Union Home Minister Amit Shah urged Indian banks to aim beyond growth and position themselves among the world’s top 10 banks. Speaking at the Financial Express Best Banks Awards in Mumbai, he emphasized the importance of supporting micro, small, and medium enterprises (MSMEs), calling them vital to India’s economic development. Shah highlighted that successful businesses like Ambani, Adani, and Torrent began as small ventures and stressed that the government provides guarantees to MSMEs seeking funding.
Shah also spoke about reforms under Prime Minister Narendra Modi, noting measures like the removal of 40,000 compliances, crackdown on corruption, and the upcoming Jan Vishwas Bill 2, aimed at eliminating criminal activities in the economy. He credited financial inclusion, structural reforms, digitalization, and welfare schemes for helping India maintain a 7-8% growth rate, despite global economic slowdowns.
Highlighting future growth sectors, Shah pointed to electric vehicles, green energy, fintech, space, and defense manufacturing. He praised tax reforms, including the Next-Gen GST and personal income tax adjustments, which have boosted citizens’ trust in the system.
Shah also noted the sharp drop in Non-Performing Assets (NPAs) from 19% in 2014 to 2.5%, achieved through the “four Rs” approach: Recognise, Recover, Recapitalise, and Reform. He emphasized transparency, accountability, and digital banking expansion, which now reaches even rural areas through UPI and mobile banking.
On global issues, Shah stressed India’s economic and democratic resilience, asserting that coalition governance does not slow reforms. Concluding, he urged banks to combine innovation with support for MSMEs to strengthen India’s economic position on the world stage.
