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Bank deposits safe, says prime minister

business Updated: Nov 03, 2008 14:21 IST

PTI
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Prime Minister Manmohan Singh on Monday assured that the government is behind the banking system and no one should fear about safety of the bank deposits, and said more steps would be taken to protect growth.

"We have successfully conveyed to our people that our banking system, both in public and private sector is safe and the government stands behind it and that no one should fear for the safety of banking deposits", Singh told industry leaders in New Delhi.

Admitting that the present global crisis is bound to affect the Indian economy and has done so, Singh said the situation is being watched on day-to-day basis and more steps would be taken if required.

"Government will take all necessary monetary and fiscal policy measures on the domestic front to protect our growth rates," he said, adding that India would seek reform of the international financial institutions for improved regulation and supervision to prevent recurrence of such a crisis.

He asked the industry to act in a "true spirit of partnership" with the government to meet the challenges that lie ahead.

Singh further said the inflationary process is showing signs of "definite abatement."