AAP’s Raghav Chadha claims public trust in banks declining, slams Banking Laws (Amendment) Bill

AAP’s Raghav Chadha claims public trust in banks declining, slams Banking Laws (Amendment) Bill

NEW DELHI: (Mar 27) AAP Rajya Sabha MP Raghav Chadha has claimed that public trust in India’s banking system is eroding due to rising fraud, high loan interest rates and poor financial security for depositors.

Speaking in the Rajya Sabha Wednesday, during a discussion on the Banking Laws (Amendment) Bill, 2024, Chadha also criticised the legislation as a mere procedural reform that fails to address key concerns of citizens.

Parliament on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees, with the Rajya Sabha approving it by a voice vote.