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Prime Minister Narendra Modi on Sunday attributed India’s sustained economic growth to the efforts of the BJP government to replace pre-2014 ‘phone banking’ with ‘digital banking’.
Referring to the previous UPA regime, he said under ‘phone banking’, instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions.
The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units (DBUs) to the nation.
The banking sector has become a medium for good governance and better service delivery, the Prime Minister said, adding Direct Benefit Transfer (DBT) has helped plug leakages and brought in transparency.
The government has so far transferred Rs 25 lakh crore through DBT and another installment under the PM-KISAN scheme will be transferred on Monday, he said.
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