NEW DELHI: 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.

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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.