“One of the biggest touchstones of a democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction”
 “Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities”
 “Due to government’s measures, the governance of banks is improving and the trust in this system is getting stronger among the depositors”
 “The decisions of the RBI also helped in enhancing the impact of the big decisions that the government has taken in recent times”
 “Till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India”
 “In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country”
 “We have to keep the needs of the citizens of the country at the center and keep on strengthening the trust of the investors”
 “I am confident that RBI will continue to strengthen India's new identity as a sensitive and investor-friendly destination”

Namaskar ji, Finance Minister Smt Nirmala Sitharaman ji, Reserve Bank Governor Shri Shaktikanta Das ji, other dignitaries present in the program, ladies and gentlemen! The Ministry of Finance, RBI and other financial institutions have done a very commendable job during this challenging period of Corona. This period of Amrit Mahotsav and this important decade of the 21st century is of great importance for the development of the country. Therefore, the RBI has a very big and important role to play. I am confident that Team RBI will live up to the expectations of the country.

Friends,

For the past 6-7 years, the Central Government has been prioritizing the interests of the common man. RBI, as a regulator, maintains constant communication with other financial institutions. I am glad that RBI has also taken several steps to improve the convenience of the common man. Today another step has been added to that. The two schemes that have been launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors. Small investors of the country have got a simple and safe medium of investment in government securities through the retail direct scheme. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today. It will help in resolution of every complaint and problem of the bank customers on time and without any hassle. My opinion is that the biggest strength of democracy is how strong, sensitive and proactive the grievance redressal system is. This is the biggest test of democracy.

Friends,

The Retail Direct Scheme is going to give new heights to the spirit of promoting everyone's participation in the economy. People are generally aware of the important role of the Government Securities Market in the development of the country. At a time when the country is busy modernizing its physical and digital infrastructure through unprecedented investments, the efforts, cooperation and participation of even the smallest of investors will be of great help. Till now, our middle class, employees, small traders, senior citizens i.e. those who have small savings had to take indirect avenues like banks, insurance or mutual funds to invest in the government securities. Now they are getting another great option of safe investment. Now a very large section of the country will be able to invest in government securities and directly in the creation of the wealth of the country easily. You also know that all government securities in India have a provision for guaranteed settlement. In this case, small investors get an assurance of safety. Small investors will get the assurance of good returns on safe investment and the government will get necessary resources for the development of infrastructure and other arrangements for a new India according to the aspirations of common human beings of the country. This is the collective power and effort of the citizens and the government to build a self-reliant India.

Friends,

Generally, the issues of finance become a bit technical and the common man leaves after reading the headline. I think that this is the need of the hour to explain these things to the common man in a better way. When we talk about financial inclusion, we want to make the last person of this country also to be a part of this process. You experts are well aware of all these things, but it will help the common people of the country a lot if they are also informed. Like, they should know that there will be no need for fund managers under this scheme and "Retail Direct Gilt (RDG) Account" can be opened by themselves. This account can be opened online and people can also trade securities online. This is a great option for safe investment for the salaried people or pensioners while sitting at home. There is no need to go anywhere. You will be able to do the trading through your mobile phones with internet connectivity. This RDG account will also be linked to the savings accounts of the investor, so that the sale and purchase will be possible automatically. You can imagine the convenience it will result in for people.

Friends,

Financial Inclusion and Ease of Access are as important as the trust and convenience of the general public in the ease of investment and the banking system. A strong banking system is very important for a strong economy. Everyone is aware of the damages caused to the country’s banking system in the years before 2014. What was the situation then? In the last seven years, NPAs were recognized with transparency, focus was on resolution and recovery, public sector banks were re-capitalized and multiple reforms were undertaken in the financial system and public sector banks. The willful defaulters, who used to take advantage of the system earlier, will no longer be able to raise funds from the market now. A new faith and energy is returning to the banking sector with the steps that have been taken, whether it is improvement in the governance of public sector banks, decision making, freedom related to transfers and postings, creation of big banks by merging smaller banks or setting up of the National Asset Reconstruction Company Limited.

Friends,

Cooperative banks were also brought under the purview of RBI to further strengthen the banking sector. It has not only led to improvement in the governance of these banks but the trust of the millions of depositors is also getting stronger in the system. In the recent past, many decisions have been taken keeping in view the interests of the depositors. The One Nation, One Ombudsman System has strengthened the commitment of the depositors and investors. The scheme, which has been launched today, will provide direct relief to the holders of 44 crore loan accounts and 220 crore deposit accounts in banks, NBFCs and pre-paid instruments. Now there will be a single platform for all the entities regulated by the RBI to register, track and monitor the grievances of the account holders. In other words, the account holder has now got another easy option for grievance redressal. For example, earlier if someone had a bank account in Lucknow and he was working in Delhi, he could complain only to the Ombudsman of Lucknow. But now he has got the facility to register his complaint from anywhere in India. I am also told that the RBI has made provision for extensive use of Artificial Intelligence in this scheme to address cases related to online and cyber frauds. This will ensure better coordination between the banks and the investigating agencies in the shortest possible time. The sooner the action is taken, the higher the chances of recovery of the fraudulent amount. With such steps, the scope of digital penetration and customer inclusiveness will also increase and so will the trust of the customer.

Friends,

In the past few years, we have seen strength in the banking and financial sectors of the country, from inclusion to technological integration and other reforms, even in the difficult time of Covid. It also ensures satisfaction of serving the common man. The decisions of the RBI have also helped a lot in expanding the impact of the big ticket decisions of the government. I congratulate the RBI Governor and his entire team publicly for the courageous decisions they have taken during this crisis. Under the credit guarantee scheme announced by the government, loans worth more than Rs 2.90 lakh crore have been sanctioned. It has helped more than 1.25 crore beneficiaries, largely MSMEs and our middle class small entrepreneurs, to further strengthen their enterprises.

Friends,

A special campaign was launched by the government to give Kisan Credit Cards to small farmers during the Covid period itself. Under it, more than 2.5 crore farmers also got KCC cards and they also got agriculture loans of about 2.75 lakh crores. About 26 lakh street vendors, who sell wares in handcarts and vegetables, have got loans under the PM SVANidhi scheme. You can imagine the substantial support it has been for the 26 lakh street vendors to get financial help during the crisis period of Covid.  This scheme has also linked them to the banking system. Many such interventions have played a very important role in restarting economic activities in villages and cities.

Friends,

Till six-seven years ago, banking, pension, insurance, etc used to be like an exclusive club in India. All these facilities were far away for the common citizens, poor families, farmers, small traders and businessmen, women, Dalits-deprived-backwards. The people who had the responsibility of providing these facilities to the poor also never paid any attention to it. Rather, there was an established tradition that there should not be any change and various arguments and pretexts were put forward while shutting the doors for the poor. They had no shame in saying that there was no bank branch, no staff, no internet and no awareness among people. What kinds of arguments were being given? Due to unproductive savings and informal lending, the situation of the common citizen was also getting worse and his participation in the development of the country was also negligible. Pension and insurance were believed to be only for the prosperous families. But now the situation is changing. Today, not only the financial inclusion, the ease of access is becoming the identity of India in the banking and financial sector. Today, every person of the society can join the pension scheme after 60 years of age. About 38 crore countrymen have the insurance cover of Rs 2 lakh each under the PM Jeevan Jyoti Bima Yojana and the PM Suraksha Bima Yojana. Almost every village in the country has the facility of a bank branch or a banking correspondent within a radius of 5 km. Today there are about 8.5 lakh banking touch points across the country, which are increasing the accessibility of every citizen to the banking system. Under the Jan Dhan Yojana, more than 42 crore zero balance bank accounts were opened, in which thousands of crores of rupees are deposited today. A new generation of traders and businessmen from among the women, Dalit-backward-tribals has emerged due to the Mudra scheme and the street vendors have also been able to join institutional lending through the SVANidhi scheme.

Friends,

The extension of digital empowerment with last-mile financial inclusion has given a new strength to the people of the country. More than 31 crore RuPay cards and about 50 lakh PoS / m-PoS machines have made digital transactions possible in every nook and corner of the country. UPI has made India the world's leading country in terms of digital transactions in a very short span of time. In just 7 years, India has jumped 19 times in terms of digital transactions. Today, our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country. We have also seen its benefits during the Corona period.

Friends,

It is a great strength of the country when the RBI is a sensitive regulator and keeps itself prepared for the changing circumstances. Nowadays you are witnessing how our Indian start-ups are becoming global champions in Fintech. Technology is changing rapidly in this field. The youth of our country have made India a global power house of innovations. In such a situation, it is necessary that our regulating systems remain alert to these changes and create a suitable and empowering ecosystem to keep our financial systems world class.

Friends,

We have to keep the needs of the citizens of the country at the center and continuously strengthen the trust of the investors. I am confident that RBI will continue to strengthen India's new identity as a sensitive and investor friendly destination. Once again, I wish all the very best to all the stakeholders for the initiatives and technological innovations for these massive reforms.

Thanks a lot!

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“If today the world thinks India is ready to take a big leap, it has a powerful launchpad of 10 years behind it”
“Today 21st century India has stopped thinking small. What we do today is the best and biggest”
“Trust in government and system is increasing in India”
“Government offices are no longer a problem but are becoming allies of the countrymen”
“Our government created infrastructure keeping the villages in mind”
“By curbing corruption, we have ensured that the benefits of development are distributed equally to every region of India”
“We believe in Governance of Saturation, not Politics of Scarcity”
“Our government is moving ahead keeping the principle of Nation First paramount”
“We have to prepare 21st century India for its coming decades today itself”
“India is the Future”

The Prime Minister, Shri Narendra Modi addressed the News 9 Global Summit in New Delhi today. The theme of the Summit is ‘India: Poised for the Big Leap’.

Addressing the gathering, the Prime Minister said TV 9’s reporting team represents the diversity of India. Their multi-language news platforms made TV 9 a representative of India's vibrant democracy, the Prime Minister said.

The Prime Minister threw light on the theme of the Summit - ‘India: Poised for the Big Leap’, and underlined that a big leap can be taken only when one is filled with passion and enthusiasm. He said that the theme highlights India’s self-confidence and aspirations owing to the creation of a launchpad of 10 years. In these 10 years, the Prime Minister said, the mindset, self-confidence and good governance have been the major factors of transformation.

The Prime Minister underlined the centrality of the commission citizen in the destiny of India. He emphasized that a mindset of defeat can not lead to victory, in this light, he said that the change in mindset and leap that India has taken is incredible. PM Modi recalled the negative view exposed by the leadership of the past and the overhang of corruption, scams, policy paralysis and dynasty politics had shook the foundation of the nation. The Prime Minister mentioned the turnaround and India entering into the top 5 economies of the world. “India of 21st century India does not think small. Whatever we do, we do best and biggest. World is amazed and sees the benefit of moving with India”, he said.

Highlighting the achievements of the last 10 years compared to the ten years before 2014, the Prime Minister mentioned the record increase in FDI from 300 billion US dollars to 640 billion US dollars, India’s digital revolution, trust in India’s Covid vaccine and the growing number of taxpayers in the country which symbolizes the increasing trust of the people in the government. Speaking about mutual fund investments in the country, the Prime Minister informed that people had invested Rs 9 lakh crore in 2014 while 2024 has seen a meteoric rise to Rs 52 lakh crores. “This proves to the citizens that the nation is moving forward with strength”, PM Modi continued, “The level of trust toward self and the government is equal.”

The Prime Minister said that the government's work culture and governance are the cause of this turn-around. “Government offices are no longer a problem but are becoming allies of the countrymen”, he said.

The Prime Minister said that for this leap, a change of gear was needed. He gave examples of long pending projects such as Saryu Canal Project in Uttar Pradesh, Sardar Sarovar Yojana, and Krishna Koena Pariyojana of Maharashtra which were lying pending for decades and were completed by the government. The Prime Minister drew attention to the Atal Tunnel whose foundation stone was laid in 2002 but remained incomplete till 2014, and it was the present government that accomplished the work with its inauguration in 2020. He also gave the example of Bogibeel Bridge in Assam, commissioned in 1998 but finally completed 20 years later in 2018, and Eastern Dedicated Freight Corridor commissioned in 2008 but completed 15 years later in 2023. “Hundreds of such pending projects were completed after the present government came to power in 2014”, he added. The Prime Minister also explained the impact of regular monitoring of the big projects under PRAGATI and informed that in the last 10 years projects worth 17 lakh crore have been reviewed under the mechanism. The Prime Minister gave examples of a few projects that were completed very quickly such as Atal Setu, Parliament Building, Jammu AIIMS, Rajkot AIIMs, IIM Sambalpur, New terminal of Trichy Airport, IIT Bhilai, Goa Airport, undersea cable up to Lakshadweep, Banas Dairy at Varanasi, Dwarka Sudarshan Setu. Foundation stones of all these projects were laid by the Prime Minister and he dedicated them to the nation also. “When there is willpower and respect for the taxpayers' money, only then the nation moves forward and gets ready for a big leap”, he added.

The Prime Minister illustrated the scale by listing the activities of just one week. He mentioned a massive educational push from Jammu with dozens of higher education institutes like IIT, IIMs and IIIT on 20th February, on 24 th February he dedicated 5 AIIMs from Rajkot, and more than 2000 projects including revamping more than 500 Amrit Stations was done this morning. This streak will continue during his visit to three states in the coming two days, he informed. “We lagged in the first, second and third revolutions, now we have to lead the world in the fourth revolution”, the Prime Minister said.

He continued by furnishing the details of the nation's progress. He gave figures like 2 new colleges daily, a new university every week, 55 patents and 600 trademarks every day, 1.5 lakh Mudra loans daily, 37 startups daily, daily UPI transaction of 16 thousand crore rupees, 3 new Jan Aushadhi Kendras per day, construction of 14 KM road everyday, 50 thousand LPG connections everyday, one tap connection every second and 75 thousand people came out of poverty everyday.

Referring to a recent report on the consumption pattern of the country, the Prime Minister highlighted the fact that poverty has reached its lowest level till date into single digit. As per data, he said that consumption has increased by 2.5 times as compared to a decade ago as people's capacity to spend on different goods and services has increased. “In the last 10 years, consumption in villages has increased at a much faster rate than that in cities. This means that the economic power of the village people is increasing, they are having more money to spend”, he said.

The Prime Minister said that the government has developed infrastructure keeping rural needs in mind resulting in better connectivity, new employment opportunities and income for women. This strengthened rural India, he said. “For the first time in India, food expenditure has become less than 50 per cent of the total expenditure. That is, the family which earlier used to spend all its energy in procuring food, today its members are able to spend money on other things”, the Prime Minister added.

Pointing out the trend of vote bank politics adopted by the previous government, the Prime Minister underscored that India has broken out of the scarcity mindset in the last 10 years by putting an end to corruption and ensuring that the benefits of development are distributed equally. “We believe in governance of saturation instead of politics of scarcity”, PM Modi emphasized, “We have chosen the path of santushti (contentment) of the people instead of tushtikaran.” This, the Prime Minister said, has been the mantra of the government for the past decade. “This is Sabka Saath Sabka Vikas”, the Prime Minister said, elaborating that the government has transformed vote bank politics into politics of performance. Highlighting the Modi Ki Guarantee Vehicle, the Prime Minister said that the government of today is going door-to-door and providing facilities to the beneficiaries. “When saturation becomes a mission, there is no scope for any kind of discrimination”, PM Modi exclaimed.

“Our government is moving forward keeping the principle of Nation First paramount”, the Prime Minister remarked, as he mentioned the critical decisions taken by the government to resolve old challenges. He touched upon the abrogation of Article 370, construction of the Ram Mandir, ending of triple talaq, Nari Shakti Vandan Adhiniyam, One Rank One Pension, and creation of the post of Chief of Defense Staff. He underlined that the government completed all such incomplete tasks with the thinking of Nation First.

The Prime Minister stressed the need to prepare the India of the 21st century and threw light on the rapidly progressing plans. “From space to semiconductor, digital to drones, AI to clean energy, 5G to Fintech, India has today reached the forefront of the world”, he said. He highlighted India’s growing prowess as one of the biggest forces in digital payments in the global world, the fastest-growing country in Fintech Adoption Rate, the first country to land a rover on the south pole of the Moon, among the leading countries in the world in Solar Installed Capacity, leaving Europe behind in the expansion of 5G network, rapid progress in the semiconductor sector and rapid developments on future fuels like green hydrogen.

Concluding the address, the Prime Minister said, “Today India is working hard towards its bright future. India is futuristic. Today everyone says – India is the future.” He also drew attention to the importance of the next 5 years. He reaffirmed the belief to take India's potential to new heights in the third term and wished that the coming 5 years be years of progress and praise for India’s journey to Viksit Bharat.