Prime Minister Narendra Modi today hit out at the previous UPA government, saying while it destroyed the banking sector with "scams" his dispensation has restored its good financial health, with India now known for the sector's strength.
We should never forget the role PSBs have played in financial inclusion. These banks have been the backbone of the socio-economic agenda of the government. In a rural area, the role of a PSB is not confined to banking. It also encompasses a more holistic developmental agenda. PSBs are the one-stop shop for all financial needs of the rural populace, including insurance, financial literacy, remittance and receipt of welfare subsidies and grants, amongst others
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One can understand the pressure on Singh trying to score a goal at poll-time. The plunge that he took virtually exposed the kinks in Manmohanomics. It never was a panacea for inclusive growth in a global situation that monetises every social effort and banks products and activities that should not be.