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Govt welcomes move

New Delhi, Sept. 1 (PTI): The government today welcomed the S&P move to upgrade the outlook of Indian banks to stable, but felt it should have been ‘positive’ considering strong economic fundamentals including buoyant capital markets and low indebtedness.

“It is the opportune time for S&P to upgrade the rating since sensex is at a 30-month high and the RBI has issued the licence for the first asset reconstruction company to deal with NPAs. I feel that they should have made it positive,” chief economic advisor Ashok Lahiri said. Lahiri said the Indian banking system had shown resilience.

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