New Delhi: Opposition members in the Lok Sabha on Tuesday fiercely criticised a bill aimed at banking reforms with TMC MP Kalyan Banerjee describing it as a “donkey passage towards privatisation of the Indian banking sector”.
While the bill ostensibly seeks to improve bank guarantees and investor protection, its real intent is to reduce the government’s minimum holding in public sector banks from 51 to 26 per cent, he argued.
Banerjee also flagged cybersecurity concerns, emphasising the need for robust IT systems to detect fraud and ensure strict adherence to data privacy regulations. “Advanced systems for fraud detection and regulatory compliance are essential to build trust,” he said, underscoring the importance of tackling financial crimes.
Samajwadi Party MP Rajeev Rai brought attention to the struggles of common people dealing with credit issues.
“The CIBIL scores of poor people are ruined, middle-class people face the same issue,” he said, lamenting how poor communication from banks often leaves borrowers in financial distress.
Sharing his own experience, Rai recounted how his home loan liabilities unexpectedly increased due to changes in interest rates, with no prior intimation from the bank.
DMK’s Rani Srikumar criticised hidden banking charges, questioning fees for basic services like ATM withdrawals and SMS alerts. She also raised concerns over the vulnerability of senior citizens to cyber frauds.
TDP MP D Prasada Rao praised public sector banks for their support to small businesses, attributing their success to the BJP-TDP alliance, which he described as a “double-engine government” driving the country forward.
Shiv Sena (UBT) MP Anil Desai highlighted the growing trend of people moving away from banks to alternative investment avenues.
NCP leader Supriya Sule proposed a stricter approach to financial frauds, suggesting that perpetrators should compensate victims before serving prison sentences. “The focus should be on restoring the investors’ money and punishing the guilty,” she said.
