Raghav Chadha Raises Alarm Over Banking System Trust Issues in India

AAP MP Raghav Chadha has criticized the Banking Laws (Amendment) Bill, 2024, claiming it fails to address public concerns. He cited issues like rising fraud and high interest rates as reasons for waning trust in banks. Chadha urged the government to cap rates and improve financial literacy.

AAP Rajya Sabha MP Raghav Chadha has raised concerns about the declining public trust in India's banking system, attributing it to increasing fraud cases, high loan interest rates, and inadequate depositor security.

During a Rajya Sabha discussion on the newly passed Banking Laws (Amendment) Bill, 2024, Chadha critiqued the measure as superficial, stating it overlooks pressing public concerns. The amendment, approved by voice vote, allows account holders up to four nominees.

Chadha highlighted the burdensome interest rates, noting they contribute to housing unaffordability and escalating education costs, which push students into debt. He advocated for capped rates and subsidized loans for first-time homebuyers, emphasizing the need for substantial banking reforms to restore public confidence.

(With inputs from agencies.)