Independence Day: Banking Reforms Put Indian Lenders On Global Stage, Says Modi

The reforms undertaken by Modi government has led Indian banks to find their niche among the few strong banks globally, said Prime Minister Narendra Modi in his Independence Day speech on Thursday.

He said that a strong banking system gives strength to the formal economy of the country.

"Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times... We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," Modi said. "I am happy that people from every sector of society are being benefited by strong banks."

Loans to farmers for purchasing equipment, funding the country's startup ecosystem, or education loans needed by the youth, have now become easier to access due to the reforms in the banking sector.

In addition, medium, small and micro enterprises have also benefitted from the same, he said.

Modi highlighted the need for reforms throughout the speech and said that the government wants to ensure the progress of nation by big reforms. "Our commitment to reforms has become a global blueprint," he said.

He said the that Modi government has made sure that we make big reforms a reality for the nation. "Our reforms are not limited for the news, we work for strengthening the nation," he said adding that the government's reforms are not a result of political pressure but on the basis of a 'nation first' approach.

This was Modi's 11th speech from the ramparts of Red Fort and the first since the NDA government came to power for a third time earlier this year.