Indian banks among select strong banks globally: PM Modi

Indian banks are among the few banks that are strong globally, owing to major reforms undertaken by his government, Prime Minister Narendra Modi said on Thursday.

Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong banking system gives strength to the formal economy.

He said that earlier the banking sector was going through tough times, but there is growth in the segment.

"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.

He emphasised that a strong banking system is crucial to fulfil the needs of the middle class, farmers, homebuyers, startups, and the MSME sector.