PM Modi also said that India is now among the countries with the strongest banking sectors following a series of measures taken by his government.
Prime Minister 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, PM 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, PM 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, PM 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.
READ | 'Manipur Files should be made’: Shiv Sena slams BJP over ethnic violence
The UPA was in power during 2004-14. His government, PM 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.
He also praised banking sector employees for their hardwork and commitment to serve people and execute various government schemes to help the poor and unorganised sectors through loans under the 'Mudra' scheme and to support women self-help groups.
PM Modi said India has emerged as a centre of global trust and attraction and added that the country has to make full use of it. Opportunities are increasing in various fields, he said. India is now counted among the countries with the strongest banking sector, he said, adding that it was not the case nine years back.
"There are many examples of the destruction which is caused when the greed for power overrides national interest. Our banking sector has suffered this destruction under the previous government," he told the young recruits.
Loans given to favourites were never really repaid during those times and one loan was sanctioned after another to clear previous dues on paper, PM Modi said. By laws like the Insolvency and Bankruptcy Code, banks were protected from NPAs while tough action against those accused of swindling banks, including attachments of their properties, was also taken, he said. PM Modi said his government has also insured bank deposits up to Rs 5 lakh, ensuring the safety of more than 99 per cent of account holders.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Greed for power overrode national interest under previous government: PM Modi")
)
)
)
)
)
)
)
)
)
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}