‘Rs 1,000 cr given to billionaires earlier’: PM Modi inaugurates RBI’s data centre in Odisha, slams Congress’s ‘phone banking’ era

Prime Minister Narendra Modi launched the Reserve Bank of India’s (RBI) Rs 169-crore data centre and Cybersecurity Training Institute in Bhubaneswar, Odisha, on Sunday (October 25). The inauguration of the facilities highlights the role of digital banking in expanding financial inclusion. Meanwhile, amid this, the PM also launched a scathing attack on banking policies under previous Congress governments.

While addressing a gathering in Bhubaneswar, PM Modi stated that the project would not only benefit Odisha but also the country. He lauded everyone's efforts linked to the project and congratulated them, calling it an important milestone for the city. “Today Bhubaneswar is giving a new institution to the new India. The inauguration of RBI’s data centre and cyber security training institute here is an important occasion… I congratulate all those associated with this project," the Prime Minister said.

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PM Modi targets Congress

Lashing out at the Congress, the PM claimed that previous banking policies benefited specific and influential people while making it difficult for normal citizens to enjoy the benefits of financial services. “Poor and middle-class people needed a guarantor to open a bank account, while during the Congress government, loans worth Rs 1,000 crore were readily available to billionaires. This is one of the reasons why the NPAs (Non-Performing Assets) of our banks grew so significantly," he said.

He also criticised the practice of phone banking, alleging that loans were granted to a select few through political connections. PM Modi said thousands of crores of rupees in bank loans were given using phone banking services to a select few in Delhi and to those who had connections with influential people during the Congress government.

He pointed to the shift digital banking has brought about, noting that people across the country now enjoy wider access to formal financial services, from affordable loans to RuPay cards, a sharp contrast to the earlier system. This, he said, has made it possible for many to launch their own businesses, backed by bank loans that are both affordable and easy to access.

He added that the benefits are reaching far and wide; small entrepreneurs, traditional artisans, street vendors, and workers in the unorganised sector are all tapping into formal banking for the first time. Crores of RuPay debit and credit cards, he noted, have already been issued across the country.