HIGHLIGHTS:

  • The conference was arranged by the financial services department of the Union finance ministry
  • While concluding the conference PM stressed the reforms undertaken to strengthen the banking sector in the last 6-7 years
  • The PM further gave calls to bans to collaborate with the national economic aspirations of the country

On Thursday, PM Narendra Modi concluded the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’. The conference was organized by the financial services department of the union finance ministry and witnessed the presence of finance minister Nirmala Sitharaman as well.

Beginning his speech, the PM said that at times when the nation resolutely leaps forward, it is automatically supported by the entire brotherhood. Narendra Modi vowed reforms that have been undertaken in the banking sector in the last 6-7 years, which have gradually led to the development of the financial health of the banks and to support the honest bankers.

The Prime Minister claimed that his government discovered methods to address the problems which were being faced by the banks before 2014. He has said, “The issue of NPAs was addressed by us. We have recapitalized banks and also increased their strengths. Various reforms like IBC were undertaken by us.” Stating the fact that bank laws were reformed by the Modi government, the PM said that during the time of the pandemic, a Stressed Asset Management Vertical was developed.

The PM, appreciating the present condition of Indian banks, said, “Indian banks are presently capable of boosting up the Indian economy. I state this as a significant milestone for the Indian banking sector.” Modi has emphasized the fact that Indian banks are presently sufficient with their liquidity which has instigated international agencies to look upon them. Pointing at the scenario he further claimed that the situation is ideal for new job creations. Modi stressed the requirement to maintain both the balance sheets of the banks and the wealth sheets of the country as well.

Narendra Modi sought a change in the traditional attitude of the banks, which would consider the customer to be an applicant while the bank would enjoy the position of the approver. He suggested that a niche solution to the customers could only be provided by adopting the policy of partnership. Modi praised the banks in terms of the implementation of the Jan Dhan Scheme.

Referring to the government-directed PLI, the Prime Minister said that the bank should be actively involved with all its stakeholders and play a role in it. According to him, the banks must exploit the huge arena of data that the BJP government has created in the country. Narendra Modi further reminded that the banks had a significant part to play in the PM Awas Yojna, Swamiva, and Svanidhi schemes.

According to the PM, several states have recorded low crime rates because of the bigger openings of the Jan Dhan accounts. He said that this is the perfect time to develop India’s funds with ample amounts of start-ups popping up. Modi clarified that the banking sector had the responsibility of collaborating with the national goals. He said that the partnership of the ministries and banks must stand in correlation to the GatiShakti Portal.

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