PM Modi slams former RBI Guv Raghuram Rajan over his banking sector predictions

Prime Minister Narendra Modi on Thursday pulled up former-RBI governor Raghuram Rajan along with the Opposition leaders for putting forward their negative predictions about the banking sectors of the country. He said that they had predicted that the banking sector is at the verge of collapse. This, he said, in turn, turned out to be fruitful for the sector, taking the private sector banking profits to two-fold. PM Modi attacked the opposition leaders, saying that disbelief and arrogance runs in the veins of the Opposition leaders. He denounced the Opposition’s act as a flightless bird's approach, stating that the Opposition is filled with so much of disbelief and arrogance that it is unable to see people’s trust in India and the government. 

While addressing the Parliament, while replying to the no-confidence motion on Thursday, PM Modi said that the curse, abuses and no-confidence of the Opposition have always turned into a tonic for him and for the entire country’s development. 

Public sector banks' profit went up by more than two-fold, says PM Modi

Taking a jibe at former RBI governor Raghuram Rajan without taking his name, PM Modi took on the Opposition for their remarks and predictions about the banking sectors. He said, “These people had predicted that the banking sector of the country is at the verge of collapse. They said that the banking sector will end, leading to the collapse of the economic stability of the nation. To prove themselves right, they called people from the foreign lands, to speak in favour of their thoughts about the banking sectors. By this, they wanted to ensure that the people of this country would believe these people, if not the opposition’s leaders. These people left no stone unturned to spread bad words about the economic stabilities of the banking sectors. But, see what happened when they tried these tactics. Net profit of our public sector banks went up by more than two-fold.”

He further added that the phone banking scam and NPAs (non-performing assets) during the UPA regime had taken the banking sectors to a very miserable condition, but the current government not only ensured that the banking sector gets out of the crisis but also manages to gain a sound economic health.  

Taking a dig at the Opposition for donning black cloth in the Parliament a few days ago as a mark of protest, PM Modi cited an example of the old people, who believe in putting ‘kaala tika’ during or before any good work or auspicious occasions. He stated in the Parliament, “The people with old beliefs, advise to put ‘kaala tika‘ during or before any auspicious occasions, saying that it brings good fortune. Today, for all the good things that are happening in the country and for the reason that the nation is being praised worldwide for its achievements and impactful works, I thank you all that you brought good fortune to the country by wearing black clothes.” He added that his claims can be proved right with a few examples, and one of them is the banking sector.