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CCI Examining Cartel Charges Against Govt Banks

PUBLISHED BY: SURENDER KUMAR
DECEMBER 04, 2012

   
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The Competition Commission of India is examining the charges of cartelization among public sector banks in respect of savings bank rates. The competition watchdog believes that despite the deregulation of savings bank interest rate by the RBI, the government banks have kept the rates at a uniform 4%, while several others like Yes Bank and Kotak Mahindra Bank, have started offering upto 7% and more. It is affecting the business of public sector banks, which have seen a flight of money from their coffers into those of other banks.

 

 

 

 

Though the PSU banks have denied the charges, the CCI has started its investigations into the matter.  

 




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