World should not worry about India’s banking sector: Pranab
November 13th, 2011 - 11:27 pm ICT by IANS
Kolkata, Nov 13 (IANS) Reacting to the rating agency Moody’s decision to downgrade India’s banking sector to negative, Union Finance Minister Pranab Mukherjee Sunday said the international community need not be worried about the health of the sector.
“The international community need not be unnecessarily worried about the health of the Indian banking system,” Mukherjee said during a conference on ‘Global Economic Turmoil and Indian Economy’, organised by industry body Assocham here.
The Indian banking system had recently been downgraded by the Moody’s from stable to negative.
Mukherjee assured that the budgetary provisions for banks’ re-capitalisation would be released within the current fiscal.
He, however, said he was not very hopeful about the quick resolve of the sovereign debt crisis of Europe and there could be an adverse impact of it on India’s exports as well.
The finance minister assured that the government was carrying out reform process to keep the economy on track.
“Despite political divergences of the people, we have got approval on three major drafts from the Standing Committee on Finance. They are - PFRDA (Pension Fund Regulatory and Development Authority), Factory Bill and some amendments on banking loan. I am quite hopeful that the Direct Tax Code (DTC) will also be approved by them and in the next financial year we will be able to introduce those,” he said.
- Moody's downgrades Spain's debt rating - Mar 11, 2011
- Public sector banks will get adequate capital: Pranab (Lead) - Feb 19, 2012
- Moody's to now review India's sovereign ratings - Nov 12, 2011
- Fitch cuts SBI, PNB, ICICI Bank outlook to negative (Lead) - Jun 20, 2012
- RBI must adjust monetary policy: Pranab (Lead) - Jun 16, 2012
- Moody's downgrades Italy debt rating - Jul 13, 2012
- Domestic demand will help India tide over US financial crisis - Aug 11, 2011
- Nothing new for insurance sector: Experts - Feb 28, 2011
- SBI eyes more branches in Bangladesh - Nov 14, 2011
- Moody's to discuss India's sovereign ratings - Nov 13, 2011
- Eurozone agrees to bail out Spanish banks - Jun 10, 2012
- A global crisis but Indian economy strong: Mukherjee (Lead) - Aug 06, 2011
- With reforms under stress, India stares at ratings cut (Roundup) - Apr 25, 2012
- Moody's downgrades 13 Italian banks - Jul 17, 2012
- S&P; cuts India's outlook, warns of ratings downgrade (Lead) - Apr 25, 2012
Tags: adverse impact, agency moody, amendments, banking sector, banking system, banks, budgetary provisions, debt crisis, dtc, global economic turmoil, India, indian economy, kolkata, pension fund, pranab mukherjee, resolve, sovereign debt, stable, standing committee, union finance minister