.............The other instruments also have to be flexible. We cannot have a financial system where part of the system responds to RBI’s policy rates and the other is rigid. I don’t know if interest rates will come down on all these products, but I think they should come down. In fact that is one of the recommendations of the Shyamala Gopinath committee on small savings that the interest rates must be calibrated to the 10-year government security.
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