New Delhi: Union Minister Shri Anurag Thakur inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank today, addressing officials and employees of the bank. The Minister began by congratulating Federal Bank for achieving an all-time high share price.
Reflecting on the transformation of the banking sector, Shri Thakur highlighted the paradigm shift from policy paralysis to the mantra of Reform, Perform, Transform since 2014. He commended the banking sector’s resilience, emphasizing that it is now free from the clutches of debt and achieving unprecedented performance.
Speaking about the Government’s proactive approach, Shri Thakur recalled the pre-2014 era when economic offenders posed a significant challenge. He credited the current government for introducing the Economic Offenders Bill and actively pursuing cases abroad to bring offenders back to India. The Minister highlighted the remarkable reduction in gross Non-Performing Assets (NPA) to 3.2% and the rise in return on assets from 0.5% to 0.79% in 2023.
Shri Thakur reminisced about the skepticism surrounding initiatives like Pradhan Mantri Jan Dhan Yojana and digital payments after demonetization. He proudly stated that the Government has successfully opened 45 crore bank accounts under the Jan Dhan Yojana, with a substantial corpus of 2.1 lakh crore rupees contributing to the banking ecosystem.
Addressing the success of digital payments through BHIM UPI, the Minister underscored how these initiatives have propelled India from being part of the Fragile 5 to becoming one of the Top 5 economies globally. He expressed confidence that India is on track to becoming the 3rd largest economy soon.
Highlighting the Government’s commitment to accountability and transparency, Shri Thakur noted that efforts have lifted 25 crore people out of multidimensional poverty in the past decade. He emphasized that the JAM (Jan Dhan-Aadhaar-Mobile) trinity has ensured that a hundred percent of government expenditure on social sector schemes reaches the beneficiaries.
In closing, Shri Thakur reassured the audience that the Government will continue to take bold initiatives, aiming to propel India into the Top 3 economies within the next five years and transform it into a developed country by 2047. The Annual Business Meet signifies a collaborative effort between the government and financial institutions to drive economic growth and development.