Akhilesh Yadav targets central government over banking sector issues

Samajwadi Party chief Akhilesh Yadav has launched a political campaign titled ‘12 Years, 12 Questions’ to challenge the central government regarding the state of India’s banking sector. In a series of posts on X tagging the Department of Financial Services, Yadav questioned the government’s claims of banking strength, specifically citing the privatization of banks, fee deductions from accounts of the poor, repeated KYC requirements, and the lack of action against large-scale loan defaulters who have fled the country.

Yadav also raised concerns regarding the closure of rural bank branches and ATMs, difficulties for farmers and students in accessing loans without intermediaries, and the handling of digital transaction failures and cyber fraud. He further questioned high interest rates on home and education loans and the impact of CIBIL scores on young people.

The Department of Financial Services responded to these inquiries, asserting that the banking system has strengthened over the last 12 years due to regulatory reforms and improved governance. The department highlighted the success of the Jan Dhan Yojana, which has opened over 59 crore accounts with no minimum balance requirements, and noted that real interest rates for senior citizens are now positive compared to previous years. The government also emphasized improved access to banking services through centers located within five kilometers of villages.