PM Modi says individuals without collateral can access formal credit to start businesses
Prime Minister Narendra Modi on 25 Oct inaugurated the Reserve Bank of India’s newly established Data Centre and Cybersecurity Training Institute in Bhubaneswar, pointing out that digital banking has connected everyone to 24-hour banking services across India.
“Today, through digital banking, every family in the country has become a beneficiary,” asserted PM Modi, highlighting the complete elimination of any leakages today. He explained that every single rupee disbursed by the central government now reaches the beneficiary’s account intact. “This has become possible only because of the nearly 60 crore Jan Dhan accounts opened in the country,” he added.
Emphasizing that even individuals without collateral can now access affordable formal credit to start businesses, the Prime Minister noted how small entrepreneurs, traditional artisans, street vendors, and unorganized workers are thriving through targeted interventions.
He noted that 13 crore people became first-time entrepreneurs under the Mudra Yojana, lakhs of street vendors and skilled artisans gained formal credit via PM SVANidhi and PM Vishwakarma, and Self-Help Groups representing 10 crore rural women received thousands of crores in bank assistance. “For the first time, they have received the benefit of formal banking,” observed the PM.
Noting that debit and credit cards were once the exclusive preserve of the wealthy before becoming accessible to every citizen through crores of RuPay cards symbolizing self-respect and self-reliance, the Prime Minister credited the banking fraternity for driving this transformation. He lauded the collective efforts of the central bank, commercial banks, and every single banking employee across the nation. “All of you are partners in this glory,” commended PM Modi.
Stating that while the past decade focused on banking the unbanked, he said that the coming decade is dedicated to making banking more efficient and reliable with the support of Odisha’s new Data Centre and robust computing systems.
But he also warned that modern warfare targets economies through evolving cyber threats. Stressing that a rising economic power must shield its financial system from cyber looters and cyber terrorists, he emphasized the need to replace outdated training tools with modern infrastructure and skilled human resources. “Right here, the role of this new cybersecurity institute becomes crucial,” asserted PM Modi.
Spotlighting Eastern India as a powerful growth engine for a Viksit Bharat and noting the accelerated momentum under Odisha’s current government, the Prime Minister observed that the state is pairing its traditional mineral-based industries with a new ecosystem of semiconductors, electronics, data centres, and advanced computing to script a new future from mines to microchips.
Expressing full confidence that these emerging avenues will unlock vast opportunities and fulfill the grand dreams of Odisha’s youth, he concluded with his festive best wishes and chants of Jai Jagannath. “You will see, Odisha, from mines to microchips, is going to write a new future,” affirmed the Prime Minister. fiinews.com
