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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

India claims banking system protected from sector instability.

India's Economic Affairs Secretary Ajay Seth speaks during a news conference at the end of G20 ... India's Economic Affairs Secretary Ajay Seth speaks during a news conference at the end of G20 finance ministers' and Central Bank governors' meeting on the outskirts of Bengaluru, India, February 25, 2023. REUTERS/Samuel Rajkumar
India's Economic Affairs Secretary Ajay Seth speaks during a news conference at the end of G20 ... India's Economic Affairs Secretary Ajay Seth speaks during a news conference at the end of G20 finance ministers' and Central Bank governors' meeting on the outskirts of Bengaluru, India, February 25, 2023. REUTERS/Samuel Rajkumar

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On Monday, India’s economic affairs secretary stated the Financial Stability and Development Council (FSDC) believes its banking system is shielded from global challenges.

After the finance minister-chaired FSDC meeting, Ajay Seth spoke to the press.
“The global financial crisis is worrisome, but the Indian economy and banking industry are highly safeguarded and tightly controlled. “But we must be cautious and on our toes,” Seth remarked.

He stated the first FSDC meeting since 2023/24 Federal Budget was unveiled on Feb. 1 did not debate India’s vulnerability to the Western financial system. Instead, spillover and risk pathways were debated.

 

 

 

 

 


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