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Indian PM Manmohan Singh assures depositors in banks that their deposits are safe | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards


October 20,2008, Ratekhoj.com. Indian Prime Minister, Dr. Manmohan Singh, in a statement to Parliament today regarding the global financial crisis assured depositors in banks that their deposits are safe. “Our first concern was to ensure the stability of our banking system. I am happy to inform the House that the Indian banking system is not directly exposed to the sub-prime mortgage assets. Their exposure to other problem assets is also minimal. Our banks, both in the public sector and in the private sector, are financially sound, well capitalised and well regulated. There should be no fear of a failure of any bank. In particular, I wish to assure depositors in our banks that their deposits are entirely safe” Singh said, while saying that India, like other developing countries, is experiencing the ripple effects of the financial crisis but has taken a number of steps to minimise the impact.

Singh also said that the government welcomed the decision announced by RBI of a 100 basis points cut in the repo rate which is the rate at which banks can borrow against surplus SLR securities. He said that this will have a beneficial effect on the interest rate structure and, in combination with the other steps to increase liquidity, will help to support economic activity and investment.




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