Nueva Delhi: The Minister of Finance, Nirmala Sitharaman, responded on Wednesday with humor to AAPA MP Rajya Sabha Raghav Chadha after expressing his concern for the state of the banks in Parliament.
“He has fun, sir, if the member Raghav Chadha does not offend himself, he observed the number of fans in the bank, the bank’s condition, how many were enchanted and not painted. I am really so satisfied. There are members of the Parliament who are otherwise very busy with many things internationally,” he said.
Chadha was seen smiling when Sitharaman responded to his speech.
“He has found time to visit rural banks and look at them, noting that there are no fans here, doors, or chairs. Raghav Chadha, please do more than this. It will help people within the country because, with your exhibition, particularly to the western world, you can do much more here. Please do it,” he added.
Previously, the AAP deputy had expressed serious concerns about the deep crises impacted by the banking system. During the discussion of Rajya Sabha on the bill of bank laws (amendment), 2024, he questioned the intentions of the central government, arguing that the bill does not reach public expectations.
“From the savings of common people to farmers’ loans, from students’ education to retirees’ pensions: the banking system is deeply integrated into the life of each citizen. However, it grows bank fraudLoan recovery problems and growing pressure on employees have resulted in the decrease in public confidence in banks. Today, people doubt in trusting banks with their money, “he said.
“As a result, being the owner of a house has become disabled for young people, and education is becoming excessively expensive, pushing students to borrow before they even begin to win. In addition, MSME loan rates have reached 11 percent, which makes small businesses to grow,” he added.
Chadha criticized the closure of more than 3,000 rural bank branches in 2022-23, forcing villagers to travel long distances and incur high ATM rates. He also warned about the growing dependence on credit cards, which he is pushing the middle class in debt due to high interest rates. Emphasizing the need for financial education, he urged the government to guarantee responsible loan practices to protect consumers from financial difficulties.