PM Modi addressed the gathering in Mumbai on the occasion of completion of 90 years of Reserve Bank. During this, he said that a decade ago the banking sector was in deep stress. But now the banking system is in profit and is providing loans at record levels. The changes in the Indian banking sector are a case study. The Central Government has invested Rs 3.5 lakh crore in public sector banks so that those banks can be revived again. UPI is now getting recognition all over the world. RBI is also working on central bank digital currency. PM Modi also emphasized on easy banking and easy availability of loans. Regarding the Monetary Policy Committee of RBI, he will say that they have done a good job regarding the inflation target.
last 10 years only trailer
Speaking to news agency PTI, PM Modi said that whatever happened in the last 10 years was just a trailer. We still have to take the country further and a lot remains to be done. He said that I consider those who are associated with RBI at present to be very fortunate. The policies you make today and the work you do will decide the direction of the next decade of RBI. This decade is the decade that will take this institute to its centenary year and this decade is equally important for the resolution journey of developed India.
India’s banking system benefited
PM Modi said in his address, ‘When I came to the ’80th’ year program of the Reserve Bank in 2014, the situation was completely different. The entire banking sector of India was facing problems and challenges. Everyone was full of apprehension about the stability and future of India’s banking system regarding NPA. Look, today India’s banking system is being considered as a strong and sustainable system in the world. The banking system which was once on the verge of collapse has now become profitable and has seen a record increase in loan giving.
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