Covid-19 has not only taken a toll of millions of lives in the country, but also eaten into the vitals of the country’s economy, causing a nationwide slowdown in economic activity, rendering lakhs of people jobless and threatening the livelihood of several others. Millions as a result are facing a bleak and uncertain future, especially the senior citizens who now have to manage on the meager interest rates on their fixed deposits in private and public sector banks, which are now down to rock bottom level.
To make matters worse, a few private and co-opertaive banks are placed under RBI moratorium on all banking transactions, including withdrawals by depositors. The situation is so bad that depositors who are facing hardships in their day-to-day living because of financial constraints, are also unable to withdraw from their fixed deposits in times of emergencies.
A few private and co-operative banks are also fighting for survival and now luring their clients by offering attractive fixed deposit interest rates to replenish their depleted reserves. The bait is too difficult to resist, even as the fear of RBI sanctions and overnight closure of private and co-operative banks continues to loom large over depositors. Some have become wiser and prefer to play safe by investing in public sector banks even at rock bottom interest rates or keep their money safely at home.
The entire banking system in the country has become so unsafe and dicey, that no one can be sure which bank is safe and what will be the fate of their life savings when one wakes up in the morning.
AF NAZARETH, Alto Porvorim
