‘Remarkable turnaround’: PM Modi on Indian banking sector’s growth in 10 years

New Delhi, May 20, 2024.

Prime Minister Narendra Modi on Monday said that the banking sector has witnessed a remarkable turnaround in the last 10 years.

“In a remarkable turnaround in the last 10 years, India’s banking sector net profit crosses Rs 3 lakh crore for the first time ever”.

He further said that when the BJP-led goverment came into power, banks were grappling with losses and high Non-Performing Assets (NPAs), largely attributed to the policies of the previous government.

“When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor. This improvement in the health of banks will help improve credit availability to our poor, farmers, and MSMEs,” said PM Modi.