PM Modi lauds turnaround in banking sector
Prime Minister Narendra Modi said that the banking sector has witnessed a remarkable turnaround in the last 10 years.
“In a remarkable turnaround in the last 10 years, India’s banking sector net profit crosses Rs 3 lakh crore for the first time ever,” said PM Modi in a post on X.
He further said that when the BJP-led government came into power, banks were grappling with losses and high Non-Performing Assets (NPAs), largely attributed to the policies of the previous government.
“When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor. This improvement in the health of banks will help improve credit availability to our poor, farmers, and MSMEs,” said PM Modi.
For the first time, the banking sector’s net profit crossed Rs 3 lakh crore in FY24, reported Times of India. The net profit of listed public and private sector banks rose 39% to Rs 3.1 lakh crore from Rs 2.2 lakh crore in FY23.
