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This is an archive article published on April 7, 2012

Slowdown may hurt banks’ asset: FM

Indian economy is likely to grow by 7.6% in fiscal 2012/13,up from 6.9% in the current year.

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A slowdown in India’s gross domestic product could impact banks’ asset quality,Finance Minister Pranab Mukherjee said on Saturday.

Mukherjee,speaking at an industrial event in Mumbai,added India’s banks would have to raise additional capital to meet requirements for Basel III global banking rules.

Indian economy is likely to grow by 7.6 per cent in fiscal 2012/13,up from 6.9 per cent in the current year,which is the lowest rate recorded in nearly a decade excluding the global financial crisis in 2008,Mukherjee said last month.

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