Modi: Country's banking sector in strong position today, may support economy

New Delhi: PM Narendra Modi on Thursday addressed a conference on Creating Synergy for Seamless Credit Flow and Economic Growth. PM Modi said that the banking sector in the country is in a very strong position today because of the reforms that the government has made in the last six to seven years, which has supported the banking sector in every way. You also feel that the economic condition of banks has improved considerably now, he added.

PM Modi said that all the problems before 2014, challenges, have been explored one by one. The government addressed the problem of NPAs, recarpeted banks, increased their strength. PM Modi further said that his government brought reforms like IBC, reforming many laws strengthened the Debt Recovery Tribunal. He said a dedicated stressed asset management vertical was also formed in the country during the crisis period of the corona epidemic.

PM Modi also expressed his views on the strengthening of the banking system in the country. He said that today the strength of India's banks has increased so much that they can play a very important role in giving new energy to the country's economy, in giving a big push, in making India self-reliant. He said he considers this phase to be a big milestone in the banking sector of the country.

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