September 20, 2018 / 6:25 AM / in 2 months

India raises interest rate on small savings schemes

A man counts rupee notes inside a shop in Mumbai, August 13, 2018. REUTERS/Francis Mascarenhas/Files

NEW DELHI (Reuters) - India has raised the interest rates on small savings schemes for the December quarter, a government statement said on Thursday, after the central bank raised interest rates last month.

The Reserve Bank of India (RBI) in August raised interest rates for the second straight meeting, but retained its “neutral” stance as it aimed to contain inflation while not choking growth.

Reporting by Manoj Kumar; Editing by Malini Menon

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