Well, for one, Being an NRI (Non-Resident Indian) the interest rate inflation means good and bad. As india’s government tests the Indian market by hiking the interest rate to check any inflation rates, NRI’s around the world feel the effects. India’s impoverished will most definitely feel it the most as food prices heighten and debt increases on loans. Even though my parents have invested money in The State bank of India and are profiting from these ridiculous interest rates, India’s banks make no attempt to hide their resentment towards NRI’s. Just last week we received a letter in the mail threatening to  cease our accounts due to “inactivity” (my parents do their online Indian banking every week). The only way to keep our bank accounts open? “Please send a copy of your passport and social insurance number”… I really hope India’s revolutionist Ana Hazareh influences India’s corruption quick because I don’t think I’m the only NRI hesitant to send my personal information to this developing country. I understand that these banks are having troubles facing the facts that NRI investments means money leaving the country, but that’s the downside of dealing with investors. There’s my rant on India’s corruption and ridiculous interest rates.

For more information, visit this Aljazeera link:

http://aljazeera.com/business/2011/06/201161684733130212.html

Photo taken from CTV News:

http://www.ctv.ca/CTVNews/World/20110426/food-prices-could-swell-ranks-of-asias-poorest-110426/