₹19,000 Crore Collected from Low-Balance Accounts: Banks Must Stop Charging Poor – Raghav Chadha

New Delhi, March 18, 2026:  MP Raghav Chadha has drawn attention to the massive ₹19,000 crore collected by banks over the last three years in penalties for failing to maintain minimum account balances. Highlighting the disproportionate impact on the poorest account holders, Chadha said that these charges are not levied on the rich or big borrowers, but on farmers, pensioners, and daily wage workers.

Speaking in Parliament today, Chadha said:

• “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.”

He emphasized that financial inclusion should protect small savings, not punish people for low balances, and formally proposed ending minimum balance penalties to ensure that banks stop charging the most vulnerable for having little money.

Chadha’s move has sparked a debate on how banking policies can be made fairer and more inclusive, especially for individuals who rely on small accounts to safely manage their earnings and savings.