The EFF’s request followed allegations of discrimination against black homeowners by the country’s First National Bank that were broadcast on Sunday by the SABC TV's “Special Assignment” programme.
Black homeowners featured on the programme claimed that they were charged higher interest rates than their white counterparts for the same home loans.
"The scope and mandate of the commission of inquiry should include the withdrawal of banking licences of banks that discriminate on the basis of race," EFF spokesperson Mbuyiseni Ndlozi said on Monday, describing the industry as "the racist South African banking cartel".
He said the probe should also include granting the commission power “to instruct the banks to pay back all the monies overcharged on black clients”.
But the FNB has denied the allegations, saying in a statement on Monday that the SABC report was “false, baseless and reckless.”