FRDI Bill Will Strengthen the Banking System: PM Modi

The Prime Minister of India, Narendra Modi, today addressed the inaugural session of the 90th Annual General Meeting of FICCI.

In his speech, he said that a lot has been achieved since India’s independence, but several challenges have arisen as well, adding that the poor seemed to be struggling against the system for things such as bank accounts, gas connections, scholarships, pensions etc.

He said the Indian Government is working to end this struggle, and to create a system that is transparent and sensitive. He said the Jan Dhan Yojana is one example of this, and increasing “ease of living” has been the focus of the Government.

Modi also mentioned the Ujjwala Yojana, construction of toilets under the Swachh Bharat Mission, and Pradhan Mantri Awas Yojana. He also mentioned the Mudra Yojana, for collateral-free loans to entrepreneurs.

[ Can New President Rahul Gandhi Save the Dying Congress Party? ]

Modi said that the Government is working to strengthen the banking system. He said the issue of NPAs is a legacy received by the current Government. He said rumours are now being spread about the Financial Resolution and Deposit Insurance (FRDI) Bill.

Modi said the Government is working to protect the interests of the account holders, but rumours that are being spread are the exact opposite. He said organizations such as FICCI have a responsibility to generate awareness about such issues.

He said FICCI has a role to play in making GST more effective, adding that the Government’s effort is to ensure that maximum businesses register for GST.

The Prime Minister said FICCI has a key role to play in sectors such as food processing, start-ups, artificial intelligence, solar power, healthcare, etc. and urged FICCI to play the role of a think-tank for the small enterprises sector.

Photo courtesy: Press Information Bureau