53 crore bank accounts opened post-2014: Amit Shah highlights inclusion, 86 reforms to strengthen banking sector

Mumbai (Maharashtra) [India], September 25 (ANI): Union Home Minister Amit Shah on Thursday highlighted significant reforms in the banking sector, stating that approximately 86 key measures have been implemented to strengthen its foundation, making it more resilient and robust.
He said that over 53 crore bank accounts were opened after 2014, driving financial inclusion. Initiatives addressed gaps where 60 crore Indians lacked bank accounts prior to 2014.
Speaking at a program hosted by the 'Financial Express: India's Best Banks Award' in Mumbai, Maharashtra, Shah stated, "After 2014, under the leadership of Prime Minister Modi, significant banking sector reforms were introduced. At that time, nearly 60 crore Indians did not have even a single bank account in their families. Over the subsequent decade, this gap was addressed through initiatives that resulted in the opening of 53 crore new bank accounts, thereby driving financial inclusion and transforming it into a reality for millions of people across the country."
"Around 86 important reforms have been implemented in the banking sector, strengthening its foundation and making it more resilient and robust," he added.

He said that through structural reforms, process improvements, digital governance, and the full implementation of welfare schemes, India has successfully sustained its remarkable growth trajectory.
"A digital revolution has surfaced through UPI and FinTech... Every second digital transaction in 2024-25 happened in India... Nearly 7 countries accepted UPI and DigiLocker is also being used by over 52 crore people...," added Shah.
He credited the Modi government, particularly Prime Minister Narendra Modi, for driving economic development through bold policy reforms, with the Goods and Services Tax (GST) being a prime example. Shah emphasised that merging 16 different sales taxes into a single tax system across 30 state units in a vast country like India was a feat only PM Modi could envision and execute.
He lauded him for focussing on political, social, and financial inclusion, which reflects constitutional principles. He said that structural reforms, digital governance, and welfare schemes have sustained India's growth. Political stability, credible leadership, robust economic performance, and democracy form India's strength.
"The core principle of our constitution is inclusion, which is comprehensively addressed through three key dimensions: political inclusion, social inclusion, and financial inclusion," said Shah.
"The Modi government, especially the Prime Minister himself, adopted this formula right from the initial days through policy reforms for economic development...The GST reform and its implementation are prime examples. Merging 16 types of sales taxes into one tax... implementing this system in 30 state units and such a vast country... I can certainly say that no Prime Minister other than Modi ji would have the courage to even dream of it," he said.
He said that developed nations face stagnation; many developing countries struggle with debt, while India bucks trends with sustained growth. India stands out with a 7-8% growth rate, contrasting with 1-2% in many developed countries. Foreign Direct Investment (FDI) has risen by 14%.
"Today, many developed countries are experiencing growth rates of only 1-2%. In contrast, India has consistently maintained an impressive growth rate of 7-8%, which is a significant achievement. Despite various challenges and uncertainties, the country has successfully increased Foreign Direct Investment (FDI) by 14%," he added.
He further noted that structural banking reforms have significantly reduced Non-Performing Assets (NPAs) in the banking sector from 19% to 2.5% over the past decade.
Home Minister stated that Prime Minister Narendra Modi has set a goal for India to become a fully developed nation by 2047, leading in every field globally. Modi government introduced significant reforms, tackling past issues like non-performing assets (NPAs) and corruption.
"According to a political satire, during the UPA regime, "phone banking" was a term used to describe the process of securing loan approvals by directly reaching out to decision-makers over the phone. Between 2008 and 2014, loans amounting to Rs 52 lakh crore were disbursed, leading to widespread issues such as non-performing assets (NPAs), corruption, and a lack of transparency in the banking system," added Amit Shah.
"I want to tell all of you that the country's Prime Minister, Shri Modi Ji, has set a goal before India and especially before the youth of India that by 2047, India should become a fully developed nation. When this country celebrates the centenary of independence, there should not be even a single field where India does not hold the top position in the world. This resolve, which was placed before the people of the country from the ramparts of the Red Fort, has become the resolve of every individual in the country and especially of the youth. And I have faith in the young generation that Shri Modi Ji's resolve will be fulfilled even before 2047," he said.
He also lauded PM Modi for the digital revolution that has surfaced through UPI and FinTech. "Every second digital transaction in 2024-25 happened in India... Nearly 7 countries accepted UPI and DigiLocker is also being used by over 52 crore people...," added Shah.
The Union Minister said that the Centre have successfully made India a manufacturing hub by making numerous policy changes under the 'Make In India' initiative.
"Under Make In India 2, we are focusing on the sectors that will become a major part of the global economy in the coming 25 years... In terms of startups, we have risen to 3rd rank globally from 26th in the past 10 years...," he added.
In addition, Shah addressed India's energy and trade policies, stating that India will continue to procure oil from sources offering the most competitive rates, without specifying any preference for Russian oil.
He also revealed that India-US trade negotiations are currently underway, with a decision expected within the next couple of weeks. (ANI)