Prime Minister Narendra Modi imputed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 phone banking' with 'digital banking.
While referring to the previous United Progressive Alliance (UPA) regime, the PM said that under 'phone banking', instructions were given on the phone to banks regarding whom they had to lend to and at what terms and conditions.
After dedicating 75 Digital Banking Units (DBUs) to the nation, he further said that the economic progress of a country is directly linked to the strength of its banking system.
The banking sector has become a medium for good governance and better service delivery. He further added that Direct Benefit Transfer (DBT) has helped plug leakages and brought in transparency.
As revealed by reports, the government has so far transferred Rs 5 lakh crore through DBT. Besides, another instalment under the PM-KISAN scheme will be transferred shortly.
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