PM On 9 Yrs Of Banking Revolution


PM Modi said banks known for losses and NPA are being discussed for their record profit.
NEW DELHI, July 22 (The CONNECT) – It was phone banking of a different kind during the previous government, said Prime Minister Narendra Modi in dig at the system that favoured those close to a “special family”.
People from the government used to make phone calls to banks asking them to grant loans to people close to the rulers, to be followed by more calls to give fresh loans to clear old debt and thus lead the PSU banks into an unending NPA trap, Modi said.
He was addressing via video conference over 70,000 recruits to various government jobs who were given their appointment letters today. Stating that many of the new employees would enter the banking sector, Modi pointed out the current digital era in which phone banking is a reality for the common account holder unlike the system that prevailed nine years ago.
The new recruits, selected from across the country will be joining the Government in various Ministries and Departments including the Department of Revenue, Financial Services, Posts, School Education, Higher Education, Defence, Health and Family Welfare, Central Public Sector Undertakings, Water Resources, Personnel & Training and Ministry of Home Affairs among others. 44 places across the country were connected with the Mela during the Prime Minister’s address.
Phone banking thus emerged as one of the major financial scams of the previous regime and broke the back of the banking sector, the PM said.
He listed the measures taken after 2014 to retrieve the situation and said strengthening of management of the government banks, stress on professionalism and consolidation of small banks into large banks helped the sector bounce back.
Modi said that by insuring deposits up to 5 lakhs,  more than 99 percent of deposits became safe leading to a renewed trust in the banking system. By acts like the Bankruptcy Code, banks were protected from losses. By tightening the grip over those who looted the government property by attaching their property, the banks known for losses and NPA are being discussed for their record profit.
In the Azadi ka Amrit Kaal, the Prime Minister said that every citizen has taken the resolve to make India a ‘Viksit Bharat’. He emphasized that the next 25 years are extremely crucial for the new recruits and the nation as he stressed making the most out of the trust, significance and attraction towards India from the world in recent years. He highlighted the rise of India in the leading economies as it jumped from the 10th to the 5th largest economy of the world. He also reiterated that India is going to become one of the top 3 economies in the world as stated by most economy experts.
“Becoming a top 3 economy in the world will be a monumental achievement for India”, the Prime Minister said as he highlighted that it will give rise to employment opportunities in every sector and also boost the income of the common citizens. He remarked that there cannot be a better time than today to be recruited by the government as the new officers have got the golden opportunity to serve the country in its Amrit Kaal.
He suggested that their priorities should lie with serving the people of the country and resolving their issues to increase ease of living, while also aligning themselves with the goals of Viksit Bharat. “A small effort from you can create a huge change in someone’s life”, the Prime Minister said as he reiterated that the populace is the form of God and serving them is like serving God itself. He emphasized that the new appointees should work with the belief of serving others to unlock the greatest feeling of satisfaction.