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The recent decision by the Reserve Bank of India (RBI) to permit banks to increase charges on ATM cash withdrawals has ignited a political firestorm, with the Congress party launching a scathing attack on the Modi government. Congress President Mallikarjun Kharge has accused the government of turning banks into mere 'collection agents' tasked with 'looting' the citizens of India. This escalation in rhetoric highlights the growing tensions between the ruling BJP and the opposition, particularly concerning economic policies and their perceived impact on the common man. Kharge's statement, disseminated via social media platform X, underscores the Congress party's strategy of leveraging public sentiment against what they portray as anti-people measures implemented by the Modi administration. The timing of this criticism is also significant, as it comes amidst ongoing debates about inflation, unemployment, and economic inequality in the country. The Congress party aims to capitalize on these concerns by framing the increase in ATM charges as yet another burden imposed on ordinary citizens by a government allegedly indifferent to their struggles. The controversy surrounding ATM charges is not merely a financial issue; it has become a symbolic battleground in the larger political struggle between the BJP and the Congress. By highlighting the alleged exploitation of bank customers through various charges and fees, the Congress seeks to paint a picture of a government that prioritizes the interests of corporations and financial institutions over the welfare of the masses. The effectiveness of this strategy remains to be seen, but it is clear that the Congress party is determined to make the most of the situation to bolster its political prospects.
Kharge's criticism extended beyond ATM charges, encompassing a broader range of fees levied by banks that, according to him, contribute to the 'unbridled loot' perpetrated by the BJP government. He cited instances such as charges for non-maintenance of minimum balance in savings and Jan Dhan accounts, inactivity fees, bank statement issuance fees, and SMS alert charges. The Congress president also highlighted loan processing fees, loan pre-closure charges, and fees associated with NEFT transactions and demand drafts as additional burdens imposed on bank customers. By listing these various charges, Kharge aimed to demonstrate the cumulative impact of these fees on the financial well-being of ordinary citizens. The inclusion of Jan Dhan accounts in his criticism is particularly noteworthy, as these accounts were initially intended to promote financial inclusion among the poor and marginalized sections of society. By alleging that even these accounts are subject to exploitative charges, the Congress party seeks to undermine the government's claims of promoting inclusive growth and social justice. The specific figures cited by Kharge, such as the Rs 43,500 crore allegedly extracted from customers due to non-maintenance of minimum balance, are intended to shock and outrage the public. These figures are meant to illustrate the scale of the alleged exploitation and to galvanize public support for the Congress party's cause. However, the accuracy and veracity of these figures have been questioned by some, and the BJP has accused the Congress of spreading misinformation to mislead the public. Regardless of the factual accuracy of these claims, the Congress party's strategy is clearly aimed at creating a narrative of economic injustice and portraying the Modi government as an accomplice in the alleged exploitation of ordinary citizens.
The RBI's decision to allow banks to increase ATM charges has provided the Congress party with a valuable opportunity to attack the Modi government on economic grounds. The RBI, as the central bank of India, is responsible for regulating the banking sector and ensuring financial stability. Its decision to permit banks to increase ATM charges is based on its assessment of the costs incurred by banks in providing ATM services. However, the Congress party argues that the RBI's decision is insensitive to the needs of ordinary citizens, who rely on ATMs for convenient access to their money. The party contends that the increase in ATM charges will disproportionately affect the poor and marginalized sections of society, who may not have access to alternative banking channels. The Congress party has called on the RBI to reconsider its decision and to take measures to protect the interests of bank customers. The party has also demanded that the government provide financial assistance to banks to cover the costs of providing ATM services, rather than passing on these costs to the public. The controversy surrounding ATM charges highlights the complex relationship between the government, the RBI, and the banking sector. The government has a responsibility to promote economic growth and financial stability, while the RBI is responsible for regulating the banking sector and ensuring its soundness. Banks, on the other hand, are commercial entities that seek to maximize their profits. Balancing these competing interests is a challenging task, and the recent controversy over ATM charges underscores the need for a more transparent and accountable decision-making process. The Congress party is likely to continue to use this issue to attack the Modi government and to highlight its perceived failures in managing the economy and protecting the interests of ordinary citizens.
Furthermore, the Congress party's criticism extends to the perceived lack of transparency in the government's data collection and dissemination practices. Kharge's claim that the Union government has discontinued the practice of providing data on the amount collected by banks through various charges, citing the RBI's alleged lack of such data, raises concerns about accountability and transparency. If true, this would represent a significant setback for public access to information and would make it more difficult for citizens to hold the government and the banking sector accountable for their actions. The demand for greater transparency in government data collection and dissemination is a recurring theme in Indian politics, and the Congress party is likely to continue to press this issue in its efforts to hold the Modi government accountable. The availability of accurate and reliable data is essential for informed policymaking and for ensuring that government policies are effective in addressing the needs of the people. The Congress party's criticism of the government's data practices underscores the importance of transparency and accountability in governance. The 'Painful Price Rise + Unbridled Loot = BJP's Mantra for Extortion!' slogan used by Kharge encapsulates the Congress party's overall message: that the Modi government is deliberately exploiting ordinary citizens through a combination of rising prices and excessive fees. This message is designed to resonate with voters who are struggling to make ends meet and who feel that the government is not doing enough to protect their interests. The effectiveness of this message will depend on a variety of factors, including the overall state of the economy, the public's perception of the Modi government, and the Congress party's ability to effectively communicate its message to voters. However, it is clear that the Congress party is determined to make the most of the controversy surrounding ATM charges and other bank fees to bolster its political prospects in the upcoming elections.
Source: Modi govt making banks 'collection agents' of 'loot': Kharge after hike in ATM withdrawal charges