Independence Day: Banking Reforms Pushed Indian Banks to Top Global Ranks, Says PM Modi

In his Independence Day speech, PM Narendra Modi highlighted the transformation of Indian banks. He said that banks have now risen to top global rankings due to recent reforms.

PM Modi said that the banking sector used to struggle, but things have changed since reforms were introduced. The recent years have brought major improvements helping Indian banks become much more effective and competitive.

Indian banks are among the few banks that are strong globally, owing to major reforms undertaken by his government, Prime Minister Narendra Modi said on Thursday.

Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong banking system gives strength to the formal economy.

He said that earlier the banking sector was going through tough times, but there is growth in the segment.

"Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times...We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," Modi said.

He emphasised that a strong banking system is crucial to fulfil the needs of the middle class, farmers, homebuyers, startups, and the MSME sector.

(With inputs from PTI)