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The voice of fixed-deposit holders has been ignored. While 4.75 per cent of a bank's deposits are held with the Reserve Bank (cash reserve ratio), 24 per cent is invested in Government and other approved securities, according to the RBI directions.
Forty per cent of a bank's loans are directed to be lent to priority sectors such as agriculture, small-scale industies, and to SC/ST, women and other weaker sections. Rest of the money is lent mainly to industries and trade apart from retail loans.
While depositors' money is routed for productive purposes, the Government is encouraging people to invest in stock markets, run on the whims and fancies of FIIs and greedy promoters. It is tiresome to get a TDS certificate from the bank. It is time the Government scrapped TDS on interest from bank deposits. Then people will not be persuaded to buy land and gold.
K. Narayanan
Chennai
Austerity needed
With reference to the editorial “Austerity and the Rupee” ( Business Line , May 17), the Finance Minister, Mr Pranab Mukherjee should be ready to take unpopular stands such as decontrolling the oil market.
He needs to tread an unconventional path and bring the economy on track, as foreign and domestic investors do not find India attractive anymore.
Bal Govind
Noida
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