Nirmala Sitharaman’s Humorous Response to Raghav Chadha’s Concerns about Banks

Finance Minister Appreciates AAP MP’s Attention to Rural Banks

NEW DELHI: Finance Minister Nirmala Sitharaman responded humorously to AAP Rajya Sabha MP Raghav Chadha’s concerns about the state of banks in Parliament. Sitharaman expressed her satisfaction that Chadha had taken the time to visit rural banks and observe their conditions.

Sitharaman’s Amused Reaction

• “I was amused, sir, if member Raghav Chadha does not take offense,” she said.
• Sitharaman appreciated Chadha’s attention to detail, such as noticing the number of fans in the bank and their condition.
• Chadha was seen smiling as Sitharaman responded to his speech.

Encouragement for Chadha to Continue Visiting Rural Banks

• “Raghav Chadha, please do more of this. It will help people within the country,” Sitharaman added.
• She encouraged Chadha to continue visiting rural banks and noticing their conditions.
• Sitharaman suggested that Chadha’s exposure to the Western world could help improve the conditions of rural banks in India.

Chadha’s Concerns about the Banking System

• Earlier, Chadha had voiced serious concerns about the deep crises impacting the country’s banking system.
• He questioned the central government’s intentions and argued that the Banking Laws (Amendment) Bill, 2024 falls short of public expectations.
• Chadha emphasized the need for financial literacy and responsible lending practices to protect consumers from financial distress.

Criticism of Rural Bank Branch Closures

• Chadha criticized the closure of over 3,000 rural bank branches in 2022-23.
• He argued that this forces villagers to travel long distances and incur high ATM fees.
• Chadha also warned about the growing reliance on credit cards, which he said is pushing the middle class into debt due to high-interest rates.