Prime Minister Narendra Modi said in an event organized in Mumbai on the occasion of the 90th Foundation Day of the Reserve Bank of India (RBI) on Monday that RBI as an institution has witnessed the pre-independence and post-independence periods. Today the credibility of the Reserve Bank has increased all over the world. The PM told the people associated with RBI that the policies you make today will be important for the coming decades. PM said that when I came on the 80th foundation day of RBI, the condition of the banking sector was very bad. The situation of NPA was very bad. We started from there. Today RBI is considered a strong system in the world.
Health of public sector banks improved
The PM said that the banking system which was on the verge of collapse, is today giving huge profits. This change came because there was clarity in our policies. When the policy is right the decisions are right. In short he said – If the intentions are right then the results are right. He said that to improve the health of public sector banks, the government provided capital of Rs 3.5 lakh crore. Loans worth Rs 3.25 lakh crore were settled. The gross NPA of banks was 11.25 percent in 2018, but by September 2020 it came down to less than 3 percent. RBI has played a huge role in all these achievements and it deserves congratulations.
Prime Minister Narendra Modi.
Today 52 crore Jan Dhan accounts
The PM said that the work you do for RBI affects the lives of common people. PM said that today there are 52 crore Jan Dhan accounts in the country. More than half of these accounts are in the names of women. Today, more than 7 crore animal husbandry and fish farmers have Kisan Credit Card. Today UPI has made its mark all over the world. Within a decade we have entered a new banking system, a new currency system.
What happened in a decade is just a trailer
The Prime Minister said that whatever happened in the last decade is just a trailer, we still have to take the country much further. We have to promote digital transactions in the country in the next 10 years. We have to strengthen financial inclusion. RBI needs to make such policies which will improve ease and banking and everyone can get its credit. He said that RBI should assess the possibilities of different sectors and provide guidance. The government is with the Reserve Bank. No one can stop a country whose priorities are clear from moving forward.
RBI should think about monitoring tools
PM Narendra Modi said that while big countries of the world are trying to recover from the impact of Covid, the Indian economy is touching new heights. He said that RBI should think about monitoring tools. He can play the role of global leader. While setting targets for the next 10 years, we need to keep in mind the wishes of the youth of India. RBI can play a big role in this. The PM said that today we have achieved many achievements in many sectors of the economy. The Reserve Bank will have to think out of the box further. He praised Governor Shaktikanta Das. PM said that innovation is going to have great importance in the 21st century. The government is spending a lot on this.
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