PM Modi hails India's banking sector as among strongest in world

Indian Prime Minister Narendra Modi, while hitting out at the previous UPA government on Saturday (July 22), said that the banking sector was destroyed by them with “scams”, however, in his regime, it has restored its good financial health, and now the country is known for its strong banking sector.

Speaking at a Rozgar Mela after distributing more than 70,000 appointment letters to newly inducted recruits virtually, PM Modi said, "Today, India is one of those countries where the banking sector is considered to be the strongest but this was not the situation 9 years ago. Our banking sector has seen massive destruction during the previous government.”

'Phone banking scam broke the backbone of banking system'

He said that although the banking sector was “destroyed” by the previous regime, his government took corrective measures. He called the "phone banking" scam one of the biggest scams in the regime of the previou government which broke the banking system's back.

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“Today, we are able to make digital transactions but 9 years ago, phone banking was not for 140 crore people. People who were close to a specific family used to call Banks and provided them loans worth thousands of crores and these loans were never repaid. This 'phone banking scam' was one of the biggest scams during the previous government,” he said.

"Because of this 'phone banking scam' the backbone of the banking sector was broken. In 2014, we started reviving our banking sector. We strengthened the management of government banks in the country. We combined several small banks and created large banks. The government made a 'Bankruptcy Code' law so that if any bank is shut, they have the minimum loss possible,” the prime minister stated.

India to emerge as world's top three economies in few years: PM

Emphasising the importance of the next 25 years for the country, PM Modi said, “During the 'Azadi ka Amrit Mahotsav', when the country is working on the path of development, it is a great honour to get the opportunity to work as a government employee. The people of this country have taken the resolution to make India a developed country. The next 25 years are very important for India."

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"Today every expert is saying that in a few years, India will be in the world's top three economies. This means employment opportunities and citizen's per capita income will increase," he added.

The government organised the Rozgar Mela in 44 locations across the country.

(With inputs from agencies)

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