Wednesday, November 29th, 2023

How safe is India amid the global crisis? Finance Minister reviewed the working of banks

Photo: PTI Nirmala Sitharaman

There has been a lot of commotion in the banks from America to Europe for the last 15 days. 3 big banks are sitting in America, while Credit Suisse of Switzerland has been saved somehow. Due to this crisis coming from Europe and America, questions are also being asked about the functioning of Indian banks. However, the Reserve Bank and the government are ruling out any such possibility in India.

Finance Minister Nirmala Sitharaman on Saturday reviewed the performance and resilience of Public Sector Banks (PSBs) on various financial parameters amid the situation arising out of the failure of some banks in the US and Europe. In this review meeting, the Finance Minister asked public sector banks to remain vigilant about interest rate risks and regularly check stress levels.

Sitharaman discussed the current financial situation with the Managing Directors (MDs) and Chief Executive Officers (CEOs) of PSBs during the two-hour long meeting. Meanwhile, the factors responsible for the crisis at Credit Suisse were also discussed after the failure of Silicon Valley Bank (SVB) and Signature Bank (SB).

According to an official statement, the review meeting was attended by Minister of State for Finance Bhagwat Karad and Financial Services Secretary Vivek Joshi along with several senior officials. The Finance Minister discussed the likely impact of the current global financial crisis, both from an immediate and long-term perspective.

During the review meeting of Public Sector Banks, the Finance Minister said that banks should exercise due diligence and adhere to the regulatory framework by focusing on risk management and diversification of deposits and asset base. During this, the bank chiefs told Sitharaman that they are aware of the developments taking place in the global banking sector and are taking all possible steps to avoid any such possible financial shock.

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