Slowdown may hurt banks' asset quality - finance minister
MUMBAI (Reuters) - A slowdown in India's gross domestic product could impact banks' asset quality, Finance Minister Pranab Mukherjee said on Saturday.
Mukherjee, speaking at an industrial event in Mumbai, added banks would have to raise additional capital to meet requirements for Basel III global banking rules.
Indian economy is likely to grow by 7.6 percent in fiscal 2012/13, up from 6.9 percent in the current year, which is the lowest rate recorded in nearly a decade excluding the global financial crisis in 2008, Mukherjee said last month.
(Reporting by Shamik Paul; Editing by Andrew Heavens)
- Tweet this
- Share this
- Digg this
- UPDATE 3-Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Apple iPhone 6 pre-orders hit record 4 million on first day
- Pakistani Islamists use floods to turn opinion against India
- Iraqi official briefs Syria's Assad on efforts against Islamic State
- Google launches $105 Android One; eyes low-price smartphone boom
India will decide on ending government control on diesel pricing after elections in two states next month, an oil ministry source said, even though local prices of the fuel are currently higher than the global rates, making a case for a cut in retail prices. Full Article
Climate smart farmers get tech savvy to save India's bread basket. Full Article