New Delhi, May 20 (Agency) Prime Minister Narendra Modi on Monday commended the banking sector for achieving a profit of Rs 3 lakh crore in the fiscal year 2023-24 and noted that the their “remarkable” turnaround happened in the last 10 years. PM Modi added that this progress has facilitated access to credit for the poor, farmers, and MSMEs. “In a remarkable turnaround in the last 10 years, India’s banking sector net profit crosses Rs 3 lakh crore for the first time ever.
This improvement in the health of banks will help improve credit availability to our poor, farmers and MSMEs” PM Modi wrote on social media post on X. Slamming Congress, PM Modi said, “When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor.” For the first time, banks’ profit surpassed Rs 3 lakh crore in FY 2023-24, marking a 39 per cent year-on-year growth.