....Ideally, such instructions with industrial and social implications should have been issued through the Reserve Bank of India (RBI) after due deliberations. North Block appears to be unaware of how interest rates evolved to the present stage. At the time of retirement in the early 1990s, retirement benefits deposited in banks or post offices gave a return of 12 per cent per annum. Now, the return has come down by 20 to 30 per cent. Hence, the 50 to 100 basis points of additional interest on deposits of senior citizens was instructed to be paid by banks by the RBI.........
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