While paring deposit rates-to ensure that all borrowers benefit from the lower rate regime-bankers have been asked to ensure widespread implementation of the Pradhan Mantri Vaya Vandana Yojana, which has been extended by three years up to March 2023. Under the scheme, senior citizens will be paid 7.4% interest during the current financial year with the rate to be reset next year.source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-pushes-psu-banks-to-provide-cheaper-loans-to-small-businesses/articleshow/75934909.cms
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