PM Modi praised RBI, “The change happened due to honesty and continuity in our efforts” – Dainik Savera Times

Mumbai : Prime Minister Narendra Modi on Monday lauded the changes in the Reserve Bank of India in the last decade and said the banking system has changed due to honesty and continuity in the government’s efforts. Addressing the function organized to mark the completion of 90 years of RBI, the Prime Minister said that when the decisions are right then the policies give the right results. “Change happened because there was honesty and consistency in our efforts. This change came because our policies, intentions and decisions were clear. When intentions are clear, policies are right. When policies are right, decisions are right.” PM Modi said, and when the decisions are right, the results are also right.

Recalling his visit to the event organized to mark the completion of 80 years of RBI, the Prime Minister said that in 2014 the situation was so bad that public sector banks were not able to adequately promote the economic progress of the country. “In 2014, when I participated in the RBI’s 80 years celebrations, the situation was very different. The entire banking sector in India was facing problems and challenges. Everyone was skeptical about the stability and future of India’s banking system. The situation was so bad that public sector banks were not able to adequately promote the economic progress of the country. He said, we all started from there and today India’s banking system is seen as a strong and sustainable banking system in the world.

He said, ‘We have left no stone unturned for the growth of the banking sector. The BJP government worked on the policy of recognition, resolution and recapitalization. To improve the condition of public sector banks, the BJP government infused capital of about Rs 20 crore. The Prime Minister also brought in Rs 3.5 lakh crore and governance-related reforms. Highlighting the growth of Unified Payment Interface (UPI) over the last 10 years, PM Modi said India has entered a new era of the banking sector, economy and currency exchange.

“UPI has become a globally recognized platform. It records more than 1200 crore transactions every month. In just 10 years, we have entered a new era in the banking sector, economy and currency exchange. We have to consider more the possibilities of digital transactions,” he said, adding that we also have to monitor the channels of cashless economy and ensure that we promote a financially inclusive culture. “The gross non-performing assets (NPAs) of banks, which was around 11.25 per cent in 2018, is expected to reach below 3 per cent by September 2023. The ‘twin-balance sheet’ problem is now a thing of the past.

Banks are now registering credit growth of 15 percent. “RBI has played an important role in all these achievements,” the Prime Minister said. Keeping the target for the next 10 years, PM Modi said that there is a need to focus on the aspirations of the youth of India and RBI has an important role in fulfilling this aspiration of the youth. “There is one more thing we have to keep in mind while setting goals for the next 10 years. That is the aspirations of the youth of India. India is one of the youngest countries in the world today.” He said that RBI has an important role in fulfilling this aspiration of the youth.