Congress slams Modi government over chaos in bank clearances

Amid the festive season, customers across the country have been facing unprecedented difficulties due to disruptions in bank cheque clearances, exposing serious flaws in the nation’s banking system. The Congress party has launched a sharp attack on the Modi government, blaming it for widespread confusion and financial inconvenience.

Despite announcements promising speedy cheque clearances, many account holders have found that funds deposited through cheques are not reflecting in their accounts as expected. Previously, deposits would be cleared within 48 hours, but under the new system, even 72 hours have not sufficed. Customers have reported that while funds are credited when deposited, they often fail to show when cheques are presented for payment.

The problems are being attributed to the sudden implementation of a new banking system without adequate staff training. Customers and small business owners alike are struggling to cope with delays, mounting service charges, and penalties.

Congress spokesperson Manish Doshi criticised the government, saying that the Reserve Bank’s policies have been disregarded, leaving the banking sector in disarray. “While large industrialists have enjoyed tax waivers worth ₹15 lakh crore over the past decade, small traders are being burdened with insufficient balances, service charges, and fines,” Doshi said.

Data suggests that public sector banks have reportedly pocketed ₹9,000 crore, while private banks have amassed ₹35,000 crore over the last ten years, fuelling accusations of systemic inequality and exploitation of small businesses.

The disruptions have caused chaos in cash transactions and added to the financial strain of festival preparations for ordinary citizens. Experts warn that the government must take immediate measures to stabilise the banking system, or risk deepening the economic crisis.

With the country’s economic machinery faltering during a critical period, citizens are demanding accountability from the authorities, calling for swift action to ensure that banking operations return to normal.