Banking: Sector now profitable and credit growth up, says PM Modi
New Delhi: Prime Minister Narendra Modi on Monday said India’s banking sector has now become profitable and credit growth has been increasing because of the efforts of his government and the Reserve Bank of India (RBI).
Addressing an event to mark the 90th anniversary of the central bank, he said a lot of work will be generated for everyone once the BJP-led NDA assumes office for the third term in June.
India needs to become economically self-reliant in the next 10 years so that the nation is not impacted much by global factors.
PM Modi said the gross non-performing assets (NPAs) of public sector banks, which was around 11.25 percent in 2018, dropped to less than 3 percent by September 2023.
The “twin-balance sheet” problem is now a thing of the past, he said, adding that banks are now registering a credit growth of 15 percent.
The RBI has played a significant role in all these accomplishments, the Prime Minister added.
(VP)
