The 21st century belongs to Asia and India will lead the race if it excels in social banking, according to Arjun Meghwal, Union Minister of State for Finance.
Tracing history, Meghwal said that after the 18th and 19th centuries belonged to Europe and America, the 21st century belongs to Asia “as predicted by [former Prime Minister] Atal Bihari Vajpayee”.
“If social banking performs well, no one can stop India from being the leader of Asia in 21st century,” he said.
“Sometimes you think that some woman will win in the finals of Miss World but the other one wins. The reason is that the other one may not look much better but she behaves well. India is like that,” he said.
Speaking at a banking awards event in Mumbai organised by industry body Assocham, Meghwal asked bankers to reduce their non-performing assets and reach out to the “unreached” segment of India which does not get access to loans.
“Banks should emphasise more on doing proper appraisal of loans before offering to borrowers. If banks would have done proper appraisal then NPAs would not have created,” Meghwal said, adding that this will bring revolution in the agriculture sector and leading to higher growth for the country.
Lauding Prime Minister Narendra Modi’s efforts, Meghwal added that the GST (Goods and Services Tax) and digital transactions are “two most important initiatives by the Modi government with the help of banking sector”.