India set to emerge as torchbearer of banking reforms: Singh

at 2:28 pm
Jitendra Singh
Jitendra Singh while inaugurating two-day India Banking Conclave in New Delhi

New Delhi (NVI): India will emerge as the torchbearer of banking reforms in the world as the country aims to be a global superpower said MoS PMO Jitendra Singh while inaugurating the two-day India Banking Conclave here.

Addressing the conclave organised by the Centre for Economic Policy Research (CEPR) along with its knowledge partner and government Think Tank, NITI Aayog yesterday, Jitendra Singh said, “Under the leadership of the Prime Minister Shri Narendra Modi, the Government has unleashed the huge potential our Banking Sector is capable of during the last more than five years.”

“This marks the beginning of India’s journey towards achieving the $5 trillion economy,” Singh said adding, “The Government’s thrust on ‘Make in India’ and ‘Ease of doing Business’ is dependent primarily upon the ‘Ease of Banking’, besides improved communication, digitalization and connectivity.”

“Pradhan Mantri Jan Dhan Yojana has transformed the banking landscape in the country. From being a Zero Balance account scheme for every family, the deposits under the scheme have swelled to thousands of crores,” said Singh.

Jitendra Singh

He added, “This proves the Jan Dhan Yojana is not only about economic empowerment, but it has become a matter of self-esteem for the poor as they rise to contribute to India’s economy,” he added.

Citing several innovative schemes including the Ujjwala Yojana, Pradhan Mantri Awas Yojana, Mudra Yojana, Stand Up India- Start Up India schemes, PM-Kisan Samman Nidhi Yojana, geotagging of NG-NREGA and DBT, Singh said, the initiatives have stopped pilferage and helped better target welfare schemes for poverty alleviation.

He said, “Minimum Pension has been raised to Rs.1,000 at the initiative of Prime Minister Shri Narendra Modi. For the first time initial seed capital funding has been introduced under the Venture Fund in the North-Eastern Region with an aim to stem the exodus of people.”

“It is the vision of PM Modi that the nearly century-old Indian Forest Act, 1927 was amended to exempt bamboo from its purview and promote its commercial exploitation which will create jobs and industry in the NER,” he added.

Jitendra Singh

He further said, “In 2014, soon after taking over the reins of the Government, the Prime Minister had said he is committed to serve the welfare of the poor.” “This is the beginning of a journey from pessimism to optimism,” said Singh quoting from his tweet on the day Narendra Modi took over as the Prime Minister for the first time in 2014.

Several topics were discussed on the first day of conclave including Future Road Map for Banks, Medicine in Need, Redefining banks’ role in $5 trillion economy & beyond and Resurrecting the Phoenix: Rebuilding NBFCs future-ready etc.