KV Kamath, who is the president of the Confederation of Indian Industry and chief executive & managing director of ICICI Bank, allayed fears about the adverse impact of the collapse of international banks.
“Indian banking will not be contaminated by what is happening the world over,” Kamath said.
The Indian banking sector has become stronger over the last 10 years. It is in a much better position compared with global banking industries. The norms are so forceful that there is little scope for risk. Regulators such as the Reserve Bank of India and the IRDA are strong.
On Wednesday, Kamat dismissed as baseless the news that there was panic selling of ICICI Bank stocks following the collapse of Lehman Brothers.