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No timeframe for freeing savings rate: RBI

No timeframe for freeing savings rate: RBI
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First Published: Fri, Sep 24 2010. 09 28 AM IST
Updated: Fri, Sep 24 2010. 09 28 AM IST
Mumbai: The Reserve Bank of India (RBI) has not set any timeframe for deregulation of deposit rates on savings bank accounts, deputy governor Usha Thorat said on Wednesday.
She was speaking on the sidelines of a banking seminar.
“Given the level of interest rates on bank deposits, common people are often lured by higher interest rates provided by alternative channels in the informal market,” Thorat had earlier said in a speech.
“So deregulation of interest rates in this context is an issue which is on the radar of the RBI,” she said, referring to the RBI.
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First Published: Fri, Sep 24 2010. 09 28 AM IST