PM harps on trust and transparency for depositors, investors in fin sector

Says banking sector was badly hit 12 years ago due to aggressive lending; but now instead of brushing NPAs under the carpet, it is mandatory to report even one-day defaults

Prime Minister Narendra Modi said on Friday his government's top priority is to make the financial sector transparent so that depositors and investors trust it.  

“The old ways and old systems of banking and non-banking sectors are changing,” Modi said addressing a webinar on effective implementation of Budget announcements for financial services.

The government has taken steps to free the country from non-transparent credit culture, Modi said. The banking sector was severely impacted 12 years ago due to aggressive lending practices. He said now instead of brushing NPAs under the carpet, it is mandatory to report even one-day defaults.

Modi said that the