Rahul Gandhi, the Leader of Opposition (LoP), criticized the Modi government for turning public sector banks into private financiers only for rich corporations. He said that these banks, which were supposed to help common people get credit, are now focusing on profits over the needs of the public. He also claimed that bank employees are facing a toxic work environment, with many staff shortages and women not being treated fairly.
In response, Finance Minister Nirmala Sitharaman rejected these claims. She said that in the last 10 years, loans given to people up to ₹10 lakh have increased by 238%, and loans up to ₹50 lakh have increased by 300%. She pointed out that these loans to ordinary people now make up a bigger share of total loans. Sitharaman also mentioned that public sector banks have very few staff vacancies, and these positions are being filled.
Sitharaman also shared that a new agreement for bank employees (called the 12th Bipartite Settlement or BPS) was signed ahead of time, which increased their salaries and benefits. This agreement gave a 17% rise in salary and benefits for employees, including retired ones. The Staff Welfare Fund, which helps employees, was also increased, benefitting around 15 lakh staff members.
Sitharaman reminded Rahul Gandhi that in 2015, under Prime Minister Modi, the Reserve Bank of India (RBI) made a rule that all public sector banks would be closed on the second and fourth Saturdays of the month, improving the work-life balance of employees.
In response to Gandhi’s comment about women employees not getting equal opportunities, Sitharaman said that women are excelling in leadership roles like Managing Directors (MDs) and CEOs in the banking sector. She also highlighted that the government has issued orders to ensure the well-being of women employees in banks.
Finally, Sitharaman reminded that public sector banks also pay dividends to their shareholders, including the government. During the previous government (UPA), these banks paid ₹56,534 crore as dividends. She stressed that the government is committed to making sure public sector banks serve both people and investors fairly.
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FM Sitharaman pulls up Rahul Gandhi on his remarks on situation in Public Sector Banks
Rahul Gandhi, the Leader of Opposition (LoP), criticized the Modi government for turning public sector banks into private financiers only for rich corporations.
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