NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday responded with humor to AAP Rajya Sabha MP Raghav Chadha after he raised concerns about the state of banks in Parliament.
“I was amused, sir, if member Raghav Chadha does not take offense, he observed the number of fans in the bank, the condition of the bank, how many were whitewashed and not painted. I am really so, so satisfied. There are members of Parliament who are otherwise very busy with many things internationally,” she said.
Chadha was seen smiling as Sitharaman responded to his speech.
“He has found time to visit rural banks and look at them, noticing there are no fans here, no doors, no chairs. Raghav Chadha, please do more of this. It will help people within the country because, with your exposure, particularly to the Western world, you can do a lot more here. Please do,” she added.
Earlier, the AAP MP had voiced serious concerns about the deep crises impacting the country’s banking system. During the Rajya Sabha discussion on the Banking Laws (Amendment) Bill, 2024, he questioned the central government’s intentions, arguing that the bill falls short of public expectations.
“From common people’s savings to farmers’ loans, from students’ education to retirees’ pensions – the banking system is deeply integrated into every citizen’s life. However, growing banking fraud, loan recovery issues, and increasing pressure on employees have resulted in declining public trust in banks. Today, people are hesitant to trust banks with their money,” he said.
“As a result, owning a home has become unaffordable for young individuals, and education is becoming excessively expensive, pushing students into debt before they even start earning. Additionally, MSME loan rates have reached 11 percent, making it harder for small businesses to grow,” he added.
Chadha criticized the closure of over 3,000 rural bank branches in 2022-23, forcing villagers to travel long distances and incur high ATM fees. He also warned about the growing reliance on credit cards, which he said is pushing the middle class into debt due to high-interest rates. Emphasizing the need for financial literacy, he urged the government to ensure responsible lending practices to protect consumers from financial distress.