Banks will not collapse: Sinha

By Our Special Correspondent

SRINAGAR, SEPT. 2. The Union Finance Minister, Mr. Yashwant Sinha, said today that a wrong impression was being created that banks and financial institutions in the country would crumble.

Without mentioning the UTI issue, Mr. Sinha that the slump in the world economy had affected financial institutions.

``We have seen it happening in Japan and Europe, and it has a direct impact on us. Our exports have consequently decreased and the stock markets have gone down.''

Despite disturbances, the Jammu and Kashmir Bank had shown a tremendous growth, he said after opening the corporate office of the bank here.

``It is showing the way to the whole nation,'' he said, lauding the efforts of its Chairman, Mohammed Yousuf Khan.

Mr. Sinha said that the Centre was committed to supporting the State Government and the people in developing the State. ``We will collectively fight the challenge of development.''

The Jammu and Kashmir Governor, Mr. G.C. Saxena, complimented the staff for the heroic manner in which they withstood the challenge of militancy and kept the bank functioning.

The State Finance Minister, Mr. A.R. Rather, also lauded the role of bank as the bankers to the State Government and said it had come to the Government's help at crucial times.

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