Indian Finance Minister announced that the government was distributing more Kishan Credit Cards to farmers who can use the cards as loan waivers. While critics predicted the Rs 60,000 crore loan waivers proposed in the 2008 budget would hurt banks, Mr. Mukherjee asserts that nationalized banks were not adversely affected.
The Minister Pranab Mukherjee asserted that the process of bank nationalization first undertaken by Prime Minister Indira Gandhi has protected the Indian banking sector during the global economic crisis.
Compared to many failing private banks in Western countries, the Indian nationalized banks have enjoyed progress and stability, stated Mr. Mukherjee.