Recently, a data has been released regarding collection of minimum balance charges by banks. As per the data, public sector banks have collected approximately ₹8,500 crore in penalties over the past five years, starting from FY 2019-20. On July 30, Rahul Gandhi, the Leader of Opposition in the Lok Sabha, launched a strong critique of the government regarding the penalties imposed by public sector banks on customers for failing to maintain an average monthly balance. He characterized this “penalty system” as a means through which Prime Minister Narendra Modi’s “chakravyuh” is trying to burden ordinary Indians.
Financial Figures Revealed
The criticism follows a written reply in the Lok Sabha indicating that public sector banks have collected approximately ₹8,500 crore in penalties over the past five years, starting from FY 2019-20. Minister of State in the Finance Ministry, Pankaj Chaudhary, further disclosed that in FY24 alone, state-run banks imposed penalties totaling ₹2,331 crore on depositors for not maintaining the minimum average monthly balance.
Rahul Gandhi’s Critique
In a Hindi post on X (formerly Twitter), Mr. Gandhi condemned the government’s actions, stating, “During Narendra Modi’s amrit kaal, the ’empty pockets’ of common Indians are also being robbed. The government, which had forgiven ₹16 lakh crore of friendly industrialists, has recovered ₹8,500 crore from poor Indians who struggled to maintain even a minimum balance.”
Mr. Gandhi described the penalty system as a component of Modi’s “chakravyuh,” a strategy aimed at overwhelming and impoverishing common citizens. He contrasted the Indian populace with Abhimanyu from the Mahabharat, asserting that unlike Abhimanyu, who was trapped in the chakravyuh, the people of India are like Arjun, ready to confront and dismantle these injustices.
Metaphorical Imagery and Political Context
Using the metaphor of the ‘chakravyuh,’ Mr. Gandhi emphasized an atmosphere of fear and entrapment created by a select group of individuals, which he vowed would be dismantled by the INDIA bloc. During the Lok Sabha debate on Budget 2024-25, Mr. Gandhi pledged that the Indian National Developmental Inclusive Alliance (INDIA) would ensure the passage of a legal guarantee for Minimum Support Price (MSP) and a caste census.
Referencing the Mahabharat, Mr. Gandhi highlighted the historical context of the ‘chakravyuh,’ a complex military formation used to trap and defeat warriors. He likened this ancient strategy to the modern political and economic challenges facing India, suggesting that today’s ‘chakravyuh’ is symbolized by the lotus emblem of the BJP, with Prime Minister Narendra Modi at its center.
Conclusion
Mr. Gandhi’s remarks underscore his view that the government’s policies and practices are designed to exploit and oppress the common people, drawing parallels between historical events and current political dynamics. His use of the ‘chakravyuh’ metaphor serves to frame his critique within a broader narrative of resistance and struggle against perceived systemic injustices.
No logic when people are keeping their hard earned money in the banks for charging them with penalties, which is earning income by way of interest lent to others. This money is helping our economy to grow.
Even the private banks should be asked not to charge the great loot.
In some banks PSUs and RRBs collecting charges from 2016.
Pappu still is still not matured enough. when private sector is looting he is quite and when public sector wants to improve their services Congress does not want to pay.
The Congress govt is looting the karnataka government treasury and he has a blind eye for that. double standards of Congress.
Make the bankers more accountable with the powers of recovery also as a revenue recovery measure will full freedom event to arrest if not paid. then you can have a good profits and also recover all the amounts also