Co-operative banks interest rates are hiked

Monday, July 18, 2011: Co-operation Minister CN Balakrishnan today informed the Assembly that interest rates for fixed deposits in cooperative banks will be increased.

When other banks are giving 14% interest, cooperative banks have only 10.5 %. If interest rates are hiked, more of fixed deposits can be attracted, the Minister said.

Strict directions will be given to the banks to provide educational loan, he added.