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₹19,000 Crore Bank Fines Row: Raghav Chadha Questions Minimum Balance Charges
Banking: MP Raghav Chadha expressed his objection to the issue of banks charging ₹19,000 crore from the poor for not maintaining a minimum balance. Find out what he said.
In Parliament, Aam Aadmi Party (AAP) MP Raghav Chadha spoke strongly against the high fines that banks have been imposing in the last three years for not maintaining a minimum balance in their accounts. He said that these fines were not for the rich or for those who borrow heavily, but for the poorest account holders who simply did not have enough money.
He also pointed out that these fines are for those who are most economically vulnerable. He mentioned farmers, pensioners, and daily wage workers who were charged high fines even if they did not have the minimum balance in their accounts. He said that even when pensioners withdraw money for their medicines, they are penalized, and even if daily wage laborers are short by a few hundred rupees in their accounts, they are charged.
Raghav Chadha also questioned the very purpose of financial inclusion. He believes that the goal of financial inclusion should be to protect small savings, not to punish those with small bank balances. He said that poor people keep their money in banks for safety, and they should not be silently punished for their poverty.
MP Chadha has proposed in Parliament to abolish the minimum balance penalty. He believes this will prevent the banking system from taking money from those who are already struggling with financial hardship. This step will provide relief to the poor and realize financial inclusion in its true spirit.
