India, April 2 -- With the Reserve Bank of India (RBI) slashing lending rates for popular schemes at the recently-concluded Monetary Policy Committee meeting, it was only a matter of time before savings rates on a host of saving instruments - from the public provident fund (PPF), postal savings and even fixed deposits - in the banks were slashed. The present rate cut intervention was all but expected. Governments all across the world have announced rate cuts to stave off Coronavirus-related recession. But none had expected that cuts in the rates of small savings schemes, which offer assured returns and capital safety, would be so steep. The Indian Government has decided to cut small savings interest rates sharply by 70-140 basis points fo...