Prime Minister Narendra Modi, in his address to the nation on New Year’s Eve, announced, among other things, a scheme for senior citizens — guaranteed eight per cent interest on 10-year bank deposits of up to Rs 7.5 lakh. Finance Minister Arun Jaitley tweeted the same day that it was “great news for senior citizens”.
It is surprising that the government and/or the Reserve Bank of India is yet to launch the scheme although 13 days have elapsed in the new year. A large number of people, who have deposited large or small sums of money in their bank accounts and
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