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Amid Market Selloff,Jaitley Promises More Steps to Tackle Bad Loans
12 February 2016
New Delhi,12/February/2016 (ITNN)>>>> Finance Minister Arun Jaitley on Friday tried to soothe the nerves of investors who have suffered big losses in the wake of a sell off in Indian stock markets. The finance minister said the fall in Indian markets is a result of a chain reaction from sell off in other major global markets. As a reaction to various international development there need not be any exaggerated panic in India," he said, adding that Indian economy is growing strongly despite a global slowdown.

"Investors should keep in mind the inherent strength of Indian economy rather than react to international developments," the minister said.

Mr Jaitley also assured investors who are concerned about the health of the Indian banking system particularly about rising bad loans in public sector banks. The minister said the government is fully committed to supporting the public sector banks and is considering giving banks more tools to recover bad loans."The government is fully committed to support the public sector banks by providing them capital requirements," Mr Jaitley said.

Mr Jaitley's comments comes just a day after Reserve Bank of India Governor Raghuram Rajan said that the central bank's and the government's efforts to clean up bad loans would be successful. Apart from selloff in global markets, weak corporate earnings - particularly state-run banks - are being blamed for the sharp fall of Indian markets this year. The benchmark index Nifty is down over 12 per cent from the start of this year.