Finance Minister P Chidambaram on Thursday said that there was no cause for concern for any public sector banks as they are not exposed to the US financial crisis.
He also had some good news for those who have Tata AIG policies when he said that the Tatas have assured insurance regulator IRDA that all payment obligations will be met.
US subprime crisis spooks global economy
In a cautious note he added that there could, however, be some tightening in credit supply due to global financial developments.
Speaking on India's economy, the finance minister said that India's GDP growth will remain close to 8 per cent in the current fiscal.
