September 22, 2017 / 7:51 AM / 10 months ago

India's Jaitley pledges to find resources to support debt-laden banks

Mumbai (Reuters) - India will make efforts to find resources to support debt-laden banks to help them fund economic growth, Finance Minister Arun Jaitley told a meeting of bankers on Friday.

FILE PHOTO: India's Finance and Defence Minister Arun Jaitley attends a seminar with state finance ministers on the Goods and Services Tax (GST) issues, in Srinagar May 18, 2017. REUTERS/Danish Ismail/File photo

Jaitley said stressed bank assets have become a “concern” for the economy. Bad loans have crimped the ability of Indian lenders to offer new credit.

Growth in Asia’s third-largest economy slowed to a three-year low of 5.7 percent in the quarter that ended in June, and Jaitley said on Wednesday that the government was looking for ways to speed it up.

Reporting by Devidutta Tripathy and Suvashree Choudhury; Writing by Rajesh Kumar Singh

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