Greed for power overrode national interest under previous govt, destroyed banking system: PM Modi
Narendra Modi said on Saturday that greed for power overrode national interest during the UPA government, wreaking havoc on the banking sector, but his dispensation has nursed it back to good financial health. Addressing a Rozgar Mela, Modi took an apparent swipe at the Gandhi family, saying a few powerful politicians close to a particular family would get loans of thousands of crores of rupees to their favourites by calling up banks and those loans were never meant to be returned.
He said that the «phone banking» scam was one of the biggest scams of the previous government as it broke the back of the banking system. Phone banking may be a common practise now but its idea was different for the government which was there nine years ago as it was not meant for the common citizen, Modi said.
He also said that India is now among the countries with the strongest banking sectors following a series of measures taken by his government. Addressing a gathering of recruits after giving appointment letters to over 70,000 of them virtually, Modi noted that a large number of them have been employed in the banking sector as he highlighted how it was «destroyed» under the previous Congress-led dispensation before his government took corrective measures.
The UPA was in power during 2004-14. His government, Modi asserted, took several measures, including strengthening the management of banks, merging small banks and injecting professionalism, to help the sector.Public sector banks were earlier known for losses running into thousands of crores of rupees and non-performing assets (NPAs), but now they are known for record profits, the prime minister said.
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