Banks need to support wealth, work creators: PM Modi

New Delhi: Prime Minister Narendra Modi on Thursday said that the bank was in a far better financial position today and urged them to support wealth and work creators in the country.
Speaking at the conference cover session about ‘creating a synergy for a smooth credit stream and economic growth’, Modi noted that the reform carried out by the government in the past 6-7 years has placed a bank in a much stronger position today.
“Bank financial health is now in great enhanced conditions.
We bring reforms such as IBC, reforming many laws, the debt recovery courts empowered,” he said.
Prime Ninister also suggested a bank to adopt a partnership model to help business grow and away from the idea of ​​being a “approvover” loan to the loan “applicant”.
“Banks must support the creator of wealth and work creators …
It’s time for banks, along with their own balance sheet, helping to increase the country’s balance sheet,” Modi said.
It stated that the bank had adequate liquidity and the lowest traffic loans in five years, he said though the Covid-19 pandemic, the banking sector remained strong in the first round (April-September) at the current fiscal.
This has led to an increase in sector prospects by international institutions.
He also said that the National Asset Reconstruction Co.
recently established (NARCL) will help complete RS 2 Lakh Crore stress assets.
(With input from the agency)