Staff Correspondent

Udupi: Home Minister V.S. Acharya said on Saturday that the banking sector will stide over the global economic meltdown.

He was speaking after inaugurating the 176th branch of the Saraswat Bank here.

Dr. Acharya said that the impact of recession in the U.S. and Europe on Indian economy was very little.

Great visionaries had built the country’s banking system on strong foundations. “Udupi and Dakshina Kannada districts, where four major banks had taken birth, are rightly called as the cradle of Indian banking industry,” he said. Lauding the Saraswat Bank management for opening the third branch of the bank at Udupi, after Hubli and Belgaum, in the State, he said Udupi and Dakshina Kannada districts were in the top three positions in the Human Resource Development Index of the country, Mr. Acharya said.