PM Modi advice to banks adopt this model to increase business – Business News India

Prime Minister Narendra Modi on Thursday exhorted banks to support those creating wealth and employment opportunities, saying they will have to work proactively to improve the country’s balance sheet. Addressing a discussion on ‘Creating Synergy for Uninterrupted Credit Flows and Economic Growth’, Modi said that banks will now have to adopt a participatory model to help businesses thrive and the credit sanctioner’s role. You have to distance yourself from the thought. Calling upon the bankers, the Prime Minister said, “Banks have to support those who create wealth and create jobs. The time has come for banks to help in improving their balance sheet as well as the balance sheet of the country.

He also asked the bankers to provide customized solutions for businesses and micro, small and medium enterprises (MSMEs). “You don’t wait for customers to come to the bank. You have to go to them.” Referring to the lowest non-performing assets (NPAs) of banks in the last five years and adequate liquidity with banks, the Prime Minister said that despite the Kovid-19 epidemic, the banking sector is going through the current financial year. remained strong in the first half. Because of this, international agencies have also improved the scenario of this sector.

He said the recently formed National Asset Reconstruction Company (NARCL) would help in resolution of stressed assets worth Rs 2 lakh crore. Modi said, “The reforms in the last six-seven years have put the banking sector in a strong position today. We have solved the NPA problem of the banks, infused fresh capital in the banks, brought in the bankruptcy code and empowered the Debt Recovery Tribunal.

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