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Banks need to support wealth, job creators; can give great push to economy, says PM Modi


NEW DELHI: Prime Minister Narendra Modi on Thursday said that banks are in a much better financial position today and urged them to support wealth and job creators in the country. Speaking at the concluding session of the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’, Modi noted that the reforms undertaken by the government in the last 6-7 years has put banks in a much stronger position today. “The financial health of banks is now in a much-improved condition. We brought reforms like IBC, reformed many laws, empowered debt recovery tribunal,” he said. The Prime Ninister also suggested banks to adopt a partnership model to help businesses thrive and move away from the idea of being a loan “approver” to a loan “applicant”. “Banks have to support wealth creators and job creators… It is time that banks, along with their own balance sheets, help increase the balance sheet of the country,” Modi said. Stating that banks have adequate liquidity and non-performing loans are lowest in five years, he said despite the Covid-19 pandemic, the banking sector has remained strong in the first half (April-September) in current fiscal. This has led to an upgrade in sector outlook by international agencies. He also said that the recently set up National Asset Reconstruction Co (NARCL) would help resolve Rs 2 lakh crore of stressed assets. (With inputs from agencies)


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