Nirmala Sitharaman Hits Back at Rahul Gandhi’s Allegations, Praises Modi Government for Reviving PSBs
In a series of pointed tweets, Finance Minister Nirmala Sitharaman has firmly rebutted Congress leader Rahul Gandhi’s recent allegations about the misuse of public sector banks (PSBs) under the Modi government. Gandhi had accused the government of using these banks as an “unlimited source of funds” for their alleged “fraudulent friends,” a statement that has once again sparked a political firestorm.
Rahul Gandhi’s Criticism of Modi Government’s Banking Reforms Rebuffed by Nirmala Sitharaman
In response, Sitharaman lashed out at Gandhi’s remarks, labeling them as unfounded and baseless. She highlighted the significant progress that PSBs have made under the current administration, focusing on the positive changes and reforms introduced under Prime Minister Narendra Modi’s leadership. The Finance Minister underscored that the Modi government had not only strengthened public sector banks but had also ensured that these institutions remained transparent, accountable, and stable.
Key Achievements in India’s Banking Sector Under PM Modi’s Leadership
Under the stewardship of PM Modi, the banking sector has undergone a remarkable transformation. Sitharaman outlined key developments, including improvements in digital banking services, better accessibility, and more efficient banking operations. The Modi government has worked toward restoring trust in India’s banking system, ensuring that PSBs are more responsive to the needs of the public while adhering to strict standards of financial discipline.
Sitharaman Highlights ₹3.26 Lakh Crore Recapitalization to Strengthen Public Sector Banks
A significant move in this turnaround was the government’s recapitalization of PSBs, totaling ₹3.26 lakh crore over the past decade. This financial injection has provided much-needed liquidity to the banks, enabling them to recover from the challenges of non-performing assets (NPAs) and expand their lending operations. Sitharaman pointed out that this recapitalization effort has led to stronger, more resilient banks capable of supporting economic growth and providing loans to businesses and individuals across India.
A Look Back at UPA’s Bank Mismanagement: Sitharaman Contrasts Modi Government’s Successes
Sitharaman also took the opportunity to draw comparisons with the previous Congress-led UPA government, which had faced criticism for its handling of public sector banks. Allegations of cronyism and improper lending during the UPA years left many banks with a pile of NPAs, which had a long-term impact on the sector’s stability. In contrast, Sitharaman highlighted how the Modi government’s transparent reforms have steered PSBs towards recovery and growth, with a focus on long-term financial health.
The war of words between the Modi government and the Congress over the handling of India’s banking sector highlights the deep divides in Indian politics. While Rahul Gandhi continues to target the government for alleged misuse of PSBs, Sitharaman’s defense underscores the Modi administration’s efforts to modernize the banking sector. With a commitment to transparency, accountability, and sustainable growth, the banking reforms under PM Modi’s leadership have played a crucial role in revitalizing PSBs, securing their future, and fostering a stable financial environment for the country’s economy.
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