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Prime Minister Shri Narendra Modi today joined stakeholders from Banks and NBFCs to discuss and deliberate on vision and roadmap for the future.

The crucial role of the financial and banking system of supporting growth was discussed. It was noted that the small entrepreneurs, SHGs, farmers should be motivated to use institutional credit to meet their credit needs and grow. Each bank needs to introspect and take a relook at its practices to ensure stable credit growth. Banks should not treat all proposals with the same yardstick and need to distinguish and identify bankable proposals and to ensure that they get access to funding on their merit and don’t suffer in the name of past NPAs

It was emphasised that the Government is firmly behind the banking system. The government is ready to take any steps necessary to support it and promote its growth.

Banks should adopt fintech like centralised data platforms, digital documentation and collaborative use of information to move towards digital acquisition of customers. This will help increase credit penetration, increase ease for customers, lower costs for banks and also reduce frauds.

India has built a robust, low cost infrastructure which enables every Indian to undertake digital transactions of any size with great ease. Banks and Financial Institutions should actively promote the use of RUPAY and UPI amongst its customers.  

The progress of schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI was also reviewed. While it was noted that significant progress has been made in most schemes, banks need to be proactive and actively engage with the intended beneficiaries to ensure that the credit support reaches them in a timely manner during this period of crisis.

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PM interacts with CEOs and Experts of Global Oil and Gas Sector
October 20, 2021
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Our goal is to make India Aatmanirbhar in the oil & gas sector: PM
PM invites CEOs to partner with India in exploration and development of the oil & gas sector in India
Industry leaders praise steps taken by the government towards improving energy access, energy affordability and energy security

Prime Minister Shri Narendra Modi interacted with the CEOs and Experts of the global oil and gas sector earlier today, via video conferencing.

Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India ‘Aatmanirbhar in the oil & gas sector’.

Talking about the oil sector, he said that the focus has shifted from ‘revenue’ to ‘production’ maximization. He also spoke about the need to enhance  storage facilities for crude oil.  He further talked about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.

Prime Minister recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector. He said that India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation. He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India. 

The interaction was attended by industry leaders from across the world, including Dr. Igor Sechin, Chairman & CEO, Rosneft; Mr. Amin Nasser, President & CEO, Saudi Aramco; Mr. Bernard Looney, CEO, British Petroleum; Dr. Daniel Yergin, Vice Chairman, IHS Markit; Mr. Olivier Le Peuch, CEO, Schlumberger Limited; Mr. Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited; Mr Anil Agarwal, Chairman, Vedanta Limited, among others.

They praised several recent achievements of the government towards improving energy access, energy affordability and energy security. They appreciated the leadership of the Prime Minister towards the transition to cleaner energy in India, through visionary and ambitious goals. They said that India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains. They talked about ensuring sustainable and equitable energy transition, and also gave their inputs and suggestions about further promotion of clean growth and sustainability.