PM Modi said that if banks support wealth, job creators then it can give a boost to economy
Prime Minister Narendra Modi said that the time has come where the bankers should help to support wealth and job creators, and improve their as well as the country’s balance sheet.
With a strong capital base and declining non-performing assets, public sector banks have been privileged to give a boost to the economy's growth and play an important role in making India atma nirbhar.
“I am seeing this as a new starting point for banks. It is time for you to support wealth creators and job creators. There is a need for banks to improve the country’s balance sheet along with their own balance sheet,” Modi said at ‘Creating Synergies for Seamless Credit Flow and Economic Growth'.
“In such a situation, what can be a better time to strengthen, fund, invest in India's aspirations?”, he said. Banking sector will have to understand that this is the time to invest in ideas and time to support startups, he said.“Whether public or private banks, the amount they invest in citizens will help in creating jobs,” he said.
Modi also said the government has addressed the issue of NPAs, recapitalized banks and strengthened them. “We brought reforms like IBC, reformed many laws and empowered debt recovery tribunal,” he said. Resolution and recovery is taking place, and the banks have managed to recover more than Rs 5 trillion from defaulters.
The new National Asset Reconstruction Company will also help banks in resolving bad loans of Rs 2 trillion, he added. Modi also said that by August 15, 2022, all bank branches should target to have at least 100 top clients who undertake all their transactions digitally.
In the two-day dialogue between government ministries, industry and bankers, it has been decided to create a web-based project funding tracker, Modi said. He added that his suggestion was to integrate this with the Gati Shakti portal.
Narendra Modi said that he will be providing benefits and privileges to the bank’s honest decisions.
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