Prime Minister Narendra Modi today said the Bharatiya Janata Party-led (BJP) NDA government has initiated a series of banking reforms.
Prime Minister Narendra Modi today said the Bharatiya Janata Party-led (BJP) NDA government has initiated a series of banking reforms. The Prime Minister said the entire banking sector is undergoing major transformation with the advent of latest technology. “The banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less and paper-less,” he said at the launch of IDFC Bank in Delhi. We list here the top 5 reforms initiatives PM Modi has mentioned here:
1. Re-capitalisation of public sector (PSU) banks – Modi said the government would be infusing Rs 70,000 crore in the public sector banks in the next few years to help them deal with the distressed assets issue.
2. Change in rules for hiring top management – private sector professionals have been hired in PSU banks after nationalisation of banks in 1969
3. Paper-less transactions to curb the black money menace
4. India moving towards a situation where the currency printing cost will come down
Taking country in the direction currency-less business operations
5. Import duties have been hiked on certain items to help the sectors facing problems and account for distressed assets of the banking sector.