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Financial health of banks is now in a much improved condition: PM Modi

18/11/2021 at 2:47 PM

New Delhi, Nov 18: Underlining the reforms made by the Centre to improve the financial health of banks, Prime Minister Narendra Modi on Thursday said the reforms initiated by the government in the banking sector in the last 6-7 years, supported the banking sector in every way, due to which the banking sector of the country is in a very strong position today.

He said the financial health of banks is now in a much improved condition. The Prime Minister said ways were found to address the problems and challenges from before 2014 one by one.

“We addressed the problem of NPAs, recapitalized banks and increased their strength. We brought reforms like IBC, reformed many laws and empowered debt recovery tribunal. A dedicated Stressed Asset Management Vertical was also formed in the country during the Corona period” Modi said.

The Prime Minister said this addressing the concluding session of the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth via video conference.

Addressing the gathering, the Prime Minister said The Prime Minister said today, “Indian banks are strong enough to play a major role in imparting fresh energy to the country’s economy, for giving a big push and making India self-reliant. I consider this phase as a major milestone in the banking sector of India”. Steps taken in the recent years have created a strong capital base for the banks. Banks have sufficient liquidity and no backlog for provisioning of NPAs as NPA in public sector banks is at the lowest in the last five years. This has led to upgrading of outlook for the Indian Banks by the International agencies, the Prime Minister pointed out. The Prime Minister said apart from being a milestone, this phase is also a new starting point and asked the banking sector to support wealth creators and Job creators. “It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets”, the Prime Minister stressed.

The Prime Minister emphasized the need to proactively serve the customers and asked the banks to provide customised solutions to customers, companies and MSMEs after analyzing their needs. The Prime Minister urged the banks to do away with the feeling that they are approver and the customer is an applicant, they are giver and client a receiver. Banks will have to adopt the model of partnership, the Prime Minister emphasized. He praised the banking sector for their enthusiasm in implementing Jan Dhan Scheme.

The Prime Minister said that banks should feel stakes in the growth of all the stakeholders and proactively get involved in the growth story. He gave an example of PLI where the government is doing the same by giving the Indian manufacturers an incentive on production. Under the PLI scheme the manufacturers have been incentivized to increase their capacity manifold and transform themselves into global companies. Banks can play a big role in making projects viable through their support and expertise, said the Prime Minister.

The Prime Minister said that due to major changes that have taken place in the country and the schemes that have been implemented, a huge pool of data has been created in the country. The Prime Minister said that the banking sector must take advantage of this. He listed the opportunities presented by the flagship schemes like PM Awas Yojana, Swamiva, and Svanidhi and asked the banks to participate and play their role in these schemes

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