GG News Bureau
New Delhi, 17th Feb. Union Minister Anurag Thakur inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank on Friday.
Addressing an audience comprising bank officials and employees, Minister Thakur commended Federal Bank for achieving an all-time high share price.
Reflecting on the period preceding the current government, Minister Thakur remarked on the era of policy paralysis before 2014. He highlighted the government’s shift towards a mantra of Reform, Perform, Transform since then, noting the banking sector’s significant improvement and liberation from debt.
Minister Thakur emphasized the government’s proactive stance against economic offenders, citing the introduction of the Economic Offenders Bill. He highlighted achievements such as the reduction of gross NPA to 3.2% and an increase in return on assets to 0.79% in 2023.
Recalling initial skepticism towards schemes like Pradhan Mantri Jan Dhan Yojana and digital payments post-demonetization, Minister Thakur praised their success. He noted the opening of 45 crore bank accounts under the Jan Dhan scheme, contributing to India’s economic progress.
Minister Thakur underscored the government’s commitment to poverty alleviation, citing the upliftment of 25 crore people from multidimensional poverty in the past decade. He emphasized the effective implementation of government schemes, ensuring that 100% of social sector expenditure reaches beneficiaries through the JAM trinity.
Concluding his address, Minister Thakur pledged the government’s continued bold initiatives, aiming to propel India into the top three economies within five years and achieve developed country status by 2047.
