PM wants banks to shrug off laziness and be proactive

PM wants banks to shrug off laziness and be proactive

Calling for an end to “lazy banking”, Prime Minister Narendra Modi on Saturday said that he is against any political interference in functioning of banks but supports necessary “intervention” in the public interest.

Calling upon the banking sector to establish banks which rank among the top lenders of the world, and as a statement that revolves around his mantra of good governance, Prime Minister Narendra Modi said that he is against political interference, but supports political intervention, in the interest of the people.

Modi added that banks need to be run professionally and assured them that there would be no interference.

“But accountability is essential,” Modi said, while addressing top executives of public sector banks and other financial institutions here on the last day of a two-day bankers’ retreat, ‘Gyan Sangam’.

Modi said that the government had no vested interest, and public sector banks can derive strength from this fact.

Stating that India is a democracy, Modi said that he is against political interference, but supports political intervention, in the interest of the people.

He said “political intervention will enable the voice of the common man to reach such institution”. Modi also called for an end to “lazy banking” and said that banks need to take a proactive role in helping the common man.

The Prime Minister also called upon banks to prioritise loans to employment generating enterprises. “Banks should redefine parameters for success. For instance, let them prioritise loans to enterprises which will generate more employment,” Modi said.

Cyber crime

Modi also asked the banks to develop dedicated teams to fight cyber crime and also highlighted the issue of poor financial literacy in the country.

Emphasising on the need for Indian banks to reach top of the global lists, he said, “The banking sector of a country mirrors its economic rise. Japan and China had banks in the top ten banks of the world during their economic rise.”

“As part of Corporate Social Responsibility, banks should take up one sector each year to play a positive role,” he said, adding banks should redefine parameters for success and prioritize loans to enterprises that generate more employment.

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