'Govt tracking India's exposure in West Asia'

Mumbai: Govt is keeping a watch on the geopolitical situation in West Asia and is taking stock of India's exposure in the region in case of conflict, said finance secretary M Nagaraju, while discussing external challenges facing banks and the economy.

He also said that govt is looking to find financial institutions exposure to the region. He believes that despite rising global uncertainty, including the possibility of conflict in the region, India's banking system and economy have remained resilient. Tensions have escalated in West Asia after the US issued a 10-day ultimatum to Iran to reach a nuclear deal. Addressing the 78th annual meeting of the Indian Banks' Association, he said the panel will focus on ensuring credit remains bank dominated and guide how banking evolves over the next 20-35 years.