It’s time for banks to support money and job creators:
With a strong capital base and dwindling non-performing assets, public sector banks have been strengthened to play a vital role in promoting the growth of the economy and making India self-reliant.
“I see this as a new starting point for banks. It is time for you to support wealth creators and job creators. Banks need to improve their balance sheets as well as the balance sheets of the country. Modi said in ‘Creating Synergy for Seamless Credit Flow and Economic Growth’.
Prime Minister Modi called upon banks to fund corporates and startups. He said that the scale at which corporates and start-ups are coming forward today is unprecedented.
“In such a situation, what better time to invest, fund, strengthen India’s aspirations?”, he said. He said that the banking sector has to understand that this is the time to invest in ideas and support startups.
“Public or private banks, the amount to be invested in citizens will help in generating employment,” he said.
Modi also said that the government has addressed the issue of NPAs, recapitalization banks and strengthened them. “We brought in reforms like the IBC, reformed several laws and empowered Debt Recovery Tribunals,” he said. Reconciliation and recovery are taking place, and banks have managed to recover over Rs 5 trillion from defaulters.
He said that the new National Asset Reconstruction Company will also help banks in resolving bad loans of Rs 2 lakh crore.
He asked the bankers to come up with customized products by analyzing the needs of the customers. Banks need to adopt a partnership model, and target should be set at the branch level to lend to ten youth in their area or ten micro, small and medium enterprises to grow their business.
Modi also said that by August 15, 2022, all bank branches should aim to have at least 100 top customers who do all their transactions digitally.
Modi said that in a two-day interaction between government ministries, industry and bankers, it has been decided to create a web-based project funding tracker. He said that his suggestion was to integrate it with Gati Shakti Portal.
While comforting the bankers, Modi said he will stand by them if honest decisions taken with true intentions turn out to be wrong.
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