Prime Minister Narendra Modi said the banking sector suffered a decade ago in the name of aggressive lending. In a webinar on the financial sector, the prime minister said that banks are ready to stand by the right-to-use decisions on lending terms.
The government understands that not all marketing is successful, he said. The privatization of the two public sector banks, the IPO of the life insurance corporation and the FDI limit in the insurance sector to 74 per cent shows the government’s policy in the financial sector. The government’s effort is to promote private sector businesses, but the public sector banks and the insurance sector have a significant role in the country.
With the growth of the economy, new entrepreneurs and businesses need to increase the flow of debt, and have products ready according to fintech and start-up. India’s financial technology market is expected to grow to Rs 6 lakh crore. The government is committed to strengthening the banking sector and reforms will continue. Of the 41 crore Jan Dhan bank accounts, 55 percent are women and they have Rs 1.5 lakh crore.
The policy of the government is to bring out the accounts of each pie of the NPA rather than the culture of lending to the banks in a non-transparent manner. Trust and transparency of investors and depositors is a top priority of the government.
These rules will apply to these public sector banks from March 1, get the details
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