Prime Minister Narendra Modi today said that India needs to become economically self-reliant in the next 10 years so that the nation is not impacted much by the global factors. Speaking at the commemoration ceremony of the 90 years of the Reserve Bank of India (RBI) in Mumbai, the Prime Minister said the transformation of Indian banking sector is a case study. He said the banking sector has become profitable and credit growth has been increasing due to the steps taken by his government and the RBI in the last decade.
He said, the government infused capital of 3.5 lakh crore rupees in PSU banks for their revival. He further said the gross Non-Performing Assets (NPAs) of public sector banks, which was around 11.25 per cent in 2018, dropped to less than 3 per cent by September last year. Mr Modi added that the twin-balance sheet problem is now a thing of the past, adding that banks are now registering a credit growth of 15 per cent. The Prime Minister said, the RBI has played a significant role in all these accomplishments. He said, RBI is known in the world for its professionalism and commitment. He said, the central bank has been able to stabilise G-sec yields despite monetary tightening and has also been successful in anchoring inflationary expectations. Prime Minister Modi was on a day-long visit to the city.
