Prime Minister Narendra Modi expressed his optimism about the future trajectory of India's economy during an event commemorating the 90th anniversary of the Reserve Bank of India (RBI). He likened the economic development of the past decade to a trailer, suggesting that there is much more to come.
PM Modi commended the RBI for its role in the transformation of stressed banks into profitable entities. He reflected on the state of the banking sector in 2014 when he attended the 80th-anniversary event of the RBI, noting the challenges and doubts surrounding the stability and future of India's banking system at that time.
Describing the situation of public sector banks as dire, PM Modi emphasized their inability to contribute significantly to the nation's economic progress. However, he highlighted the remarkable turnaround, with India's banking system now recognized as robust and sustainable on the global stage.
PM Modi outlined the government's approach to addressing banking sector challenges, emphasizing the strategies of recognition, resolution, and recapitalization. He underscored the government's infusion of Rs 3.5 lakh crore into public sector banks as a crucial step in their revival and improvement.
