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Home > All news > Business, Economy > "Just the trailer.." PM Modi heaps praises on the RBI for transforming India in the last 10 years

"Just the trailer.." PM Modi heaps praises on the RBI for transforming India in the last 10 years

April 1, 2024
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PM Modi

New Delhi/Mumbai - The Reserve Bank of India has played an appreciation-worthy role in the transformation of India's banking system and the economy in the last ten years, Prime Minister Modi said while speaking at the central bank's 90th anniversary event in Mumbai on Monday, 1st April 2024.

"When I attended RBI's 80th birthday in 2014, the situation was completely different," said Modi pointing to India's twin balancesheet crisis, banking turmoil. "India's banking sector was troubled with challenges and problems, be it NPA, stability of the system and its future, everyone was filled with doubts. The situation was so bad that the PSBs weren't able to give Indian economy the required push," Modi reminisced. However, he said, today the situation has evolved for the better.

"The banking system which was on the verge of going bust, is today seeing profits and is setting records when it comes to providing credit. A change like this is just 10 years was not easy. it happened because our policies, intentions and decisions were clear," Modi said.
Going ahead, the RBI must think differently, Modi said. "Shaktikanta Das is an expert in this regard," the PM said.

Disclaimer: This information has been collected through secondary research and Daily Shipping Times is not responsible for any errors in the same.

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