Banks expanding countrywide

Prime Minister Narendra Modi has highlighted the sweeping reforms to make Banking Sector more transparent and profitable.

“Owing to the steps taken by the Government today, 13 Banks are on the path of profit, out of which 6 banks are out of PCA (Prompt Corrective Action),” he said at the inaugural session of 100 Years of ASSOCHAM in Delhi on 20 Dec 2019.

“We have also hastened the process of unification of the Banks. Today, banks are expanding their countrywide networks and are in the direction of achieving Global recognition,” Modi assured.

As a measure to boost economy, the Prime Minister said that the Government would invest Rs.100 lakh crore in the infrastructural sector and another Rs.25 lakh crore in the Rural Sector in order to provide support to achieve the target.

With this overall positivity, the economy is propelling towards a US$5 trillion target set for building the Indian economy in the coming years.

Addressing a gathering of leaders from the Corporate World, Diplomats and others, the Prime Minister said “We are trying to bring in more and more sectors into the horizon of formal economy.

“Along with this, we are linking our economy with latest technology so that we can speed up the process of modernization.”

The Government, he stressed, has decriminalised several laws in the Corporate Sector in order to reduce the burden and allow the industry to function in a fearless ecosystem. fiinews.com