Modi said his government was using all channels, including diplomatic ones, to bring back high-profile economic offenders, leaving them with no option but to return. “It is time for you to support the wealth creators and job creators,” he said, adding that it is the need of the hour that the banks in India with their balance sheets to strengthen the ‘nation’s assets’. actively worked for
“Indian banks are strong enough to provide new energy to the country’s economy, give a big push and play a major role in making India self-reliant,” he said.
Modi said the banking sector has to understand that the time has come to invest in ideas in India. “It is time to support startups. Startups are an idea, not an asset, it is just an idea,” he said.
Banks need to abandon the culture of being an approver and a customer, he said, and adopt a model of partnership instead.
“Don’t wait for the customers to come to the banks. You have to go to them,” he said, assuring the bankers.
official Reforms strengthened PSBs
Modi further said that the reforms initiated by the government in the banking sector in the last six-seven years have supported the banking sector in every way, making this sector a very strong position. “We addressed the problem of Non-Performing Assets (NPA), recapitalization banks and increased their strength. We brought reforms like Insolvency and Bankruptcy Code.IBC), reformed several laws and empowered Debt Recovery Tribunals,” he said.
The government will continue to reform, he said, adding that the steps taken in recent years have created a strong capital base for banks.
Stating that banks had adequate liquidity and no backlog for provision of bad loans, he said NPAs among public sector banks are the lowest in the last five years. He said this has improved the approach of Indian banks by international agencies.
He asked the bankers to provide “customized solutions” to businesses and micro, small and medium enterprises (MSMEs) and go ahead with the adoption of fintech.
He set a target for banks to have at least 100 customers in each bank branch by August 15, 2022, to conduct the entire business digitally.
bank fraud
Modi said his government was using all channels to bring back high-profile economic offenders.
He said, “In our effort to bring back the fugitives (economic offenders), we relied on policies and law and also used diplomatic channels. The message is very clear – return to your country. We are continuing these efforts. ”