PF interest reduction fallout of PNB scam: Mamata
West Bengal CM Mamata Banerjee today claimed that the fresh reduction in provident fund interest is a fallout of the Punjab National Bank (PNB) scam and that the working class would suffer hugely due to the rate cut. She claimed that the funds were being drawn from the people's pockets to balance the loss of an estimated Rs. 11,400 crore suffered due to the PNB scam.
What context is she speaking in?
Stating that the working class would suffer hugely due to the latest cut in the interest rate, Mamata further said that the PF rates, which were 8.82 percent when the NDA government came to power in 2014, have now come down to 8.55 percent. The Employees' Provident Fund Organisation's (EPFO), had yesterday lowered the rate of interest on employees provident fund to 8.55 percent.
"Funds are drawn from people's pockets"
'Funds are drawn from people's pockets to balance the accounts whenever there is a loot. Think of the loss to a common man owing to this 0.10 percent reduction in the PF interest rate,' she told a rally in North Dinajpur's district hamlet in Bengal.
What else did she say?
Continuing her tirade, she further said whenever elections come, the BJP tends to create divisions between the Hindus and Muslims. After the polls are over, it reduces interests in PF, FDs in banks and small saving schemes affecting the general public. West Bengal is set for panchayat poll within a few months. The state has 42 LS seats.
