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‘Faking facts is an insult…’: FM Sitharaman strongly disagrees with Rahul Gandhi’s comments on PSB


Union Finance Minister Nirmala Sitharaman on Wednesday hit out at Opposition Leader Rahul Gandhi for accusing the NDA government of misusing state-owned banks as an unlimited source of money for their “corrupt friends”.

Sitharaman in a series of media posts X said Gandhi’s claims are baseless as public sector banks (PSBs) have seen a dramatic change in the current government. He said that Gandhi’s distortion angered PSB devotees and people who depended on efficient and safe banks.

“Rahul Gandhi’s misrepresentation is an insult to the hardworking PSB workers and citizens who benefit from a clean, strong bank. It’s time for @INCIndia to develop LOP’s skills in governance. It’s not people who have met LoP to tell him that in just the last two years, 16 credit outreach programs have been conducted across India, disbursing over Rs 24,500 crore in loans to around 9 lakh small customers. for schemes like PM MUDRA, Kisan Credit Card, Stand-up India, PM SVNidhi, MSME loans, and agricultural loans Most of these loans are free, small-ticket loans aimed at helping the common man,” Sitharaman said on his website. .

In the same document, he said that the 12th Bipartite Settlement (BPS) was signed in advance of the corresponding period of such agreements. As a result, the income of bank employees increased significantly.

The 12th BPS includes many employee friendly measures such as:

  • An increase of 17% in wages and salaries (Rs. 12,449 Crore) and assets of 3% (out of a total increase of 17%) amounting to Rs 1,795 crore (attractive benefits).
  • New fees & premiums for all cards.
  • Change in base year for calculating DA/DR rates for workers and pensioners/families from 1960 to 2016.
  • Revision of parking/accommodation charges, toll charges for road trips.
  • Retirement health insurance for retirees is a Base policy concept.
  • The Staff Welfare Fund (SWF) was strengthened by increasing the annual expenditure. The roof, which was last replaced in 2012, has been completely renovated. In the latest revision, the combined annual SWF cost of all 12 PSBs has increased from Rs 540 crore to Rs 845 crore. The increase will benefit 15 lakh employees, including those who have retired.

He said that PSBs were misused during the UPA regime as they were forced to give loans to their peers.

“Rahul Gandhi’s love for talking nonsense is also evident. Banks in India, especially Public Sector Banks (PSBs), have changed dramatically @PMOIndia @narendramodi. Didn’t the people who met LoP say? he that the increase in corporate loans and indiscriminate lending during the UPA led that the health of PSBs is destroyed? @INCIndia, PSBs were seen as ‘ATMs’ for their friends and fraudulent businesses During the UPA regime when bank employees were harassed and forced to give loans to friends through “phone banking” by Congress-led UPA officials,” Sitharaman wrote.

He said that the current government had launched the Asset Audit in 2015, exposing the ‘phone banking’ practices of the previous UPA Government. The Modi government introduced the ‘4Rs’ strategy and other banking reforms.

Earlier on Wednesday, Mr Gandhi met delegates from the All India Banking Officers Confederation and wrote on X that “The Modi government has turned the bailouts of the masses into donors of only the rich and powerful.”

After meeting with the members, he expressed dismay at the impact of public sector banks on the common man.

“PSBs are forced to put profit before people and thus cannot serve the people well. With shortage of staff and dangerous working environment, they are expected to reach targets that cannot be met without a small sector,” said Gandhi.

“The Modi government should stop using PSBs as a source of unlimited money for their corrupt friends. There is more to public sector banking than a distribution check to the government at the end of the year,” said the opposition leader.





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