New Delhi, Jul 29 (UNI) Accusing the Narendra Modi government of destroying Public Sector Banks and Financial Institutions, the Congress on Thursday said the way forward for the financial sector is to restore the “autonomy of RBI”, allowing them to go after Bank Defaulters, restore confidence in banks through a promise of “no witch hunting” and allowing them to lend prudentially, as per their “risk norms”.
In a statement issued here after the meeting of the Prime Minister with CEOs and executives of India’s Banking Sector , AICC media incharge Randeep Surjewala said that the RBI's Financial Stability Report for July 2020 released earlier this month and statements by former RBI Governor Urjit Patel and former Deputy Governor of the RBI, Viral Acharya reflected the miserable state of India’s financial system and the banking sector.
'The RBI last week released the Financial Stability Report for July 2020. It warned that bad loans of the Banking Sector can reach a “20 year high”.