Indian Banks Among World's Strongest: PM Modi - News
By Rediff Money Desk, New Delhi Aug 15, 2024 08:32
Prime Minister Narendra Modi highlights India's strong banking system, citing reforms undertaken by his government. He emphasizes the crucial role of a robust banking sector in supporting the economy and various sectors.
New Delhi, Aug 15 (PTI) Indian banks are among the few banks that are strong globally, owing to major reforms undertaken by his government, Prime Minister Narendra Modi said on Thursday.
Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong banking system gives strength to the formal economy.
He said that earlier the banking sector was going through tough times, but there is growth in the segment.
"Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times...We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," Modi said.
He emphasised that a strong banking system is crucial to fulfil the needs of the middle class, farmers, homebuyers, startups, and the MSME sector.
Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong banking system gives strength to the formal economy.
He said that earlier the banking sector was going through tough times, but there is growth in the segment.
"Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times...We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," Modi said.
He emphasised that a strong banking system is crucial to fulfil the needs of the middle class, farmers, homebuyers, startups, and the MSME sector.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Spicejet Ltd.
- 73.72 ( -5.23)
- 30742139
- Evexia Lifecare
- 3.60 (+ 1.41)
- 29455916
- Bajaj Housing Fin
- 181.48 (+ 9.99)
- 20018481
- Sunshine Capital
- 2.35 ( -2.08)
- 19067530
- Ola Electric Mobilit
- 118.10 (+ 9.71)
- 18600597
MORE NEWS
Mankind Pharma Board to Consider Fund Raising
Mankind Pharma's board will meet this week to discuss raising funds through an issue of...
Salesforce Launches Autonomous AI Suite:...
Salesforce introduces Agentforce, an autonomous AI suite for businesses, replacing...
LIC Increases Stake in Biocon to 5.02%
Life Insurance Corporation of India (LIC) has raised its stake in Biocon Ltd to 5.02%,...