strong enough to play a major role in imparting fresh energy to the country’s economy, for giving a big push and making India self-reliant,” the Prime Minister noted.
He went on to call on the major players of the financial sector to assist small businesses in improving the scale of their borrowers’ operations, in order to facilitate the South Asian nation’s leap into the next phase of growth. According to PM Modi, it is necessary for the banking sector to realise that in India, it is time to invest in ideas. “It is time to support start-ups. Start-up is an idea, there is no asset, it is just an idea,” he said.
The Prime Minister further noted that banks across the country should move away from an approver-applicant culture and develop a model of partnership in their relations with customers. “Don’t wait for customers to come to banks. You have to go to them,” he said, while assuring lenders that his government will “stand by them like a wall” in every honest decision they make.
In his address, the Indian leader also highlighted the reforms initiated by the Union across the banking sector over the past six to seven years, supporting the industry in strengthen its strong position in India’s economy. “We addressed the problem of non-performing assets (NPAs), recapitalised banks and increased their strength. We brought in reforms like Insolvency and Bankruptcy Code (IBC), reformed many laws and empowered the Debt Recovery Tribunal,” he pointed out.
