Congress Criticizes Modi Government Over 25-Year Low in Savings Interest Rates

The Congress on Tuesday attacked the Centre over interest rates on savings accounts reportedly reaching the lowest level in 25 years, alleging that the Modi government has in the last 11 years left no stone unturned in "ruining" the country's rapidly growing economy.

Congress general secretary in-charge communications Jairam Ramesh shared a media report on X which claimed that the 1% cut in repo rate by the RBI has forced banks to reduce their deposit rates, pushing savings account interest rates to a 25-year low.

"In the last 11 years, the Modi government has left no stone unturned in ruining the country's rapidly growing economy. Starting with demonetization, new experiments are being conducted on the people of the country every year, they are being tortured in new ways everyday," Ramesh said in a post on X in Hindi.

The interest rates on savings accounts have reached the lowest level in 25 years, which is directly hitting the pockets of the elderly and the common citizens, he said.

"Banks have already closed their doors for the common people, after this they will be available only to the very rich capitalist friends," the Congress leader said.

"Prime Minister, the well-being of the people of the country is your first responsibility, but you are busy in increasing the wealth of your capitalist friends by diverting the money of the people of the country to their companies through the stock market," Ramesh alleged.

This is a huge injustice and deception towards the people of the country, he said.

The Congress has been attacking the government over its handling of the economy, claiming the issues of rising prices, decreasing private investment and stagnating wages were hitting the common people hard.