Prime Minister Narendra Modi criticized the previous UPA government on Saturday, accusing them of damaging the banking sector through “scams”. In contrast, he stated that his administration has successfully restored the sector’s financial health, leading to India gaining recognition for its strong banking industry.
Speaking at a Rozgar Mela where he virtually distributed appointment letters to over 70,000 new recruits, PM Modi highlighted the significant number of individuals employed in the banking sector. He emphasized how the previous government had “destroyed” this sector before his government took corrective actions.
According to PM Modi, one of the major scandals during the previous government’s reign was the “phone banking” scam, which severely impacted the banking system. The concept of phone banking for that government involved granting loans worth thousands of crores of rupees to favorites of influential leaders and families, with no intention of repayment.
In contrast, PM Modi asserted that his government implemented various measures to strengthen the banking sector, such as enhancing bank management, merging smaller banks, and promoting professionalism. Previously known for incurring massive losses and non-performing assets (NPAs), public sector banks now boast record profits, he claimed.
The prime minister also commended the dedication and hard work of banking sector employees. He acknowledged their commitment to serving the public and successfully executing various government schemes, including providing loans to the poor and unorganized sectors through the ‘Mudra’ scheme and supporting women self-help groups.
PM Modi further stated that India has become a trusted and attractive global center. He urged the country to seize the abundant opportunities in various fields that are emerging.