- Friday, May 09, 2025
By: Shubham Ghosh
INDIAN prime minister Narendra Modi on Thursday (18) said his government is making use of all channels, including diplomatic, to bring back high-profile economic offenders who have taken shelter abroad.
Speaking at a symposium on credit flow and economic growth, Modi asked the country’s banks to support those who create wealth and jobs with proactive lending while promising to stand by any loan which is given in right earnest.
“In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels. The message is very clear — return to your country. We are continuing these efforts,” he said.
Modi, however, did not name any particular offender.
India in recent times has stepped up efforts to extradite economic offenders such as Vijay Mallya and Nirav Modi – both sought in connection with bank frauds and money-laundering cases.
While rupees five lakh crore have been recovered from the defaulters through proactive steps, the recently formed National Asset Reconstruction Company would help resolve rupees two lakh crore of stressed assets, Modi said.
The prime minister also said the banks’ financial health is now in a much-improved condition since his government has since 2014 found ways to address the problems they experienced.
“Indian banks are strong enough to play a major role in imparting fresh energy to the country’s economy, for giving a big push and making India self-reliant.
This is a time for you to support wealth creators and job creators. It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets.” Modi said.
Banks, he said, need to shed the culture of being an approver and the customer being an applicant, and adopt the model of partnership.
“When the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens,” he said.
Modi added that the reforms initiated by the government in the banking sector in the last six-seven years supported the banking sector in all possible ways and that has helped the sector to be in a very strong position today.
