PM Modi exhorts banks to support wealth, job creators; increase country's balance sheet

Modi also said that the recently set up National Asset Reconstruction Co (NARCL) would help resolve Rs 2 lakh crore of stressed assets.

Prime Minister Narendra Modi on Thursday asked banks not to wait for customers to come to their branch and ask for loans. Instead, the bankers must look for promising entrepreneurs and go out to handhold them to grow their business. That he said was most important for India's economic growth.

“Banks need to leave the feeling of that they are approver and customer is applicant or they are giver and customer receiver, and adopt the model of partnership,” Modi said addressing a conference on 'Creating Synergies for Seamless Credit Flow and Economic Growth' here.

“When the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens,” he said.

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Speaking on the overall impact of financial inclusion, Modi said that when the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens.

He gave an example of recent research by the banking sector itself where more Jan Dhan accounts are opened in the states have led to a reduction in the crime rate. Similarly, the Prime Minister said that the scale at which corporates and start-ups are coming forward today is unprecedented.

“In such a situation, what can be a better time to strengthen, fund, invest in India's aspirations,” the Prime Minister quipped.

"When someone runs away with bank loans, it is discussed a lot. But when a daring government brings them back, nobody discusses it. More than Rs 5 Lakh crore have been recovered out of the lakhs and crores of rupees that were struck during the previous government's regime," Modi said.

Modi said that the recently set up National Asset Reconstruction Company would help resolve Rs 2 lakh crore worth stressed assets.

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