Chidambaram Says India Can Weather the Financial Crisis

The nation’s central bank, which yesterday made the steepest cut since 2001 in the amount of cash banks must hold in reserve, is prepared to take more monetary measures to boost the supply of funds in the banking system, the news agency cited Chidambaram as saying.

“Savings in banks are completely safe,” Chidambaram said today in New Delhi, according to the report.

“Our banks are well-regulated and well-capitalised.”