‘I am Amused’: Nirmala Sitharaman Taunts Raghav Chadha Over 'No Fan, No Chair, No Door' Remark on Rural Banks | WATCH

New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday taunted Aam Aadmi Party's Raghav Chadha over his recent remark on rural banks during his visit, saying, "Please do more of this. It will help people within the country because of your exposure, particularly to the Western world."

Speaking in the Rajya Sabha, Sitharaman said, "I was amused, sir. Would you allow me a light-hearted exchange? If Member Raghav Chaddha doesn't take offense, I would like to say, he'd observed the number of fans in the banks, number of fans which are working, the bank and its condition, how many whitewashed, how many not painted. I am so, so satisfied."

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"There are Members of Parliament who are otherwise very busy with many things international, have found time to go to the rural banks and to look at them, to say there is no fan here, there is no door here, there is no chair here. Raghav Chaddha, please do more of this. It will help people within the country because with your exposure, particularly to the Western world, you can do a lot more here. Please do. So, I was very amused," she added.

Meanwhile, Chadha appeared smiling as the Finance Minister responded to his speech.

Sitharaman made these remarks in response to Chadha highlighting challenges plaguing the nation’s banking sector.

While debating the Banking Laws (Amendment) Bill, 2024 in the Rajya Sabha, he challenged the central government’s motives, arguing that the legislation falls short of fulfilling public needs.

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"From common people's savings to farmers' loans, from students' education to retirees' pensions - the banking system is deeply integrated into every citizen's life. However, growing banking fraud, loan recovery issues, and increasing pressure on employees have resulted in declining public trust in banks. Today, people are hesitant to trust banks with their money," he said.

Chadha highlighted that home loan interest rates have climbed to 8.5–9 percent, while education loans range between 8.5 and 13 percent.

"As a result, owning a home has become unaffordable for young individuals, and education is becoming excessively expensive, pushing students into debt before they even start earning. Additionally, MSME loan rates have reached 11 percent, making it harder for small businesses to grow," he added.

MP Raghav Chadha also expressed unease about Non-Banking Financial Companies (NBFCs), rising Non-Performing Assets (NPAs), sluggish loan recovery, and the effects of bank mergers.