In a scathing critique, Prime Minister Narendra Modi lashed out at the previous UPA government, holding them responsible for the destruction of the banking sector through ‘scams’. Speaking at the Rozgar Mela, where he virtually handed over 70,000 appointment letters, PM Modi proudly announced that many of these appointees were joining the banking sector, which had been adversely affected by the actions of the earlier government.
PM Modi Blames Previous Government for Banking Sector Destruction and Scams
Highlighting one of the major scams, PM Modi referred to the infamous “phone banking” scam that had severely crippled the banking system. He expressed disapproval of how loans worth thousands of crores were given to favorites of influential politicians and families without any intention of repayment.
PM Modi’s Initiative to Revive Banking Sector
However, the Prime Minister also asserted that his government had taken significant steps to revive the banking sector. These included bolstering bank management, merging smaller banks, and infusing professionalism. The efforts bore fruit, transforming public sector banks from a state of massive losses and non-performing assets (NPAs) to record profits.
PM Modi went on to commend the dedication of bank employees in serving the people and supporting the underprivileged and unorganized sectors through the ‘Mudra’ scheme. He lauded their hard work in implementing government schemes that empowered women self-help groups.
PM Modi’s Critique of Previous Government’s Actions
Emphasizing India’s newfound status as a center of global trust and attraction, PM Modi urged the country to seize the growing opportunities across various sectors. He expressed confidence in the multi-year growth cycle of India and its vast potential for value creation.
Prime Minister Narendra Modi used the platform to criticize the previous government’s mismanagement of the banking sector while highlighting the remarkable recovery of India’s financial condition under his government’s watch. He praised the dedication of bank employees and encouraged the country to make the most of its current standing in the global landscape.