'We will emerge as torchbearer of banking reforms', India Banking Conclave marks journey towards $5 tr economy

New Delhi, November 13: "India will emerge as the torchbearer of banking reforms in the world as we aim to be a global superpower", said Dr Jitendra Singh while inaugurating the two-day India Banking Conclave in the national capital today, further marking the beginning of India’s journey towards achieving the $5 trillion economy.

 

 

Under the leadership of the PM Modi, the Centre has unleashed the huge potential our Banking Sector is capable of during the last more than five years. "Centre’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", he affirmed.

 

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. “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.

Singh further said that several such innovative schemes including the Ujjwala Yojana, Pradhan Mantri Awas Yojana, Mudra Yojana, Stand Up India- Start Up India schemes and DBT had stopped pilferage and helped better target welfare schemes for poverty alleviation. “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,” he said.

 

“It is the vision of Shri Narendra 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.