A new Key Move for PSBs’ Revival

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A new Key Move for PSBs’ Revival
A new Key Move for PSBs’ Revival

Nirmala Sitharaman Slams Rahul Gandhi’s Banking Allegations, Credits Modi Government for Banking Sector Revival

In a sharp rebuttal to Congress leader Rahul Gandhi’s recent allegations regarding the misuse of public sector banks (PSBs), Finance Minister Nirmala Sitharaman has highlighted the significant improvements in the banking sector under the leadership of Prime Minister Narendra Modi. Sitharaman firmly rejected Gandhi’s claims, asserting that the Modi government’s reforms have transformed PSBs into more efficient, transparent, and accountable institutions.

Finance Minister’s Sharp Response to Rahul Gandhi’s Criticism of PSBs

Rahul Gandhi, in his latest remarks, accused the Modi government of using PSBs as an “unlimited source of funds for fraudulent friends.” Responding swiftly, Nirmala Sitharaman dismissed the allegations as baseless and misleading. She stressed that the Modi government’s record in revitalizing the banking sector, especially PSBs, speaks for itself, contrasting it with the past administration’s failure to address the issues plaguing the sector.

Modi Government’s ₹3.26 Lakh Crore Recapitalization Boosts Public Sector Banks

One of the most significant moves made by the Modi government to strengthen the banking sector has been the recapitalization of PSBs with ₹3.26 lakh crore over the last decade. Sitharaman pointed out that this financial support was crucial in improving the capital base of PSBs, which has enabled them to reduce non-performing assets (NPAs) and extend more credit to the economy. This strategic intervention, she explained, has played a pivotal role in the turnaround of the sector.

Sitharaman Defends Modi’s Banking Reforms Against Congress Leader’s Baseless Claims

Sitharaman also detailed how the government has introduced numerous reforms aimed at making PSBs more transparent and efficient. These include better regulatory measures, the use of technology for enhanced customer service, and stricter governance to curb corruption. Under the leadership of Prime Minister Modi, these reforms have resulted in a more robust banking system, able to serve both businesses and the public more effectively.

A Comparison: UPA’s Bank Mismanagement vs. Modi Government’s Success in Banking

Sitharaman didn’t miss the opportunity to highlight the contrast between the Modi government’s handling of PSBs and the Congress-led UPA’s alleged mismanagement. Under the UPA, PSBs saw a sharp rise in NPAs, with the sector mired in corruption and inefficiency. In stark contrast, the Modi government’s focus on financial discipline and transparency has led to a significant reduction in NPAs and a stronger, more resilient banking system.

As the political battle over India’s banking sector continues, Nirmala Sitharaman’s response offers a clear defense of the Modi government’s record. With major reforms, a ₹3.26 lakh crore infusion into PSBs, and a focus on transparency, the banking sector has seen a remarkable turnaround. While Rahul Gandhi’s allegations may persist, the facts suggest that the Modi government has successfully revitalized public sector banks, securing their future role in India’s economy.