India's Banking Sector Hits Historic Rs 3 Lakh Crore Profit: Modi's Vision Unfolds

Prime Minister Narendra Modi announced that India's banking sector has achieved a significant milestone by crossing a net profit of Rs 3 lakh crore for the first time. This turnaround in the past decade underscores the strengthening of bank operations, benefiting the poor, farmers, and MSMEs.

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.

''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.

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