AMN /
Prime Minister Narendra Modi has said that the government has initiated a series of banking reforms including re-capitalisation of PSU banks, change in rules for hiring top management and paper-less transactions to curb the black money menace.
Speaking at the launch of IDFC Bank in New Delhi, he said, the entire banking sector is undergoing major transformation with the advent of latest technology and India is slowly moving towards a scenario where the currency printing cost will come down.
The Prime Minister also stressed the need for banks to focus on rural areas as they have immense potential. Mr Modi said, rural economy is contributing to the overall growth of the country.
The Prime Minister also listed out the seven-point agenda to improve operations of the state-owned banks.
He said, private sector professionals have been hired in PSU banks to bring improvements in the appointments at the top levels.
Mr Modi said, the government would be infusing 70 thousand crore rupees in the public sector banks in the next few years to help them deal with the distress assets issue.
He also distributed account opening kits and RuPay cards to some beneficiaries of IDFC bank under Pradhan Mantri Jan Dhan Yojana.
Speaking on the occasion, Finance Minister Arun Jaitley said that 35,000 crore rupees have been provided to 61 lakh applicants so far under the MUDRA scheme to help small entrepreneurs.