Small financial savings charge lower reversal not ‘oversight’ as claimed: Chidambaram

Former Finance Minister P Chidambaram mentioned Friday the Centre’s transfer to chop rates of interest on small financial savings schemes on March 31, which was reversed the following day, was not an “oversight” as claimed, however authorised by Finance Minister Nirmala Sitharaman.
“Just as I had said, the decision to lower the interest rates on small savings instruments with effect from April 1, 2021 was not an “inadvertent error” as was claimed by the FM. It was a acutely aware determination taken on file and authorised/signed by the FM,” Chidambaram mentioned in a collection of tweets, reacting to a information report Friday.
“The story of “oversight” and “inadvertent error” was a cock and bull story. The determination to reverse the sooner determination was clearly made on the route of a ‘superior’ authority, and the FM meekly complied, and signed that file too!” he wrote. Replying to RTI queries from India Today on who authorised the cuts in rates of interest, the Department of Economic Affairs mentioned “the file related to quarterly revision of rate of interest of Small Savings Scheme was approved by the Hon’ble Finance Minister of India.”
The Ministry had on March 31 lower charges on varied schemes by 40-110 foundation factors, which have been restored the next day.