Prime Minister Narendra Modi on Thursday urged the public as well as private sector banks to support wealth and job creators, besides emphasising the need to invest in the ideas thrown up by the startups ecosystem in the country.
Addressing the chief executives of the country’s top banks at a conference on “Creating synergies for Seamless Credit Flow and Economic Growth’, Modi asked banks to look at strengthening their balance sheets and that of the country.
He pointed out that banks were flush with liquidity, and there should be all-round efforts to help corporates and MSMEs scale up in the country.
“Today there is a need to unlock the productive potential of Indian citizens. The more you invest in citizens and their ideas, the more employment can be achieved. You have to align your efforts with the government’s goals”, Modi told bankers’.
New technologies
Asserting that Indians are quick to adapt to new technologies, Modi urged bankers’ not to delay initiatives when it came to Fintech. He also set a target for banks wherein by August 15 next year, each of the bank branches in the country should have at least 100 completely digital customers in their functioning.
Modi asserted that reforms in the last six to seven years have helped the banking sector become strong today. He said that the banking system has recovered over ₹5 lakh crore of bad debt and that the new National Asset Reconstruction Company Ltd (NARCIL) is expected to address ₹2 lakh crore of stressed assets. Modi highlighted that the NPA situation in the banking system is at manageable levels.
He also urged bankers to design customised solutions for businesses and MSMEs. “Don’t wait for customers to come to banks. You have to go to them”, Modi said.