 "Banking on the Union Budget")
In the run up to the Union Budget, all industry bodies reach out to the North Block with their agenda. For the banking industry, this annual ritual, typically focuses on the unlevel playing field vis-à-vis mutual funds and the government savings schemes. Banks find it difficult to bring down the interest rates on deposits for fear of losing out to the mutual fund schemes that offer certain tax benefits and the high-yield government savings schemes. Ahead of this Budget, the government has cut the interest rates on small savings schemes and the market regulator’s new rule may force corporations to
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