.......To be sure, interest rates on all loans will rise. But even as borrowers feel the pain, savers will at last get their due. For more than three years now they have lived with negative real rates of return on bank deposits as the government and the RBI failed to act in time to check inflation. As a result, households have turned away from bank deposits to gold, with serious consequences, not only as regards the availability of deposits for banks but also for the country’s balance of payments.........
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