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Phone banking scam of previous govt broke back of banking system, says PM

Prime Minister Narendra Modi distributes more than 70,000 appointment letters to newly inducted recruits in Government departments and organisations, under Rozgar Mela through video conferencing.

Modi, said “Today, India is one of those countries where the banking sector is considered to be the strongest but this was not the situation 9 years ago… Our banking sector has seen massive destruction during the previous govt. Today, we are able to make digital transactions but 9 years ago, phone banking was not for 140 crore people. People who were close to a specific family used to call Banks and provided them loans worth thousands of crores and these loans were never repaid. This ‘phone banking scam’ was one of the biggest scams during the previous govt”

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