Says – Banks Are Losing People's Trust
Punjab Newsline, New Delhi, March 26-
AAP MP Raghav Chadha expressed deep concern over the severe crises affecting the country’s banking system. During the discussion on the Banking Laws (Amendment) Bill, 2024 in the Rajya Sabha, he questioned the central government’s intentions, stating that the bill does not meet public expectations. He criticized it as a bill focused only on procedural reforms, failing to address the real issues that citizens face daily.
He emphasized that banks are not just financial institutions but the foundation of democracy. 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.
Raghav Chadha pointed out that home loan rates in the country have surged to 8.5% – 9%, while education loans range from 8.5% to 13%.