There is an understandably desperate tone to the Reserve Bank of India (RBI) Deputy Governor, Dr K. C. Chakrabarty's recent exhortations to the public against the practice of giving gold as dowry or as religious offering. It springs, perhaps, from the recent tendency of Indians moving away from parking their savings in financial instruments. During 2011-12, bank deposits grew by Rs 701,110 crore, which was less than the Rs 715,140 crore in the previous fiscal, notwithstanding interest rates being raised sharply on both time and savings deposits. Also notable is the fact that nominal incomes in the economy grew and the public propensity to save did not diminish in any significant manner........
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