India's financial system stable despite weakening domestic growth: RBI

WION Web Team New Delhi, India Dec 27, 2019, 06.31 PM(IST) Edited By: Sparshita Saxena

Reserve Bank of India Photograph:( Reuters )

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The RBI stated that the banking sector's resilience has improved.

The Reserve Bank of India on Friday released its 'Financial Stability Report' and said that despite weakening domestic growth, India's financial system remains stable, news agency ANI reported. 

The RBI stated that the banking sector's resilience has improved, however, "risks from global/domestic economic uncertainties and geopolitical developments persist". 

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Meanwhile, Union Home Minister Amit Shah on Friday said that India is witnessing the "temporary effects of a global slowdown" and that Finance Minister Nirmala Sitharaman is working day and night to fight it. 

"I believe the Indian economy will be the first to be free from the slowdown in the world," Shah said at an event today. 

Shah's comments came while he was addressing investors at the first groundbreaking ceremony of Himachal Pradesh Global Investors Meet-2019 in Shimla, Himachal Pradesh.

Shah said the government was working to deal with the effect of the slowdown.

The minister said Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur were working on working are on various plans to fight with this global slowdown under the leadership of Prime Minister Narendra Modi.

(With inputs from ANI)