The Reserve Bank of India is
set to deregulate retail savings interest rates, among the last
remaining rates in the country subject to regulation by the Reserve
Bank.
Indian banks have been
pressing for further interest rate deregulation, arguing that it
would benefit customers by promoting competition.
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Interest rates on savings
deposit accounts and non-resident Indian (NRI) deposits remain
subject to the Reserve Bank regulation.
K C Chakrabarty, deputy
governor at the Reserve Bank said “we are in favour of
deregulating all interest rates, including savings bank. The
direction is very clear. But, the decision will be taken after
having adequate debate on the issue.”
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