M. Nagaraju, Secretary of the Department of Financial Services (DFS) in the Ministry of Finance, stated that both public and private sector banks in the country are performing 'very well' with an annual growth of 15.90 percent.
He mentioned that this is the highest growth recorded in Indian history. The DFS Secretary noted that the non-performing assets (NPA) across the country have also decreased to 0.40 percent, which is lower compared to previous figures. Nagaraju participated in two programs in the northeastern state, where loans worth ₹604 crore were approved for 8,000 beneficiaries.
He reported that banks now have a strong capital base, and the low NPA is a major reason behind the banks' strength. Nagaraju highlighted that the central government, under the leadership of Prime Minister Narendra Modi, has launched a ₹2.25 lakh crore business guarantee program to support small and medium enterprises in light of the West Asia crisis. Referring to financial inclusion measures, he stated that millions of people have benefited from various social security schemes over the past 12 years.
He mentioned that under the financial inclusion scheme (Jan Dhan Yojana), a total of 580 million accounts have been opened in 12 years, of which 320 million accounts belong to women. He also noted that during this period, 560 million loans have been approved under the Pradhan Mantri Mudra Yojana, with 67 percent of these loans going to women. He urged people to take bank loans to establish enterprises and ensure timely repayments to become eligible for more loan facilities.
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