Private sector must be giving boost, but government’s presence in banking and insurance sector is necessary: ​​PM Modi

Regarding the banking sector, the PM said that we are committed to improving the banking sector of the country. There is still immense potential in the banking and insurance sector.

The attempt is to encourage private sector business, but public sector banks and insurance sector have a major contribution in the development of the country.

Addressing a webinar on the budget proposals related to the financial sector, Prime Minister Narendra Modi said, “Our effort is to encourage private sector business, but the public sector bank and insurance sector have a major contribution in the development of the country.” Together they also said that they agree with the decision taken for privatization. He once again said that it is not possible to run all public sector companies with success.

Regarding the banking sector, the PM said that we are committed to improving the banking sector of the country. There is still immense potential in the banking and insurance sector. In Budget 2021, the government has decided to privatize two public sector banks and one insurance company. Apart from this, the FDI limit has been raised to 74 percent for the insurance sector. LIC will also be issued an IPO in the financial year 2021-22. It is believed that the government will sell its 10 percent stake in it.

Credit flow required for startups

Prime Minister Narendra Modi on Friday stressed on increasing credit flow to businesses to meet the needs of a fast growing economy. Modi said that financial products should be tailored to the needs of fintech and startups. Modi said, ‘As our economy is growing, and growing rapidly, credit flow has become equally important. You have to see how the loan reaches new entrepreneurs, new sectors. Now you have to focus on creating new and better financial products for startups and fintechs. ‘

Fintech market to be 6 lakh crore

Modi further said, ‘The government is taking steps to make the financial services sector vibrant, active and strong.’ He said that the government will stand with all the business decisions taken with the right intention. To investors, PM Modi said that in the next few years the market of financial technology will be 6 lakh crores.

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