at any cost. On the other hand, they should be increased from the existing rates which are very low as compared to the rates offered a few years before.
Previously, it used to double your investment in 5 years (like FD or RD). Presently, there is no such scheme to get it doubled without taking risks."
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