Banks’ NPAs kept rising in the past due to lack of transparency: PM Modi

Audit Diwas: Prime Minister Narendra Modi on Tuesday said that banks’ NPAs kept increasing in the past due lack of lack of transparency in the banking sector. He said due to the lack of transparency in the country’s banking sector earlier, various practices used to take place. “As a result, banks’ NPAs kept increasing,” Prime Minister Modi said while speaking on first Audit Diwas.

“You know very well the work done to brush the NPAs under the carpet earlier,” he said with CAG (Comptroller and Auditor General of India) officials in audience. 

“But we presented the reality of the previous governments, the actual situation, honestly before the nation. We will be able to find out a solution only if we identify the problems,” he added. 

The prime minister further said that there was a time when audit was seen with suspicion and fear, and the CAG vs government became common mindset of system. 

CAG audits all receipts and expenditure of the central and state governments.

“Sometimes officials used to think that CAG sees faults in everything. But today mindset has been changed. Today audit is considered an important part of value addition,” he added. 

The prime minister further said while assessing the work of the government, the CAG has the advantage of an outsider viewpoint. “We make systematic improvements with the help of whatever you tell us, we see it as cooperation,” he added. 

The Prime Minister also talked about the Centre’s monetisation scheme and said that this along with other decisions are helping the economy. “We took brave decisions of monetising unused and under-used elements. As a result of those decisions we have a reviving economy – that is being discussed and welcomed across the world,” he said. 

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