Union Finance Minister Nirmala Sitharaman on Wednesday slammed Chief of Opposition Rahul Gandhi for accusing the NDA authorities of misusing public sector banks as an infinite supply of funds for his or her “fraudulent pals”.
Sitharaman in a collection of posts on social media X stated that Gandhi’s claims are baseless as the general public sector banks (PSBs) have seen a outstanding turnaround underneath the present authorities. She expressed that Gandhi’s distortion of details is offensive to the devoted PSB personnel and the people who depend on a extra environment friendly and safe banking system.
“Rahul Gandhi’s misrepresentation of details is an insult to the hardworking PSB workers and to the residents who profit from a cleaner, stronger banking system. It’s excessive time the @INCIndia up-skills the LOP’s understanding of governance. Didn’t the individuals who met with the LoP inform him that within the final two years alone, 16 credit score outreach packages have been carried out throughout India, disbursing over Rs 24,500 crore in loans to roughly 9 lakh small purchasers? These loans had been supplied underneath schemes corresponding to PM MUDRA, Kisan Credit score Card, Stand-up India, PM SVANidhi, MSME loans, and Agricultural loans. Majority of those loans are collateral free, small-ticket loans aimed toward supporting widespread individuals,” Sitharaman famous on her submit.
In the identical thread of posts, she identified that the twelfth Bipartite Settlement (BPS) had been signed properly prematurely of the everyday timeline for such agreements. Consequently, the incomes of financial institution workers had been considerably elevated.
The twelfth BPS consists of many employee-friendly measures like:
- Improve of 17% in wage and allowance (Rs. 12,449 Crore) and cargo of three% (inside total improve of 17%) amounting Rs 1,795 crore (attracting terminal advantages).
- New pay scale & value sheets for all cadres.
- Change within the base yr for calculating DA/DR charges for the in-service employees in addition to the pensioners/household pensioners from 1960 to 2016
- Revised halting charges/ lodging bills, deputation allowance & charges for reimbursement of bills on highway journey.
- Revised medical insurance coverage coverage for retirees with Base coverage idea.
- Employees welfare fund (SWF) was given a lift by rising the utmost ceiling of annual spending. The ceiling, final revised in 2012, was totally revised. Publish revision, the mixed most annual expenditure ceiling of SWF for all of the 12 PSBs has elevated from 540 crore to 845 crore. This improve will profit 15 lakh employees, together with retired workers.
She added that PSBs had been misused underneath the UPA regime as they had been compelled to provide loans to cronies.
“Rahul Gandhi’s penchant for making baseless statements is on full show, but once more. India’s banking sector, particularly Public Sector Banks (PSBs), has seen a outstanding turnaround underneath @PMOIndia @narendramodi. Didn’t the individuals who met with the LoP inform him that top focus of company credit score and indiscriminate lending throughout UPA tenure had resulted in important deterioration within the well being of PSBs? Underneath @INCIndia, PSBs had been handled as ‘ATMs’ for his or her cronies and shady businessmen. It was really throughout the UPA regime when financial institution workers had been harassed and compelled to provide loans to cronies by way of “cellphone banking” by the then Congress-led UPA Govt functionaries,” Sitharaman wrote.
She went on so as to add that the present authorities launched the Asset High quality Overview in 2015, revealing the ‘cellphone banking’ practices of the earlier UPA Authorities. The Modi Authorities launched the ‘4Rs’ technique and different banking sector reforms.
Earlier on Wednesday, Gandhi met a delegation from the All India Banking Officers Confederation and posted on X that “The Modi authorities has turned these lifelines of the plenty into non-public financiers for less than the wealthy and highly effective firms.”
After assembly the members, he expressed misery on the state of public sector banks and its impression on widespread individuals.
“PSBs are being compelled to prioritise revenue over individuals and are thus unable to serve the general public successfully. With employees shortages and a poisonous work surroundings, they’re anticipated to succeed in unachievable targets with out a degree taking part in discipline,” Gandhi stated.
“The Modi authorities should cease utilizing PSBs as an infinite supply of funds for his or her fraudulent pals. There’s additionally extra to a public sector financial institution than a dividend cheque to the federal government on the finish of the yr,” the chief of opposition stated.
