Banks retrieved over ₹5 lakh crore from stressed loans: PM Modi

Prime Minister Narendra Modi on steps taken to recover unpaid loans said, more than ₹5 lakh crore recovery has been made by banks from stressed loans. In a virtual address at the Sydney Dialogue, the Prime Minister said, reforms in the last 6-7 years have led to the banking sector in a strong position today and that the financial health of banks has improved.

₹2 lakh cr of stressed assets likely to be resolved through National Asset Reconstruction Company, Modi said, adding that his government has addressed the problem of non performing assets (NPAs) in banks, pumped in enough funds via recapitalisation, brought bankruptcy laws and strengthened debt recovery tribunal.

Modi said India is investing in developing indigenous capabilities in 5G and 6G telecom technologies besides focusing on manufacturing semi-conductors. The "greatest product" of technology today is data and that India has created a robust framework of data protection, privacy and security, the PM said.

"And, at the same time, we use data as a source of empowerment for people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights," he said.

Modi also highlighted India's achievement in the digital domain, its current priorities and mentioned the "global trust" that the country enjoys.

"We are investing in developing indigenous capabilities in telecom technology such as 5G and 6G," he said.