Prime Minister Narendra Modi said that money in banks is safe. He gave this statement at annual general meeting of Federation of Indian Chambers of Commerce and Industry. This statement came after UPA government’s allegation over Modi government policies. PM also called that during the Congress-led United Progressive Alliance was a scam government and blamed it for putting pressure on banks to lend to select corporates.
PM Narendra Modi said that there are rumours in bank industry that are misleading people. The government is taking steps to strengthen the banking system. PM assured people about their money and said that the government was working in the interest of consumers. He also talked about Financial Resolution and Deposit Insurance Bill putting depositors at risk.
Efforts by Modi Government
PM Narendra Modi said that government is working on non-performing loans and trying to revive the economy and create jobs.
There is an insolvency law enacted by Modi government to resolve bad loans in a time-bound manner. This improved India’s ranking according to the World Bank’s Ease of Doing Business.
The government has also discussed with restaurants for not passing on the benefits of lower goods and services tax (GST) to consumers.
To ease the availability of bank credit and increased competitiveness of businesses, government will bring more businesses under GST. This will create more transparent system of business.
Under the Mudra Yojana, 975,000 youth have been given loans without guarantees for businesses. Till now, government has given loan of more than 4 lakh crore.
