Raghuram Rajan, by not lowering interest rates (`RBI is Cautious, Yet Accommodative', ET, Jul 6), has protected the interest of millions of people who park their hard-earned money in bank fixed deposits, their mainstay in running their households. Lowering of policy rates would inevitably entail lowering of FD rates along with lending rates. In fact, former RBI governor D Subbarao had admitted that he was also a custodian of interest of millions of faceless depositors and savers who could hardly form a lobby to clamour for raising the rates. - BISWATOSH BAGCHI Kolkata
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