This refers to the editorial “ Time to look ahead” (September 15). As a non-pensioner senior citizen, I am always concerned about the effect of the Reserve Bank of India’s (RBI’s) policies on my interest income, the only source of livelihood for many people like me. An interesting observation in this regard is that all financial dailies are unanimous in their view that “higher” interest hurts industry and investment sentiment. There should, however, be a debate on what is a “high” interest rate, particularly with reference to the continuous rise in the Consumer Price Index.
Two major worries are: a relentless rise in health care costs and a cyclical fall below 9 per cent in the rate of interest on bank fixed deposits. Although the Senior Citizen Deposit Scheme fetches an interest of 9 per cent, it is a five-year-scheme and, therefore, not everyone can invest in it due to liquidity worries. I suggest Business Standard offer us and the RBI some advice on this matter so that we can look forward to a less stressful life.
Narendra M Apte, Pune
