India has rolled back its decision to lower interest rates on the small savings scheme, Finance Minister Nirmala Sitharaman said on Thursday, adding that orders to cut rates to a more than four-decade low were issued due to oversight.
"India shall continue to be at the rates which existed in the last quarter of 2020-2021, i.e., rates that prevailed as of March 2021," Sitharaman said in a tweet on Thursday.
"Orders issued by oversight shall be withdrawn," she said.
India had cut interest rates on small savings by up to 1.1% for the June quarter on Wednesday, the last day of the financial year. The government reviews interest rates on government-backed schemes every quarter.