BJP’s ‘Cronyism’ Caused Banking Sector Crisis, Says Rahul Gandhi

On Saturday, March 29, Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, criticized the BJP government for what he termed “cronyism” and “regulatory mismanagement,” which he claims have plunged India’s banking sector into a crisis. He emphasized that this crisis has severe repercussions for junior employees, who are forced to endure stressful and toxic work environments.

In a post shared on X, Gandhi highlighted the alarming financial practices of the government, accusing it of writing off a staggering Rs 16 lakh crore in loans for its “billionaire friends.” He argued that this economic mismanagement has a profound human cost, adversely affecting thousands of honest working professionals across the country.

Gandhi shared a video of his recent meeting with a delegation of former ICICI Bank employees, who he said have suffered due to the bank’s mismanagement. He expressed his commitment to advocating for working-class professionals and vowed to combat “workplace harassment and exploitation.” He also encouraged individuals who have faced similar injustices to reach out to him directly.

“The BJP government has written off Rs 16 lakh crore in loans for their billionaire friends. This cronyism, combined with regulatory mismanagement, has pushed India’s banking sector into crisis,” Gandhi stated in his post. He underscored that the burden of this crisis ultimately falls on junior employees, who are left to navigate stressful and unhealthy work conditions.

During his meeting with the delegation of 782 ex-ICICI Bank employees, Gandhi learned about their troubling experiences, which he described as revealing a disturbing pattern of workplace harassment. The employees recounted instances of forced transfers, retaliation for exposing unethical lending practices related to non-performing assets (NPAs), and terminations that occurred without due process. Tragically, in two cases, these circumstances led to suicide.

Gandhi emphasized that the economic mismanagement by the BJP government has a human cost that extends beyond financial figures, affecting the lives of countless honest professionals. “If you are a working professional who has faced similar injustice, I urge you to share your story with me at https://rahulgandhi.in/awaazbharatki,” he said, inviting those affected to come forward.

The delegation of employees, who allege unfair dismissal by ICICI Bank, met with Gandhi at his office in the Parliament House Complex. They shared their accounts of being abruptly terminated while on medical leave, during sanctioned absences, or for raising concerns about management practices. The Congress party, in a post on X, highlighted that these troubling practices are not isolated incidents within ICICI Bank but reflect a broader trend across private sector banks. This trend, they argue, is driven by increasing pressure to maximize profits at the expense of employee welfare.

The employees’ testimonies paint a grim picture of the current state of the banking sector, where the pursuit of profit often overshadows ethical considerations and employee rights. The Congress party has positioned itself as a champion for these workers, pledging to address the systemic issues that lead to such injustices.

As the situation unfolds, there has been no immediate response from ICICI Bank regarding the allegations made by the former employees. However, the concerns raised by Gandhi and the delegation highlight the urgent need for reforms in the banking sector to protect employees and ensure fair treatment in the workplace.

In summary, Rahul Gandhi’s statements and the accounts shared by the ex-ICICI Bank employees underscore a critical issue within India’s banking sector, where economic mismanagement and cronyism have created a toxic environment for junior employees. The call for accountability and reform resonates as a crucial step toward safeguarding the rights and well-being of working professionals in the industry.