TAILIEUCHUNG - Savings Bank Accounts- Interest Rate Deregulation

While transnational loan schemes can help migrant families purchase homes or start businesses in their countries of origin, there are a number of challenges that must be addressed. For example, MFIC found that the 50-50 percent risk-sharing arrangement between MFIC and MFIs was difficult to implement. It also found that if a client were to default on his/her loan, MFIC could take no legal action in the United States. Different institutions underwriting the policy also produced varying assessments on the level of credit risk of loan clients. Many clients also lacked key information on the valuation of property or businesses | Technical Report 2011 http jspui handle 10054 1734 Savings Bank Accounts- Interest Rate Deregulation Ashish Das Department of Mathematics Indian Institute of Technology Bombay Mumbai-400076 India Indian Institute of Technology Bombay Powai Mumbai-400 076 India http dspace. library. . in jspui han dle 10054 1734 IIT Bombay Technical Report May 2011 Savings Bank Accounts- Interest Rate Deregulation Ashish Das Department of Mathematics Indian Institute of Technology Bombay Mumbai 400076 May 20 2011 Abstract For long the regulated savings bank SB interest rate remained downward sticky even when the market conditions were favourable for an increase. This could be attributed among other reasons to commercial banks prevail in convincing the Reserve Bank of India RBI on its excessive cost in maintaining such accounts. However with the advent of technology in servicing the account like ATM NEFT Core Banking Solutions Net-Banking Inter-Bank Mobile Payment Service etc. the cost to serve for the providers has drastically reduced. This fact never got discounted appropriately while arriving at the SB interest rate or even the service fees. As a consequence banks gained considerably net profit of scheduled commercial banks for 2009-10 being 57 109 crore through unwarranted high net interest margins and service fees and commissions. The SB interest rate was decreased in March 2003 from 4 to when inflation was around 3 . In April 2010 after RBI changed the method of calculating interest on SB accounts the depositors saw an increase in their returns on savings. However the fluctuating inflation has been very high in recent years. The SB deposits are the major source of savings investment for many depositors including pensioners small savers and senior citizens. Not having the ability to be good money managers such persons are getting high negative returns on their hard earned monies. This raises several questions a How long can RBI maintain .

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