Rural communities are elated to see their repeated concerns being heard.

The Finance Minister has asked the Finance and Expenditure and Primary Production Committees to lead a joint inquiry into rural banking.

Federated Farmers says rural New Zealanders are facing huge financial pressures - worsened by unfair interest rates.

Spokesperson Richard McIntyre says it's causing farmers to sell up.

"It's the banks making excessive profits and it's a lack of competition in the rural banking space. We've only got 5 rural banks, but we have about 18 in the residential space."

LISTEN ABOVE

• Richard McIntyre: High time for inquiry into rural banking
• Prime Minister Luxon calls for inquiry into rural banking
• Barry Soper: What will come out of the Government's rural banking inquiry?