Embarrassment : Nirmala Sitharaman Says ‘Oversight; Rolls Back Cut In Interest Rates, Cong Says Circus

Picture : Twitter / ANI

In a major embarrassment, Union Finance Minister  Nirmala Sitharaman has said the government will roll back a steep interest rate cut on small saving schemes such as PPF and NSC — saying it was an oversight.

The decision to roll back citing “oversight” was taken hours after announcing the steepest cut in the rate on small savings schemes.

“Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn,” Finance Minister Nirmala Sitharaman tweeted.

Taking a dig at Finance Minister Nirmala Sitharaman after she announced that the government will withdraw orders to cut interest rate on small savings schemes, the Congress on Thursday said one can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an “oversight”.

The opposition party also said Sitharaman had no moral right to continue as the finance minister.

Congress’ chief spokesperson Randeep Surjewala also slammed Sitharaman and asked whether a “circus” or a government was being run. “Madam FM, Are u running a ‘Circus’ or a ‘Govt’? One can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an ‘oversight,” Surjewala tweeted. “Who is the competent authority referred in order? You have no moral right to continue as FM,” he said.