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Nirmala Sitharaman announces withdrawal of interest rate cut order on small savings

The government’s order of reduction in interest rates on Small Savings Schemes has been withdrawn hours after it was issued. Finance Minister Nirmala Sitharaman said on Thursday that the government would withdraw the order of huge cuts made in small savings schemes like PPF and NSC and said that it had happened by ‘oversight’. The Finance Minister, through her Twitter handle, informed, “Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India.”

Read more: The Indian Express | Hindustan Times | Zee News

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