India, May 17 -- In such a situation, there is a danger of borrowing becoming expensive in the country, which may also curb our economic activities and growth.

There was a time when bank deposits were the only major option before people park their savings. People deposit their savings in current accounts, savings accounts, term deposit accounts and recurring accounts. Since most banks were government-owned, the safety of their deposits was unquestionable.

People's involvement in the stock market was also low. Inflation was high in those days, and banks generally used to offer higher interest rates on deposits. Generally, term deposits used to double within six to seven years. In 1971, bank deposits, including savings, current, and term ...