₹19,000 crore.
That is what Banks collected in last 3 years just for not maintaining ‘Minimum Account Balance.’
Not from the rich. Not from big borrowers.
From the poorest accounts in the system.
Their crime? They didn’t have enough money.
A farmer misses the minimum balance - Penalty.
A pensioner withdraws money for medicine - Penalty.
A daily wage worker falls short by a few hundred rupees - Penalty.
The poor keep money in banks for safety. Not to be quietly fined for being poor.
Financial inclusion should protect small savings, not punish small balances.
In Parliament today I proposed ending minimum balance penalties so the banking system stops charging people for their poverty.
If pharma companies cured you, Pfizer and Moderna would go bankrupt.
If banks helped you get out of debt, JPMorgan Chase and HDFC would collapse.
If politicians solved all your problems, nobody would elect them again.
The system thrives on perpetuating problems rather than solving them.