Banks must work to bolster wealth sheet of the country: Modi
“It is imperative that Indian banks work proactively to bolster the country’s wealth sheet along with their balance sheets,” said Prime Minister Narendra Modi at the closing session of the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth,’ organised by the finance ministry’s financial services department. “Banks must provide customised solutions to customers, businesses, and micro, small, and medium-sized enterprises (MSMEs) after analysing their needs,” he added.
Modi stated via video conference that a large pool of data has been created in India as a result of major changes that have taken place in the country and the schemes that have been implemented.
“The banking industry must capitalise on this. The scale at which corporates and start-ups are emerging today is unprecedented. What better time, in such scenarios, to strengthen, fund, and invest in India’s aspirations? The reforms, initiated by the government over the last 6-7 years have aided the country’s banking sector in every way, and, as a result, the sector is in a very strong position today. Banks have adequate liquidity and no backlog for provisioning of NPAs, as NPAs in public sector banks are at their lowest in five years,” noted the PM.
Seize the opportunities, FM tells India Inc
Meanwhile, Finance Minister Nirmala Sitharaman, while speaking at the inaugural session of the CII Global Economic Policy Summit 2021, called upon the industry to seize the opportunities presented by Aatmanirbhar Bharat, ramp up capacities, create job opportunities, and empower people with skill sets.
She urged India Inc. to venture into new areas, find partners to upgrade technology, invest in infrastructure, and adopt a growth-oriented focus. The government intends to make the business environment easier and more conducive, she added.
