Government reforms have transformed banking sector, says PM Narendra Modi

PM Narendra Modi was speaking at symposium to 'Build Synergy for Seamless Credit Flow and Economic Growth'

New Delhi: Prime Minister Narendra Modi on Thursday said that government reforms in the past couple of years have transformed the banking sector.

"Reforms brought in by goverment in the banking sector and support to the sector in every way in the last 6-7 years have led to the country's banking sector being in a very strong position today. Banks' financial health is in a much better position now," PM Narendra Modi speaking at symposium said.

At the symposium to 'Build Synergy for Seamless Credit Flow and Economic Growth', PM Modi added, "There comes a time in the development journey of any nation when it takes a new resolve for a new leap & then the strength of the entire nation comes together for the fulfillment of those resolves".

The PM said that the government in the recent times has addressed NPAs of banks, recapitalised banks, brought bankruptcy laws, and strengthened debt recovery tribunal. He added that several steps have been taken to recover unpaid loans. More than Rs 5 lakh crore recovery has been made by banks from stressed loans. 

Banks have adequate liquidity, no overhang of NPAs. Rs 2 lakh crore of stressed assets likely to be resolved through National Asset Reconstruction Co. PM Modi emphasised that banks have to support wealth creators and job creators; work proactively to increase balance sheet of the country.