India News | Remarkable Turnaround in Banking Sector, Net Profit Crossed Rs 3 Lakh Cr First Time: Modi

New Delhi, May 20 (PTI) Prime Minister Narendra Modi on Monday said that India's banking sector witnessed a remarkable turnaround in the last 10 years with the net profit crossing Rs 3 lakh crore for the first time.

Modi's assertion came over a media report that for the first time, the banking sector's net profit crossed Rs 3 lakh crore in FY 2024.

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"In a remarkable turnaround in the last 10 years, India's banking sector net profit crosses Rs 3 lakh crore for the first time ever," Modi said on X.

"When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor," he said.

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This improvement in the health of banks will help improve credit availability to the poor, farmers and MSMEs, Modi added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)