On Saturday, Prime Minister Narendra Modi criticized the previous UPA administration, claiming that although it had ruined the banking industry via “scams,” his administration had brought it back to financial stability and that India was again renowned for the strength of this sector.
Speaking at a Rozgar Mela after practically handing out employment letters to over 70,000 recruits, Modi observed that many of them had worked in the banking industry and emphasized how it had been “destroyed” by the previous administration before his government took action to fix it. He said that the “phone banking” swindle, which shattered the spine of the financial system, was one of the worst frauds committed by the previous administration.
The notion of phone banking was unusual for that regime since, according to him, loans totaling hundreds of crores of rupees were granted to the preferred candidates of certain influential leaders and families and were never intended to be repaid. Modi said that his administration helped the industry by taking a number of steps, including enhancing bank management, merging minor banks, and fostering professionalism.
The prime minister said that public sector banks, which were formerly notorious for losses totaling hundreds of crores of rupees and non-performing assets (NPAs), are now renowned for record profits. He also commended those working in the banking industry for their dedication to helping others and carrying out different government programs, including the “Mudra” scheme, which provides loans to underserved and unorganized sectors and supports women’s self-help organizations.
India, according to Modi, has become a hub of attraction and trust on the international stage, and the nation must fully capitalize on this. According to him, there are more opportunities in several industries.
