{"id":78764,"date":"2021-11-24T12:42:15","date_gmt":"2021-11-24T12:42:15","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=78764"},"modified":"2021-11-24T12:42:15","modified_gmt":"2021-11-24T12:42:15","slug":"lowering-of-interest-rates-only-escalates-bank-profits-by-sunil-thenabadu-2","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/lowering-of-interest-rates-only-escalates-bank-profits-by-sunil-thenabadu-2\/","title":{"rendered":"Lowering of interest rates only escalates bank profits \u2013 by Sunil Thenabadu"},"content":{"rendered":"<h1 class=\"m_-61463984841989453paragraph\" style=\"text-align: center;\"><span style=\"font-size: 24px; color: #003366;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">Lowering of interest rates only escalates bank profits<\/span><\/span><span class=\"m_-61463984841989453eop\"><b>\u00a0\u2013 by Sunil Thenabadu<\/b><\/span><\/span><b><u><\/u><u><\/u><\/b><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-78765\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/11\/Lowering-of-interest-rates-only-escalates-bank-profits-\u2013-by-Sunil-Thenabadu.jpg\" alt=\"Lowering of interest rates only escalates bank profits \u2013 by Sunil Thenabadu\" width=\"600\" height=\"435\" \/><\/p>\n<div>\n<p class=\"m_-61463984841989453paragraph\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-74853 alignleft\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/10\/Sunil-Thenabadu.jpg\" alt=\"Sunil Thenabadu\" width=\"149\" height=\"145\" \/>The motive of the government decision to lower the interest rates of deposits was predominantly to\u00a0engross\u00a0the banks to lend at lower interest\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">rates\u00a0 for<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0entrepreneurs\u00a0to boost the economy of the country which is in dire\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">straits.However<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0would this proposal prove\u00a0productive?<\/span><\/span><span class=\"m_-61463984841989453eop\">\u00a0<\/span><\/span><\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p class=\"m_-61463984841989453paragraph\"><span style=\"font-size: 16px; color: #000000;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">Owing to this absurd stunt has left the senior citizens and pensioners high and dry resulting in unprecedented agony and\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">anguish.Many<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0who are victims\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">have\u00a0 highlighted<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0to the\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">media \u00a0the<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0grievances\u00a0on behalf of so many\u00a0distraught senior citizens and pensioners particularly as\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">many\u00a0 have<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0no access to the media.\u00a0This much spoken of government\u2019s harsh decision to lower interest rates has made the lives of senior citizen\u2019s and pensioners miserable with escalating high cost of living,\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">Skyrocketing\u00a0 cost<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0of medical expenses\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">etc.It<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0is pertinent to mention that monthly interest rates on fixed deposits which they mostly rely upon have been reduced to alarmingly low 4% and 5 % which has added to the woes already the senior citizens face.<\/span><\/span><span class=\"m_-61463984841989453eop\">\u00a0<\/span><\/span><\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p class=\"m_-61463984841989453paragraph\"><span style=\"font-size: 16px; color: #000000;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">All senior citizens are not receiving or entitled for a pension depend solely on monthly fixed deposit interest as the regular source of income for living.As a result of lowering interest rates of deposits their plans have all been shattered causing them to be wondering how to make ends\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">meet.At<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0this dire juncture the intervention of the President is needed to revoke this unreasonable decision of lowering the interest rates of deposits.<\/span><\/span><span class=\"m_-61463984841989453eop\">\u00a0<\/span><\/span><\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p class=\"m_-61463984841989453paragraph\"><span style=\"font-size: 16px; color: #000000;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">The only redress the senior folk benefits is by the Central Bank\u2019s special scheme of 15% interest for senior\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">citizens<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">.However<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0in this too the senior citizens have been slapped and\u00a0battered\u00a0with a Rs 1.5 million ceiling.<\/span><\/span><span class=\"m_-61463984841989453eop\">\u00a0<\/span><\/span><\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p class=\"m_-61463984841989453paragraph\"><span style=\"font-size: 16px; color: #000000;\"><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">In comparison to the reduction of interest rates of deposits if one takes into account the number of loans granted to\u00a0entrepreneurs at lower interest rates the answer would be very negligible, particularly as the\u00a0<\/span><\/span><span class=\"m_-61463984841989453contextualspellingandgrammarerror\"><span lang=\"EN-US\">bank\u2019s<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0to not take risks to lend to entrepreneurs whom they believe to have projects not\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">viable.The<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0banks of course would show enhanced profits at the end of the year as they have paid the depositors lower interest rates which reflects as plus mark for their balance\u00a0<\/span><\/span><span class=\"m_-61463984841989453spellingerror\"><span lang=\"EN-US\">sheets.This<\/span><\/span><span class=\"m_-61463984841989453normaltextrun\"><span lang=\"EN-US\">\u00a0is a blessing in disguise for the management of banks at the receiving end of impoverished pensioners and senior citizens.<\/span><\/span><span class=\"m_-61463984841989453eop\">\u00a0<\/span><\/span><\/p>\n<\/div>\n<div>\n<p class=\"m_-61463984841989453paragraph\" style=\"text-align: justify;\"><span class=\"m_-61463984841989453normaltextrun\" style=\"font-size: 16px; color: #000000;\"><span lang=\"EN-US\">In the above contest the intervention of the President may be needed to bring about redress to &#8216;distressed\u201d senior citizens and pensioners<\/span><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lowering of interest rates only escalates bank profits\u00a0\u2013 by Sunil Thenabadu The motive of the government decision to lower the interest rates of deposits was predominantly to\u00a0engross\u00a0the banks to lend at lower interest\u00a0rates\u00a0 for\u00a0entrepreneurs\u00a0to boost the economy of the country which is in dire\u00a0straits.However\u00a0would this proposal prove\u00a0productive?\u00a0 Owing to this absurd stunt has left the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":78765,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,37869],"tags":[8927,39611,39610],"class_list":{"0":"post-78764","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-sunil-thenabadu","9":"tag-central-bank","10":"tag-lower-interest","11":"tag-lowering-of-interest-rates","12":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lowering of interest rates only escalates bank profits \u2013 by Sunil Thenabadu - eLanka<\/title>\n<meta name=\"description\" content=\"The motive of the government decision to lower the interest rates of deposits was 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