FM defends SBI decision to cut saving deposits interest rate
Finance Minister Arun Jaitley on Thursday defended India's biggest lender SBI's decision to cut interest rate on saving deposits of up to â¹1 crore to 3.5%. He said the move was in sync with reduction in lending rates. He further said, to protect the interests of senior citizens, the government has already floated a deposit scheme that guarantees 8.3% interest. 