Banking Bill Sparks Controversy: Opposition Criticizes Privatization Push

Opposition members in India's Lok Sabha have raised significant concerns over a banking reform bill, alleging it paves the way for privatization by reducing government stakes in public sector banks. Key issues highlighted include investor protection, cybersecurity, financial frauds, and the impact on common citizens.

Opposition lawmakers in the Lok Sabha have vehemently opposed a new banking reform bill, branding it a covert move towards privatising India's banking sector. TMC MP Kalyan Banerjee likened the legislation to a 'donkey passage' for reducing the government's stake in public sector banks from 51% to 26%.

BJP-TDP alliance-defended initiatives have drawn criticism over various aspects of banking operations. Critics spotlighted issues ranging from cybersecurity vulnerabilities to inadequate communication that aggravates borrowers' hardships, according to Samajwadi Party MP Rajeev Rai, who shared his own struggle with unexpected loan changes.

Concerns over hidden banking fees and the safety of senior citizens against cyber frauds were voiced by DMK's Rani Srikumar. Meanwhile, NCP leader Supriya Sule urged stringent measures against financial fraudsters, demanding restitution for victims as a priority before imprisonment.

(With inputs from agencies.)