Thursday, November 27, 2008

Terrorist attacks India not to impact banking system

MUMBAI: The deadly terror attacks, which crippled the city today, will not be able to dent the confidence of India's banking and financial

system, which, bankers feel, will bounce back to normal soon. 

"I don't see any impact of the terror attacks on our bank," Union Bank of India (UBI) Chairman M V Nair told PTI.

Out of 120 UBI branches in the city, 118 are functioning normally, Nair said, adding, the impact is limited to the Nariman Point area, which is cordoned off by security forces. 

HDFC Bank Treasury Head Sudhir Joshi said the banking operations, except in the areas affected by terrorist attacks, remained largely unaffected. 

Major markets, including the Bombay Stock Exchange and National Stock Exchange, remained closed. 

"I don't think that there would be an impact of terrorist attacks in Mumbai on the financial sector even in the very short term," Joshi said. 

ICICI Bank Managing Director and CII President K V Kamath said while the city has a track record of bouncing back, "this is new type of attack and I am sure the city has to adjust to this attack." 

Former RBI Governor Bimal Jalan said it's time for consolidation, support and solidarity in the country and across the border. 

"Some people are worried if it will affect the foreign investments," Jalan said. 

The city has faced several terror onslaughts including those in 1993, 1997, 1998, 2002, 2003 and 2006.>

reference :
the economic times
Union Bank of India (UBI)
Bombay Stock Exchange
National Stock Exchange


padriwale,  December 26, 2008 at 3:59 AM  

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