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Govt welcomes upgrade

Our Bureau

New Delhi , Sept.1

THE Finance Ministry on Monday welcomed Standard and Poor's upgrading the outlook of Indian banks to `stable' from `negative.'

"The timing has been opportune, considering that the Reserve Bank of India (RBI) has issued the licence for the first Asset Reconstruction Company to deal with non-performing assets (NPA) and the Sensex is also at a 30-month high. But I still feel that they should have made the rating positive, considering our strong economic fundamentals, including buoyant capital markets and low indebtedness levels," Mr Ashok Lahiri, Chief Economic Advisor, told newspersons here.

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