Public sector banks earlier known for huge losses, NPAs; now for record profits: PM Modi

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NEW DELHI: Prime Minister Narendra Modi on Saturday hit out on the earlier UPA authorities, saying whereas it destroyed the banking sector with “scams” his dispensation has restored its good monetary well being, with India now identified for the sector’s energy.

Addressing a Rozgar Mela after giving appointment letters to over 70,000 recruits just about, PM Modi famous that numerous them have been employed within the banking sector as he highlighted the way it was “destroyed” beneath the earlier dispensation earlier than his authorities took corrective measures.
He stated that the “cellphone banking” rip-off was one of many greatest scams of the earlier authorities because it broke the again of the banking system.

The concept of cellphone banking was totally different for that authorities as loans of 1000’s of crores of rupees got to favourites of some highly effective leaders and households, and people loans have been by no means meant to be returned, he stated.
His authorities, Modi asserted, took a number of measures, together with strengthening the administration of banks, merging small banks and injecting professionalism, to assist the sector.
Public sector banks have been earlier identified for losses operating into 1000’s of crores of rupees and non-performing belongings (NPAs), however now they’re identified for document income, the prime minister stated.
He additionally praised banking sector workers for his or her hardwork and dedication to serve folks and execute numerous authorities schemes to assist the poor and unorganised sectors by loans beneath the ‘Mudra’ scheme and to assist girls self-help teams.
PM Modi stated India has emerged as a centre of world belief and ttraction, including that the nation has to make full use of it. Alternatives are rising in numerous fields, he stated.

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