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Merger of banks a major step towards banking reforms : Naqvi
Economy

Merger of banks a major step towards banking reforms : Naqvi

Agency News

Chennai, Oct 5 : Union Minister of Minority Affairs Mukhtar Abbas Naqvi today said the merger of 10 PSU banks into four entities was a major step on banking reforms.

Participating in “Grahak Mela-Customer Outreach Initiative” programme organised by various banks here, he said bankruptcy law has played a key role in reforms in the banking sector and further strengthening the sector. He said the merger of ten public sector banks into four entities was a major step of the Narendra Modi Government regarding banking reforms.

Pointing out that the Corporate tax, which was earlier 30 per cent, has been reduced to 22 per cent, Mr Naqvi said it would give great stimulus to “Make In India”, “Start Up India” initiatives. 'This revolutionary step will attract private investment from across the globe, improve competitiveness of our private sector and create more jobs', he added.

Noting that the security, economy and prosperity of the country was in "sensitive, strong and safe hands", Mr Naqvi said the foundation of Indian economy was prepared with “ground reality and strength of moral values”. 'Even after global challenges, inflation rate has not increased and there is no shortage of any commodity', he said. Observing that Mr Modi's government was a government of “Ground Realities and Moral Values”,

Mr Naqvi said it was working effectively for the welfare of people by making “Inclusive Growth” as “Rashtraniti”.

'India has become the most safe "investment hub" of world due to unprecedented steps taken by our government', he said, adding, the government was working with “Niti” (policy) of “Development with Dignity” and “Niyat” (intention) of “Inclusive Growth”. (UNI)