Nationalisation helped Indian banks withstand crisis: Chidambaram

October 25th, 2008 - 11:01 pm ICT by IANS  

Sivaganga (Tamil Nadu), Oct 25 (IANS) The nationalisation of Indian banks by late prime minister Indira Gandhi has helped the banking sector withstand the current global financial crisis, Finance Minister P. Chidambaram said here Saturday.Inaugurating the 2,000th branch of UCO Bank here, here said “the Indian banks are safe” even as the US government was infusing money into the American banking sector to bail out financial companies.

Assuring bank depositors, the minister said their deposits were covered under an insurance scheme and were safe.

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