NPAs can't be swept under the carpet any longer: PM Modi

by IANS |

New Delhi, Feb 26 (IANS) Outlining reforms in the financial sector and taking a dig at the UPA government, Prime Minister Narendra Modi on Friday that non-performing assets (NPA) cannot be swept under the carpet now as a bad loan for even a single day needs to be reported.

Addressing a webinar on the Budget announcements for the Department of Financial Services (DFS), the Prime Minister said that reforms in the banking sector will continue.

"One after the other steps have been taken to pull the country out of the non-transparent credit culture. Now NPAs cannot be swept under the carpet, even an NPA for one day needs to be reported," he said.

Noting that old structures and norms of the banking and NBFCs are being changed, Modi said that everybody is aware of the losses caused to the financial sector in the name of "aggressive lending" around 10-12 years back.

Modi said that the government's vision is clear in terms of the financial sector.

"Our topmost priority is to ensure that every depositor and investor experiences trust and transparency," he added.

Addressing the webinar, he outlined the announcements related to the financial sector in the budget, ranging from privatisation of banks, LIC IPO and increasing the FDI limit in insurance sector.

Emphasising that the government's efforts are towards encouraging private players, Modi, said that the country, however, needs a significant public sector participation in the banking and insurance sectors.

Latest News
Sensex crosses 74K mark in 1000 points rally Thu, Mar 28, 2024, 03:42 PM
Man stabbed to death during fight over drinking water Thu, Mar 28, 2024, 03:41 PM
Actor Mukesh, BJP candidate Ashwini file nominations in Kerala Thu, Mar 28, 2024, 03:22 PM
Gillespie resigns from his role as South Australia, Adelaide strikers' head coach Thu, Mar 28, 2024, 03:15 PM
'No scope for individuality in party', Karnataka DyCM Shivakumar warns warring leaders Thu, Mar 28, 2024, 03:10 PM
Ukrainian FM arrives in India to build on talks between PM Modi, Volodymyr Zelenskyy Thu, Mar 28, 2024, 03:02 PM
Political conspiracy, claims Kejriwal while being taken to Rouse Avenue Court Thu, Mar 28, 2024, 02:47 PM
NXP Semiconductors unveils industry-first platform for software-defined vehicles Thu, Mar 28, 2024, 02:41 PM
CM Vijayan & CPI(M) tread cautiously after ED case against Veena Vijayan Thu, Mar 28, 2024, 02:37 PM
IPL 2024: 'They opened for Australia...', says Ganguly on DC's opting for Warner, Marsh as opening pair vs PBKS Thu, Mar 28, 2024, 02:28 PM
India's trade policy is calibrated with economic growth path: Piyush Goyal Thu, Mar 28, 2024, 02:17 PM
Holi brings cheer to UP excise dept as sales soar Thu, Mar 28, 2024, 02:11 PM
Punjab CM Bhagwant Mann blessed with baby girl Thu, Mar 28, 2024, 02:10 PM
New AI tool can predict fatal heart rhythm with 80 pc accuracy Thu, Mar 28, 2024, 12:41 PM
IPL 2024: 'Perplexed, beyond my understanding', Smith, Pathan slam Hardik's tactics of using Bumrah vs SRH Thu, Mar 28, 2024, 12:27 PM