India must establish world class banks, urges PM


Prime Minister Narendra Modi Saturday called upon India’s banking sector to establish banks which are world class and rank among the top in the world.

Emphasising that the banking sector of a country mirrors its economic growth and progress, Modi said Japan and China have banks which were ranked among the top 10 globally during their economic rise.

Addressing India’s top bankers at the end of a two-day bankers retreat ‘Gyan Sangam’ in Pune on Saturday evening, Modi assured that banks would run professionally without any interference, but accountability was essential.

He called for an end to “lazy banking” and asked banks to take on a “pro-active role” in helping the common man.

On this front, he emphasised the need for public sector banks (PSBs) to set goals for the 75th anniversary of India’s independence in 2022.

Modi said he has resolved to provide housing for all by 2022 and banks had a huge opportunity in this as 11 crore (110 million) homes were required in the country.

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