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As ten public sector banks merged to become four, Congress questioned the proposal of the Centre. Party leader and spokesman Jairam Ramesh said he had opposed it in Parliament.
" Today two pioneers in Indian banking-- Andhra Bank & Syndicate Bank-- lose their distinctive identity. Andhra was started by stalwart Congressman B. Pattabhi Sitaramayya and Syndicate by the great TMA Pai. I am not a supporter of bank mergers at all and opposed it in Parliament," Ramesh tweeted.
On small savings rate
The party also said by cutting the interest rate of small savings, the Centre has added to the woes of common people. Terming the decision ill-timed and irrational, Congress spokesman Jaiveer Shergill said the decision affects 30 crore depositors and snatches the income of 90 crore individuals. "On behalf of INC, looking at the worsening economic crisis, we demand two things from the BJP Government, One: Withdraw the ill-timed order cutting the interest rate on saving schemes and two: the Centre must announce a loan interest waiver scheme," Shergill said addressing reporters through video conferencing.
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