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Another assault by PM Modi on middle class: Rahul Gandhi on PPF interest cut

"Slashing interest rates on small savings - on PPF and KVPs, is yet another assault by the Modi Govt on hard working middle class people."

By: PTI | New Delhi | Published: March 19, 2016 6:02:07 pm
Congress vice-president Rahul Gandhi arrives at Parliament on the first day of budget session in New Delhi on Tuesday. (PTI Photo) Congress vice-president Rahul Gandhi (PTI Photo)

Rahul Gandhi on Saturday came down hard on the government for slashing the interest rates on small savings, including PPF, dubbing it as yet another assault on the middle class.

“Slashing interest rates on small savings – on PPF and KVPs, is yet another assault by the Modi Govt on hard working middle class people,” the Congress Vice President said in a series of tweets.

“This Govt has failed farmers, failed the poor and now it’s failing the middle class. Modiji ppl are seeing through your event management politics! (sic),” he said.

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Last night, AICC had also reacted sharply to the move saying it is “fleecing” the poor and is a “criminal breach” of trust of hapless people. It had described it as an overt attempt at “robbing money by snatching it from unsuspecting individuals”.

In a move that will hit common man, the government had yesterday slashed interest rates on all small savings schemes, including PPF, Kisan Vikas Patra (KVP) and senior citizen deposits, to make them more market aligned.

Interest rate on Public Provident Fund (PPF) scheme has been cut to 8.1 per cent for the period April 1 to June 30, from 8.7 per cent, at present.

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