The Economic Outlook, a publication of the Economic Advisory Council of the Prime Minister (PMEAC), headed by C. Rangarajan, and the Reserve Bank of India’s statutory publication, the Annual Report (2011-12), were released in quick succession.............
......More often than not, it is their lenders’ requirements, and the banks’ own asset-liability positions that guide their deposit rates. The fact that inflation has already eroded the return on bank deposits and a further cut would only worsen their depositors’ plight seems to have escaped the attention of banks. That most depositors have really no alternative makes it worse.
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