Kopar Khairane
National

India is now one of the nations with the strongest banks; once known for its NPAs, PSBs are now reporting record profits: PM Modi

<p>On Saturday, Prime Minister Narendra Modi said that India is now among the nations with the strongest financial sectors. The public sector banks (PSBs), which were previously associated with losses and non-performing assets (NPAs), are now being spoken about for their record profits, he said.</p>
<p>Speaking at a Rozgar Mela after practically handing out employment letters to over 70,000 candidates, PM Modi noted that many of them had worked in the banking industry while highlighting how it had been “destroyed” by the previous administration before his government took remedial action.<img decoding=”async” class=”alignnone wp-image-89459″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-the-mp-bjp-election-committee-will-develop-a-social-media-campaign-strategy-download-2023-07-22t180446.557.jpg” alt=”” width=”984″ height=”655″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-the-mp-bjp-election-committee-will-develop-a-social-media-campaign-strategy-download-2023-07-22t180446.557.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-the-mp-bjp-election-committee-will-develop-a-social-media-campaign-strategy-download-2023-07-22t180446.557-150×100.jpg 150w” sizes=”(max-width: 984px) 100vw, 984px” /></p>
<p>He reflected on the last nine years’ journey and remarked, “Today, India is among the nations whose banking sectors are regarded to be the strongest.</p>
<p>PM Modi referred to the practice of “phone banking,” in which influential people’s calls would result in loans being released. He claimed that these debts were never returned. He said that these “scams” broke the nation’s banking industry’s back.</p>
<p>Modi listed the actions done after 2014 to improve the situation, putting emphasis on professionalism, improving administration of government institutions, and merging small banks into larger ones. Additionally, he said that by insuring deposits up to Rs 5 lakh, more than 98% of accounts were secure, which restored confidence in the banking sector.</p>
<p>“Banks were shielded against losses by laws like the Bankruptcy Code. Additionally, the banks renowned for losses and NPA are being addressed for their record profit by tightening the noose against individuals who robbed government property by attaching their property, he added.</p>
<p>The prime minister remarked, “People in the banking sector never disappointed me or my vision,” expressing pleasure in their dedication to their jobs.</p>
<p>He praised the banking industry for its efforts in launching 50 crore Jan Dhan Accounts and making the Jan Dhan Account initiative a big success. During the epidemic, this was a huge aid in getting money into the accounts of crores of women.</p>
<p>The prime minister spoke on the MSME sector and the Mudra Yojana, which offered loans without collateral to young, entrepreneurial people. He commended the financial industry for helping to make the initiative successful. Similar to this, the banking industry stepped up to the plate when the government raised the loan amount for women’s self-help organizations and supported the MSME industry by giving loans that helped safeguard small businesses, saving 1.5 crore jobs.</p>
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