Finance Minister Nirmala Sitharaman on Wednesday responded with humour 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,” she remarked. “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.” Chadha was seen smiling as Sitharaman responded to his speech.
Sitharaman added, “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.”
Chadha highlights serious banking concerns
Earlier, Chadha had voiced significant concerns about the deep crises impacting India’s banking system during the Rajya Sabha discussion on the Banking Laws (Amendment) Bill, 2024. He questioned the central government’s intentions, suggesting the bill falls short of public expectations.
FM @nsitharaman taunts AAP MP Raghav Chadha on his foreign visits –
You’ve found time to go to the rural banks & say things about fans, chairs, paint. Please do more of this. It’ll help people within the country because of your ‘exposure’ particularly to the Western World” 😃 pic.twitter.com/DnZnp5ATvw
— Megh Updates 🚨™ (@MeghUpdates) March 26, 2025
“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,” he said.
Impact on citizens
Chadha argued that high loan rates and increasing education costs are pushing young individuals and students into debt. He criticized the closure of over 3,000 rural bank branches in 2022-23, forcing villagers to travel long distances and incur high ATM fees. Additionally, he warned about the growing reliance on credit cards, which he said is driving the middle class into debt due to high interest rates.
Emphasising the need for financial literacy, Chadha urged the government to implement responsible lending practices to protect consumers from financial distress.
