Interest Rate Cut Order: Netizens Question The Case Of "Oversight"'

The common man, already miffed because of the lower interest rates offered in small savings, were further irked because of the announcement slashing rates in these savings schemes.

FILE PIC/AFP

The common man was in for a surprise as the government on Wednesday announced the interest rate cut on small saving schemes, but it was quick to withdraw the same on Thursday offering some relief to investors.

The order earlier said interest rates will be cut on small savings schemes, including NSC and PPF, by up to 1.1 percent for the first quarter of 2021-22 inline with falling fixed deposit rates of banks.  However, the move sparked criticism with Twiterattis flooding the social media platform with reactions.

The latest order means that the sharp cuts announced in small saving schemes on Wednesday will not be implented, at least for now. Some users pointed out at the order being an April Fool message saying the order passed must have all formalities completed by the Ministry and Bureaucracy. Also Read: Congress, TMC Hit Out At Nirmala Sitharaman's Flip-Flop On Interest Rate Order, Demand Resignation

One of the users went on to demand for Sitaraman's resignation, “If it is oversight then FM needs to resign immediately as such oversight cannot be tolerated. There may be effect on voting in 5 states, so withdrawn!”

The common man are already miffed because of the lower interest rates offered in small savings and the order has further irked customers who have savings in these schemes. While some took a dig at the FM pointing out her incapability to handle the ministry.

Some registered their anger on the platform and believe that the orders will be rolled out once again after the assembly elections are over.

Some registered protest against the finance minister saying the FM has rectified her mistakes or if its an April fool's joke.

While some said the order has been reversed due to the backlash in view of the assembly elections infuriating voters. One of the ardent BJP supporters expressed happiness over the withdrawal saying the FM took notice of the dissent from people.

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