Raghav Chadha Critiques India's Banking System Amid Proposed Amendments

Finance Minister Nirmala Sitharaman humorously addressed AAP MP Raghav Chadha's concerns over India's banking system in the Rajya Sabha. Chadha criticized the proposed banking bill, highlighting prevalent issues such as high loan rates, declining trust, and banking frauds, while advocating for robust reforms to protect consumers' financial interests.

In a spirited exchange at the Rajya Sabha, Union Finance Minister Nirmala Sitharaman humorously responded to Aam Aadmi Party (AAP) MP Raghav Chadha's critique about the state of Indian banks. Chadha, raising pertinent issues concerning the nation's banking sector, was acknowledged by Sitharaman, who recognized his exposure to international standards as an asset for India's banking reforms.

Chadha's address involved strong reservations regarding the Banking Laws (Amendment) Bill, 2024, criticizing it as insufficient to meet public needs. He underscored the detrimental impact of growing banking fraud, high loan interests, and procedural focus on the everyday citizen, urging substantive changes.

Emphasizing the gravity of the situation, Chadha presented statistics on bank frauds, questioned security measures, and highlighted the challenges faced by rural communities in accessing banking services. He advocated for regulatory reforms, stronger cybersecurity measures, and promoting financial literacy to rebuild public trust and prevent systemic failures. (ANI)

(With inputs from agencies.)