Lucknow (Uttar Pradesh) [India], October 17 (ANI): Samajwadi Party (SP) chief Akhilesh Yadav on Saturday targeted the Centre over the functioning of the banking sector, raising 12 questions concerning bank privatisation, charges on accounts, repeated KYC requirements, loan defaults, rural banking access and customer grievances.

In a post on X tagging the Department of Financial Services, Yadav questioned the government's claims about the strengthening of banks and sought answers on issues affecting ordinary citizens, farmers, students, small traders and bank employees.

https://x.com/yadavakhilesh/status/2111323655003402356?s=20

Introducing his list of questions, the Samajwadi Party chief wrote, " @DFS_India Twelve years, twelve questions"

In his first set of questions, Yadav raised concerns over the alleged sale of banks, fee deductions from the accounts of poor people, repeated KYC requirements and the lack of action against borrowers who fled the country after taking large loans.

He also questioned the closure of rural branches and ATMs and the difficulties faced by farmers, students and small shopkeepers in accessing loans.

Yadav wrote, "(1) If banks have become stronger, then why are they being sold off? (2) If banks have become stronger, then why are fees being deducted from the accounts of the poor public? (3) If banks have become stronger, then why is the public being refused their money in the name of repeated KYC requirements? (4) If banks have become stronger, then why aren't those who took billions in loans from banks and fled the country being caught, brought back, and punished? (5) If banks have become stronger, then why are branches and ATMs in rural areas being closed, forcing the public to wander around for cash? (6) If banks have become stronger, then why aren't farmers, students, and small shopkeepers getting loans without middlemen and without guarantors?"

The SP chief also highlighted concerns over cyber fraud, high interest rates on home and education loans, and delays in resolving failed digital transactions.

He questioned why victims of cyber fraud had to approach police stations and banks repeatedly to recover their money and why customers faced delays when digital payments failed.

Yadav, Member of the Lok Sabha from Kannauj, further added, "(7) If banks have become stronger, then why isn't the money of a poor person who falls victim to cyber fraud returned immediately, and why is he made to run around to police stations and banks? (8) If banks have become stronger, then why are interest rates on home loans and education loans so high that they're breaking the back of the common man? (9) If banks have become stronger, then why is the public's money held up for days when digital transactions fail?"

In the remaining questions, the 53-year-old drew attention to credit scores and their impact on young borrowers, the need for assistance counters to protect elderly and illiterate customers from online fraud, and the demands of bank employees.

He also questioned the lack of fresh recruitment and the pressure on existing staff, alleging that these issues were affecting customer service.

"(10) If banks have become stronger, then why are young people being labelled as defaulters for the slightest mistake in their CIBIL score, ruining their future? (11) If banks have become stronger, then why isn't there an assistance counter in every branch to protect the elderly and illiterate from UPI and online fraud? (12) If banks have become stronger, then why aren't the legitimate demands of bank employees being met, why isn't there new recruitment in banks, and why is there so much pressure on existing employees that customer service itself is falling apart?" Yadav added. (ANI)