Uniform interest Rate’s Issue on Savings Bank Account

The issue related to the four per cent interest rate being paid by all public sector banks on savings bank deposits despite the Reserve Bank of India moving to an unregulated regime in October, 2011 was considered by the Competition Commission of India. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, however, said that in the absence of sufficient information/material, the Commission decided not to pursue the matter.