NEW DELHI, Dec 20: Fair trade regulator CCI has found no evidence of cartelisation among public sector banks in deciding their savings bank interest rates, Parliament was informed today.
The issue of common four per cent interest rate offered by all public sector banks on savings account deposits was considered by the Competition Commission of India (CCI), Corporate Affairs Minister Sachin Pilot said in a written reply to the Lok Sabha.
“However, in the absence of sufficient information/ material, the Commission decided not to pursue the matter,” he added.
In October 2011, Reserve Bank of India had deregulated the savings accounts interest rates.
Banks that maintain savings bank rates at four per cent are to manage a healthy net interest margin and this is the difference between the costs of funds and the rate at which they lend.
Pilot also said that CCI is considering the allegations of restrictive trade practises and abuse of dominant position against All India Motor Transport Congress (AIMTC), the largest association of transporters.
“CCI is considering allegations of restrictive trade practises, collusive practises and violations of the provisions of Companies Act, 2001, regarding anti-competitive agreements and abuse of dominant position against AIMTC,” the Minister said.
It was alleged that AIMTC had asked its members to increase freight charges by 15 per cent soon after diesel price was raised by Rs 5 a litre last September. (PTI)
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