Photographer: Vivek Prakash/Bloomberg

Modi Risks Middle-Class Backlash in Bid to Spur India Loans

  • Banks say savings programs prevented them from lowering rates
  • Fixed deposit rates to fall to 7.1% from 8.4% from April 1

Indian Prime Minister Narendra Modi risks a political backlash among the middle class as he seeks to coax banks into lowering interest rates.

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