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HIGHLIGHTS-Indian finmin comments on markets, banks and data

Reuters - Saturday, October 11

NEW DELHI, Oct 10 - Following are comments by India's Finance Minister Palaniappan Chidambaram to local television channels on Friday about liquidity in local markets, Indian banks, and industrial production data.

ON LIQUIDITY

"Ten or 12 days from today, when the supplementary is passed, a substantial amount of liquidity will be infused into the market."

"If between now and say October 20 or so, further steps are required to infuse liquidity, the governor has assured me he will keep a careful watch and take those steps."

"All I can say, as the cabinet and government decided on Wednesday, we will take steps to infuse liquidity because we recognise that the flow of credit smoothly and efficiently through the system is vital to the stability of the financial system."

ON INDIAN BANKS

"I have always and already reassured depositors that their deposits are safe. You might ask me why I say that. I say that because our banks are well capitalised, well regulated. There is no need to worry about deposits."

ON AUGUST INDUSTRIAL PRODUCTION

"The IIP numbers are not very satisfactory. At the same time they are not very right.

"The IIP numbers are to be looked into more carefully. But please remember what happened to the IIP of July, they've revised it upwards to 7.4 .

"So it is possible IIP of August is low, I'm not denying that, But I think the IIP number should be taken as just one input.

"At this stage it is difficult to say what the impact on the macro economy is, but I'm confident that our economy will still grow at a very satisfactory rate."

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