PM Modi draws up blueprint for financial inclusion, asks bankers to be proactive

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On 18th of November, Prime Minister Narendra Modi asked bankers to shun their age-old “approver-applicant” attitude and make customers their partners in progress by stepping up the government’s financial inclusion initiatives and proactively reaching out to small entrepreneurs. The bankers, he stressed, should also show willingness to invest in new ideas for the country’s inclusive economic development.

PM Modi said the Indian banking sector is robust due to numerous reforms undertaken in the last six-seven years, which was immensely aidful in providing prompt relief to millions of poor though instant transfer of money in their ‘Jan-Dhan’ accounts. He was addressing a conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’ in the capital.He said, banking sector reforms undertaken during his regime not only unearthed hidden huge non-performing assets (NPAs) but also recovered about ₹5 lakh crore from willful defaulters, and another ₹2 lakh crore stressed assets will be resolved through recently created National Asset Reconstruction Company Ltd (NARCL).

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