PM Modi Blames UPA Government for Breakdown of Banking Sector in India: Know Why

Today (22nd July 2023), PM Narendra Modi handed out 70,000 appointment letters to freshers at the Rojgar Mela, an initiative taken to improve the rate of employment in the country.

Discussion on The Banking System

At the Rojgar Mela, PM Narendra Modi took the opportunity to attack the previous UPA government in relation to the banking sector. He said, “The ‘Phone banking' scam was one of the biggest scams of the previous government; it broke the back of the banking system…Public banks were earlier known for losses of thousands of crores, NPA; now known for record profits.”

Further elaborating on the ‘phone banking scam’, PM Narendra Modi explained that currently, we ourselves use our phones for digital transactions, however, this was not the case 9 years ago in the banking sector when the UPA government was in power. He said, “People who were close to a specific family used to call Banks and get them loans worth thousands of crores and these loans were never repaid. This 'phone banking scam' was one of the biggest scams during the previous government.”

Other Matters Discussed

PM Narendra Modi highlighted the utility of the Rojgar Mela and how it has been a breakthrough programme to “provide meaningful opportunities to the youth for their empowerment and participation in national development.” Till now, the Rojgar Mela has been conducted in 44 cities across the country which is a huge outreach.

For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true and top stories of the world.