India cenbank names SBI, ICICI as 'systemically important' lenders

August 31, 2015 1:10 PM

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MUMBAI Aug 31 India's central bank listed State Bank of India and ICICI Bank as the country's two "systemically important banks", lining them up for tougher supervision to avoid collapses that would rattle the financial system and economy.

The designation by the Reserve Bank of India (RBI) on Monday is the rough equivalent of the "too big to fail" applied to lenders in other countries, including the United States.

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