Happy 'oversight day': Centre rolls back interest rate cuts on small savings; Sparks meme fest
Finance Minister Nirmala SitharamanImage source: Twitter

Happy 'oversight day': Centre rolls back interest rate cuts on small savings; Sparks meme fest

One of the replies received by Finance Minister Nirmala Sitharaman was that of a Congress leader who tweeted, 'Madam FM, Are u running a 'Circus' or a 'Govt'?'

Finance Minister Nirmala Sitharaman on Thursday announced that the government will withdraw orders to cut the interest rate on small savings schemes. Taking a dig at the withdrawal, Congress commented that one can imagine the functioning of the economy when such duly-approved order affecting crores of people can be issued by an "oversight".

On Wednesday, the Finance Ministry reduced the interest rate by up to 1.1 per cent across various small savings schemes, including the National Savings Certificates (NSC) and Public Provident Fund (PPF). Retracting the order, on Thursday, FM said the government will withdraw orders to cut the interest rate on small savings schemes and assured to restore the rates to the last quarter of the financial year ending on March 31.

On Thursday, Finance Minister Nirmala Sitharaman withdrew the Memorandum issued by Ministry of Finance on Wednesday
On Thursday, Finance Minister Nirmala Sitharaman withdrew the Memorandum issued by Ministry of Finance on WednesdayTwitter/@rssurjewala
Finance Minister Nirmala Sitharaman
Government to withdraw cut in small savings rates, says Finance Minister Nirmala Sitharaman

Meanwhile criticizing the order and then the retraction of the same, the opposition party also said that FM had no moral right to continue as the finance minister.

Thursday's Twitter War

On Thursday morning, Sitharaman said in a tweet, "Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn".

Even though it offered relief to the masses, reacting to the development, Congress leader Priyanka Gandhi Vadra tweeted, "Really @nsitharaman 'oversight' in issuing the order to decrease interest rates on GOI schemes or election driven 'hindsight' in withdrawing it?"

Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman reveals 'world-class' fintech hub to be set up at Gujarat

Congress' chief spokesperson Randeep Surjewala also slammed Sitharaman on Twitter and asked whether the FM was running a "circus" or a government. In his tweet, he wrote, "Madam FM, Are u running a 'Circus' or a 'Govt'? One can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an 'oversight," Surjewala tweeted. "Who is the competent authority referred in order? You have no moral right to continue as FM”.

Igniting a Meme Fest

The withdrawal, while comforting many, ignited a meme fest on Twitter. Twitterverse commented on the “oversight” with humour. Here are some of the reactions:

Some even termed Thursday as “Oversight Day”.

(With Inputs from PTI)

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