PM Narendra Modi addresses webinar on effective implementation of Budget provisions regarding Financial Services

New Delhi: Prime Minister, Shri Narendra Modi addressed a webinar on effective implementation of Budget provisions regarding Financial Services through video conference.
Addressing the event, the Prime Minister said a clear roadmap has been laid out in the Union Budget on how to expand the participation of the private sector and strengthen the Public sector institutions. He added the Government’s vision of the country’s financial sector is very clear. Our top priority is to ensure that the Depositor as well as Investor experience Trust and Transparency. The old ways and old systems of banking and non-banking sectors are being changed.

The Prime Minister said, in the name of Aggressive Lending, the banking sector and the financial sector in the country was severely harmed 10-12 years ago. Steps have been taken one by one to free the country from non-transparent credit culture. He said now instead of brushing the NPAs under the carpet, it is mandatory to report even one day NPA.

The Prime Minister assured the audience that the government understands the uncertainties of the business and recognizes that every business decision is not underlined by bad intentions. In such a scenario, it is the responsibility of the government to stand by business decisions taken with clear conscience, we are doing this and will continue to do so. Mechanisms like Insolvency and bankruptcy code, are assuring the lenders and borrowers, he said.

The Prime Minister listed the priorities of the Government as Income protection of common citizens, effective and leakage free delivery of government benefits to the poor, promotion of infrastructure related investment for the development of the country. All the financial reforms introduced during the past few years reflect these priorities. This Union Budget has carried forward this vision of strengthening India’s financial sector. He said New Public Sector Policy announced recently includes the financial sector as well. There is a lot of potential for banking and insurance in our economy. In view of these possibilities, several initiatives have been announced in this budget including privatization of two public sector banks, permitting upto 74