IntroductionThe meeting of Gyan Sangam or Banker's Retreat was set-up by the Finance Ministry in Pune. The top executive of banker's from public sector, insurance companies, and financial institution attended the conference of this meeting. In this meeting our Prime Minister Narendra Modi, adjoining with Finance Minister Arun Jaitley, Minister of State Janyant Sinha, and Reserve Bank of India Governor Raghuram Rajan also participated and promised among Bankers that there will no involvence of government in the role of banking. The government decided to step back fast by sending out letters to bank on those lines. This decision played very big role to open a healthy dialogue among the government, regulators, and the banks.
End of Lazy BankingThe P.M. said that banks should dedicate the skilled labour team to fight against cyber crime. He also called that lazy banking should be ended, where as bankers should play active for helping the common man. He speak that being the part of Corporate Social Responsibility, each year banks should take up one sector to play a positive role. He called to develop the power among public sector banks which can be done as software and advertising. It will also help to improve the focus to customer of banks.
Funds for StudentsModi advised public sector banks to build 20000-25000 Swachhta entrepreneurs, Stating the 'Swachh Bharat Abhiyan' which has caught younger generation in its imagination. He asked banks to provide loans to the students as this would be very rich investment for the growth of the country. He asked to set goals by providing houses for all by 2022, and bank had big opportunity here, as 11 crores houses were required. He advise that banks are the mirrors of the country for economic rise. so they should work to get the top position among the best banks in the world.
Non-Performing AssetsThe sector of banking is catching with rising non-performing assets(NPA), which was calculated to rise further in coming quarters. The Gross NPAs of public sector banks rise at Rs 3.60 lakh crore at end of the december, up from 2.67 lakh crore at the March 2015. In the case of private sector, It stood at Rs 38,396 crores at december-end, up from Rs 31,576 crore at March 2015. The profitability of public sector was also taken a hit, Due to mounting bad loans. Many PNBs, including Bank of Baroda, Bank of India,and IDBI Bank reported their losses over 12,000 crore, while the other banks like SBI and PNB witnessed in profits.
Reviews of Jan-DhanP.M. Modi also give review of Pradhan Mantri Jan Dhan Yojana(PMDJY). This programme was under government's flagship financial inclusion. The deposit of this programme have crossed Rs 30,000 crore in accounts. As 20.38 crore accounts were opened under PMDJY. Besides this P.M. also give regards to Atal Pension Yojana(APY), Pradhan Mantri Jeevan Jyoti Bheema Yojana(PMJJBY),and Pradhan Mantri Suraksha Bima Yojana(PMSBY).
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