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New Delhi : Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh, on November 12, 2019, said India will emerge as the torchbearer of banking reforms in the world as we aim to be a global superpower.

Inaugurating the two-day India Banking Conclave here, Dr Singh said under the leadership of PM Narendra Modi, the Government has unleashed the huge potential the Banking Sector is capable of during the last more than five years. “This marks the beginning of India’s journey towards achieving the $5 trillion economy,” he said. Dr Singh said the Government’s thrust on ‘Make in India’ and ‘Ease of doing Business’ is dependent primarily upon the ‘Ease of Banking’ besides improved communication, digitalisation and connectivity.

Dr Singh said the Pradhan Mantri Jan Dhan Yojana has transformed the banking landscape in the country. “From being a Zero Balance account scheme for every family, the deposits under the scheme have swelled to thousands of crores,” he said. “This proves the Jan Dhan Yojana is not only about economic empowerment, but it has become a matter of self-esteem for the poor as they rise to contribute to India’s economy,” he added, according to a PIB release.

Dr  Singh said several  innovative schemes including the Ujjwala Yojana, Pradhan Mantri Awas Yojana, Mudra Yojana, Stand Up India- Start Up India schemes, PM-Kisan Samman Nidhi Yojana, geotagging of NG-NREGA and DBT have stopped pilferage and helped better target welfare schemes for poverty alleviation. Minimum Pension has been raised to Rs 1,000 at the initiative of PM Modi.

“For the first time initial seed capital funding has been introduced under the Venture Fund in the North-Eastern Region with an aim to stem the exodus of people,” he said. “It is the vision of PM Modi that the nearly century old Indian Forest Act, 1927, was amended to exempt bamboo from its purview and promote its commercial exploitation which will create jobs and industry in the NER,” he added.

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