NEW DELHI (Reuters) – India’s economy and banking system remain strong even amid the current turmoil in global markets, Prime Minister Narendra Modi said on Saturday.
“Amidst the global crisis, today India’s economic system is strong and the banking system is also strong. This is the strength of our institutions,” Modi said in today’s Indian party said.
Global banking stocks have been hit hard in recent days by the collapse of two mid-sized U.S. banks. While authorities have rescued failing banks, the turmoil has raised concerns about what might be hiding in the wider global financial system.