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Assuring investors that the government is keeping a close watch, Finance Minister Arun Jaitley on Friday said that more measures will be taken to empower banks so that they can recover bad loans.
“The Reserve Bank of India has empowered banks. The bankruptcy law is under active consideration. The government is also looking at other steps to empower banks to recover the funds,” he said, stressing that the situation of non-performing assets of banks is under control.
“There should not be any over reaction or panic. The government will support public sector banks with capital requirement,” he said.
He also tried to soothe investors and said that Indian markets have been severely impacted due to the major sell-off in global markets.
“The strength of the economy has to be kept in mind rather than react disproportionately to global developments,” he said.
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