India must achieve economic independence within the next ten years to lessen the country’s vulnerability to external influences said by Prime Minister Narendra Modi. The Prime Minister stated that the transformation of the Indian banking industry is a case study while speaking at the Reserve Bank of India’s (RBI) 90th anniversary celebration in Mumbai. He claimed that because of the actions his administration and the RBI have done over the past ten years, the banking industry is now profitable and credit growth has been rising.
He stated that in order to revitalize PSU banks, the government contributed capital of 3.5 lakh crore rupees. According to him, by September of last year, the gross non-performing assets (NPAs) of public sector banks had decreased from approximately 11.25 percent in 2018 to less than 3 percent. The twin-balance sheet issue has been resolved, Mr. Modi continued, noting that banks are now reporting a 15% increase in credit.
According to the prime minister, the RBI has been crucial to all of these successes. He declared, “The world knows RBI for its professionalism and dedication.” In spite of monetary tightening, he claimed, the central bank has been successful in stabilizing G-sec yields and anchored inflationary expectations. It was the first day of the Prime Minister Modi’s visit to the city.
