India Pledges Action as Markets Rocked by Default Worries
- Regulators say they are monitoring markets after selloff
- RBI can open additional line of credit for NBFCs, Jajoo says
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Indian authorities vowed to support financial markets rocked by growing concerns of defaults by shadow banks.
The government will provide adequate liquidity to mutual funds and non-bank financial companies, Finance Minister Arun Jaitley said on Monday. His tweet followed a rare joint weekend statement from the central bank and capital markets regulator assuring investors they were monitoring the situation and would take necessary steps.