Here is how Mamata's comment on link between PF interest reduction and PNB Scam is WRONG

Here is how Mamata's comment on link between PF interest reduction and PNB Scam is WRONG

 West Bengal Chief Minister Mamata Banerjee today claimed that the fresh reduction in provident fund interest is a fallout of the  Punjab National Bank (PNB) scam and that the working class would suffer hugely due to the rate cut.

The Trinamool Congress supremo claimed that the funds were being drawn from the people's pockets to balance the loss of an estimated Rs 11,400 crore suffered due to the PNB scam.

Stating that the working class would suffer hugely due to the latest cut in the interest rate, she said that the PF rates, which were 8.82 per cent when the BJP-led NDA government came to power in 2014, has now come down to 8.55 per cent.

The Employees' Provident Fund Organisation's (EPFO), the retirement fund body had yesterday lowered the rate of interest on employees provident fund to 8.55 per cent for its over six crore subscribers for 2017-18 from 8.65 per cent in the previous fiscal. 

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