Demand for Rationalized Bank Charges and Five-Day Banking Gains Momentum

MPs in the Indian Lok Sabha have called on the government to rationalize banking charges and support banking employees' demands for a five-day workweek. Concerns were raised over excessive charges for basic services and employee exploitation. Additionally, issues of corruption in the Kisan Credit Card scheme were highlighted.

During a recent session in the Lok Sabha, Congress MP Karti Chidambaram highlighted the need for rationalizing bank charges, emphasizing that customers face fees for basic services, similar to the cost dynamics in low-cost airlines.

Chidambaram pointed out that fees apply to ATM withdrawals and cheque book issuance, while penalties are levied for failing to maintain a minimum balance. He urged the government and the Reserve Bank of India to make these charges more customer-friendly.

In a related point, MP Pratima Mondal advocated for a five-day workweek for bank employees, paralleling the structure in insurance companies and the RBI. Additionally, Hanuman Beniwal brought up corruption concerns related to the Kisan Credit Card loans.

(With inputs from agencies.)