Mumbai: Prime Minister Narendra Modi has assured bank officials that business decisions taken by them will not be questioned. The government will also release guidelines on the scrutiny of any serving finance or banking expert, he said at an event in Delhi.
“I would like to tell every bank official through you that we have come out from old situations and no one will question your genuine business decisions. We are going to soon release guidelines for scrutiny of any serving finance or banking expert,” the Prime Minister said. “It is the government’s job to relieve the pressure that we see on the banking sector and we will do it. If bankers are afraid to take decisions, then they cannot take decisions and the government cannot leave him insecure. The government takes responsibility for his security. That is when the country will move ahead.”
In a speech lasting more than 45 minutes, the Prime Minister touched upon different social, economic and political issues. He said that the country’s banking system is stronger than before due to the measures announced by the government.
“I can happily say today that we took the courage to merge PSU banks. Not only that, but also we gaveRs 2.5 lakh crore for the recapitalisation of banks. The Insolvency and Bankruptcy Code (IBC) has made about Rs 3 lakh crore write-backs possible. Reforms and big decisions like that have made the country’s banking sector stronger than before,” Modi said.
Modi also touched upon the improvement in India’s ranking in the World Bank’s Ease of Doing Business. India’s ranking has improved to 63 from 142 when Modi took charge as Prime Minister. Modi said that India’s ranking has jumped 79 places in the last five years and also shared a conversation he had with World Bank chairman Jim Yong Kim.
“He said that for such a big country — that too a developing country — to continuously improve its ranking was something the World Bank hadn’t seen in the past,” Modi said.
The Prime Minister said his government is promoting professionalism, rather than privilege, especially in civil services.
“The government is working as an enabler, facilitator and promoter for making India a $5-trillion economy…We are moving forward with reform and perform,” Modi said, adding that the corporate tax cut announced by the government recently will promote investment and manufacturing in India.