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Ministry of Personnel Says India Will Emerge As Torchbearer Of Banking Reforms

Capital Market 

Minister of State for Development of North Eastern Region (I/C), Prime Minister's Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Jitendra Singh has said India will emerge as the torchbearer of banking reforms in the world as we aim to be a global superpower. Inaugurating the two-day India Banking Conclave, he said under the leadership of the Prime Minister Narendra Modi, the Government has unleashed the huge potential our Banking Sector is capable of during the last more than five years.

Jitendra Singh said 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. Jitendra Singh said the 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, he said.

Singh said several such 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 have stopped pilferage and helped better target welfare schemes for poverty alleviation. Minimum Pension has been raised to Rs 1,000 at the initiative of Prime Minister Narendra Modi.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 13 2019. 14:31 IST