Indian banks will not be hit by global crisis: FM
Saturday, October 25, 2008
SIVAGANGA (TN): The government on Saturday said that the bank deposits are safe and there will be no impact of the 'global economic tsunami' on them.
"We have been insulated from the impact of global economy in the banking sector. There is no need for any apprehension on the part of depositors about any impact of the global recession as their deposits are covered under an insurance scheme," Finance Minister P Chidambaram said while inaugurating a branch of the public sector UCO Bank here.
He said despite the global economic crisis, the country would be able to achieve a growth of 8 per cent during the current fiscal.
Most of the banks in US were facing closure due to the crisis, he said, adding Indian banks, however, were well protected.
"The farsightedness of late Indira Gandhi, who nationlised banks, is paying now. while the US administration is ploughing money to save banks in that country, our banks are well protected due to the nationlisation', he said.
The private sector banks were also on a sound footing, he added.
Source
NA India
Saturday, October 25, 2008
SIVAGANGA (TN): The government on Saturday said that the bank deposits are safe and there will be no impact of the 'global economic tsunami' on them.
"We have been insulated from the impact of global economy in the banking sector. There is no need for any apprehension on the part of depositors about any impact of the global recession as their deposits are covered under an insurance scheme," Finance Minister P Chidambaram said while inaugurating a branch of the public sector UCO Bank here.
He said despite the global economic crisis, the country would be able to achieve a growth of 8 per cent during the current fiscal.
Most of the banks in US were facing closure due to the crisis, he said, adding Indian banks, however, were well protected.
"The farsightedness of late Indira Gandhi, who nationlised banks, is paying now. while the US administration is ploughing money to save banks in that country, our banks are well protected due to the nationlisation', he said.
The private sector banks were also on a sound footing, he added.
Source
NA India