New Delhi: Finance minister Nirmala Sitharaman on Saturday said in the last two days amid the Adani crisis the foreign exchange reserve has gone up by eight billion. “FPOs come and get out. These fluctuations happen in every market. But the fact that we had 8 billion come in last few days proves that the perception about India and its inherent strength is intact,” the finance minister said commenting on the Adani FPO pullout.
“FPOs come and get out. These fluctuations are there in every market. But the fact that we have had $8 billion come in these last few days proves that the perception about India and its inherent strength is intact,” the Finance Minister said.
On Friday, Sitharaman reassured markets about the exposure of SBI and LIC to Adani Group, as well as the stability of the banking system in the face of the decline in the share value of the conglomerate’s companies.
India’s banking sector is in a sound position even amid the volatility caused by the Hindenburg Research report on Adani group, she said, adding that SBI and LIC have clarified on their exposure to Adani group.
The two entities said that their exposure is well within the permitted limits and they are still over profit despite the decline in the value of their holdings, the FM said, adding “that is word from the horses’ mouth.”
The Indian banking system is at a comfortable level with respect to nonperforming assets, she said, adding that any macroeconomic analysis would reflect the same.
Comments are closed.