PF interest rate cuts result of PNB scam: Mamta Banerjee


Hematabad (West Bengal): The TMC chief claimed that money is being taken from the pockets of the people for the loss due to the PNB scam. West Bengal Chief Minister Mamata Banerjee on Thursday said that fresh reduction in interest rates of provident fund (PF) is the result of the Punjab National Bank (PNB) scam, and the interest rate cut will affect the working class.

The Trinamool Congress chief claimed that money was being taken from people’s pockets to compensate the estimated losses of Rs 11,400 crore due to the PNB scam.

She said that the fresh reduction in interest rates for PF will affect the working class quite badly. She further said that when the BJP-led NDA government came to power in 2014, the interest rate for PF was 8.82 per cent, which has now come down to 8.55 per cent.

The Employees Provident Fund Organization (EPFO) had reduced the rate of interest on PF to 8.55% on Wednesday for six crore subscribers for the year 2017-18. In the last financial year, the interest rate was 8.65 per cent.

Mamta said, “Wherever there is loot, money is collected from public pockets to compensate it. In this small village of northern Dinajpur district, she said that think of the loss of 0.10 per cent in the interest rate of PF, and the losses suffered by ordinary people.

Banerjee further said that this government has made huge cuts in interest rates on PF, small savings. She further said that now people do not know whether they will be able to get their money kept in banks or not.

The Chief Minister said that a plan to bring the financial solution and deposit insurance (FDI) bill is being planned. Through this, the bank will decide if the depositor will get his money back or not, even though he has invested in fixed deposits.

She claimed that 12,000 farmers committed suicide after not getting loan due to various reasons including crop damage. We had asked the Center to forgive farmers’ debt, but they did not.

She further said that if the farmers can not repay the loan then their land or house is taken away. But if the banks are plundered by the collapse of the government, then who should be punished.


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Savi is a regular writer and social activist. She also writes for BBC, Huffington Posts and others.

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