Aditya Raj Das
Prime Minister Narendra Modi today said that the reforms brought in by government in the banking sector and support to the sector in every way in the last six to seven years have led to the country’s banking sector in a very strong position.
He said Banks’ financial health is in a much better position now. Speaking at a Conference on Creating Synergies for Seamless Credit Flow and Economic Growth in New Delhi today, Mr Modi said, there comes a time in the development journey of any nation when it takes a new resolve for a new leap.
The Prime Minister said, then the strength of the entire nation comes together for the fulfillment of those resolves. He said, now the ground is solid for a leap and the target is set.
He said, Banks are playing key role in nation’s development.
Mr Modi asserted that banks have sufficient liquidity and highlighted how opening up of Jan Dhan accounts aided inclusion. He said, the present government recovered five lakh crore rupees after 2014. He said, the government fought every challenges that existed before 2014.
During COVID, a dedicated Stress Asset Management Vertical was constituted in the country.
He said, with such decisions, today banks’ resolution and recovery is better, their condition is strengthening and an inherent strength is being found within it.
Mr Modi underlined that the present government addressed NPAs issue, recapitalised banks, enhanced their strength, brought reforms like IBC, reformed laws, strengthened Debt Recovery Tribunal.
Earlier, RBI Governor Shaktikanta Das said, banks should now focus on sunrise sector, new sectors and MSMEs. He said, there is a need of optimal balance between mechanism, job creation and higher productivity.