Highlighting the banking sector's role in energizing India's economy, Prime Minister Narendra Modi on Thursday urged banks to adopt the model of partnership and to leave the traditional approver-applicant system.
PM Modi on Thursday participated at the conference on "Creating Synergies for Seamless Credit Flow and Economic Growth".
Addressing the concluding session, Prime Minister Modi said, "Banks should adopt the model of partnership leaving the traditional approver-applicant system. Today the capacity of the banks of India has increased so much that they can play a great role in giving new energy and a great push to the economy of the country and making it self-reliant. I consider this phase as a major milestone in the banking sector of India."
He emphasized that the banking sector must take advantage of the big reforms and schemes as well as the big pool of data that has been created in the country.
"The scale at which corporates and start-ups are coming forward today is unprecedented. In such a situation, what can be a better time to strengthen, fund, invest in India's aspirations? Today, when the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens," Prime Minister emphasised.
Referring to a banking sector research he said that it has come to the fore that states with more Jan Dhan accounts have relatively lower crime rates.
Mentioning the Production-Linked Incentive (PLI) scheme Prime Minister said the manufacturers should increase their capacity manifold in order to transform themselves into a global company.
Underlining the reforms made by the centre to improve the financial health of banks, Prime Minister said, "Reforms brought in by the government in the banking sector and support to the sector in every way in the last 6-7 years have led to the country's banking sector being in a very strong position today. Banks' financial health is in a much better position now."
"We found roads to solution for all issues before 2014. We addressed the NPAs issue, recapitalised banks, enhanced their strength, brought reforms like IBC, reformed laws, strengthened Debt Recovery Tribunal. When someone runs away with bank loans, it is discussed a lot. But when a daring government brings them back, nobody discusses it. More than Rs 5 lakh crores have been recovered out of the lakhs and crores of Rupees that were struck during the previous government's regime," he stated.
The two-day conference is being organised by the Ministry of Finance from November 17. The conference has been attended by top officials from Ministries, Banks, Financial institutions and Industry representatives.
( With inputs from ANI )
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