Letters to the editor
Jan 22 2013, 00:26 IST
would recollect that SBI chief some time ago has initiated intense debate on payment of interests on CRR maintained by commercial banks with RBI as a part of statutory requirements. Today, in the context of changed milieu, the aspect of commercial viability has come into sharp focus and nothing is and can be offered for free. That is one side of it. From the viewpoint of customers, they are reasonable and entitled to receive interest on current account as well just like any other deposits maintained. After all, it forms a useful raw material for banks (at no cost) to keep the wheels of business cycle rolling. There is no reason why banks not pay interest on current account deposits. The proposal takes a balanced view and should be welcomed.
Srinivasan Umashankar, Nagpur
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