The recent reforms made it possible for banks to have strong financial health: PM

New Delhi, Nov 18, : Prime Minister Narendra Modi said Thursday that the Centres bank reforms over the last six-to seven years had supported the sector "everyway".

He stated that these reforms had improved the overall health of the banking sector, which is why its in todays strong position.We addressed the issue of "NPAs", recapitalised banks, and increased their strength.

Reforms such as IBC were introduced, many laws were amended and a debt recovery tribunal was established.He said that a dedicated "Stressed Asset Management vertical" was created in the country during Covid-19.

Indian banks have the strength to provide fresh energy for Indias economy.This will give India a huge boost and make it self-reliant.

He addressed the group via videolink and said that now is the right time to help wealth-creators as well as job creators.He stated, "Its urgent that the banks in India now work proactively to boost the wealth of India along with its balance sheets.

" He also mentioned that banks have a solid capital base because of the actions taken in recent years.He also pointed out the fact that Indian banks have sufficient liquidity, and there is no backlog in provisioning NPAs, which has been at its lowest level for five years -- this has led to an improvement of the outlook by international agencies.

He also said that banks play a vital role in making recently announced production-linked incentives (PLIs) viable by their expertise and support.Recent announcements of PLI" schemes have been made to encourage select industries in increasing their capabilities and helping them be more competitive internationally.rv/sn/skp #rems #banks #strong #financial #Delhi.