Prime Minister Narendra Modi addressed the nation at the commemoration ceremony marking the 90th anniversary of the Reserve Bank of India (RBI). During his speech, he outlined the government’s strategy for financial reform and the steps taken to improve the condition of Public Sector Banks (PSBs).
“Our government worked on the strategy of recognition, resolution, and recapitalisation,” said PM Modi. He highlighted the government’s efforts in infusing capital into the banking sector, with a whopping Rs. 3.5 lakh crores being directed towards improving the health of PSBs.
The Prime Minister also spoke about the governance-related reforms that have been implemented. These reforms aim to streamline operations, improve transparency, and ensure accountability within the banking sector.
A significant part of the government’s strategy has been the introduction of the Insolvency and Bankruptcy Code (IBC). This new system has been instrumental in resolving loans amounting to around Rs. 3.25 lakh crores. The IBC has provided a structured and efficient mechanism for dealing with insolvency and bankruptcy cases, thereby helping to clean up the banking system.
The commemoration ceremony served as a platform for the Prime Minister to highlight the government’s commitment to financial stability and economic growth. As the RBI steps into its 90th year, the focus remains on strengthening the financial sector and fostering a robust economy.
