The Government of India has withdrawn its order on small savings schemes less than 24 hours after it was issued. A decision in this regard was taken by the Ministry of Finance on Thursday.A day earlier, the Finance Ministry had announced a sharp cut in interest rates for small savings schemes for the first quarter of the financial year 2021-22. In a tweet on Thursday, Union Finance Minister Nirmala Sitharaman said that the interest rates of small savings schemes of the Government of India shall continue to be at the rates which existed in the last quarter (January-March) of the financial year 2020-21."Orders issued by oversight shall be withdrawn," Finance Minister Nirmala Sitharaman went on to say.

The Government of India has withdrawn its order on small savings schemes less than 24 hours after it was issued. A decision in this regard was taken by the Ministry of Finance on Thursday.A day earlier, the Finance Ministry had announced a sharp cut in interest rates for small savings schemes for the first quarter of the financial year 2021-22. In a tweet on Thursday, Union Finance Minister Nirmala Sitharaman said that the interest rates of small savings schemes of the Government of India shall continue to be at the rates which existed in the last quarter (January-March) of the financial year 2020-21."Orders issued by oversight shall be withdrawn," Finance Minister Nirmala Sitharaman went on to say.