PM Modi: India’s economic, banking systems are strong

(This March 18 story has been refiled to fix the spelling of economic in the headline)

NEW DELHI (Reuters) – India’s economic and banking system are strong even amid the turmoil currently rocking global markets, Prime Minister Narendra Modi said on Saturday.

“Amidst a global crisis, today India’s economic system is strong, the banking system is strong. This is the power of our institutions,” Modi said at an India Today gathering.

Bank stocks worldwide have been badly hit in recent days by the collapse of two mid-size U.S. banks. While authorities have rescued lenders on the edge, the turmoil has spurred worries about what may be lurking in the wider global financial system.

(Reporting by Nidhi Verma and Krishn Kaushik; Editing by Gareth Jones)