High-level delegation of European Parliament visits UBI

A high-level delegation of the European Parliament today visited Union Bank of India to discuss how India tackles economic, monetary and financial issues.
    
The delegation under the Chairmanship of José Manuel Garcia-Margallo Y Marfil, who is also the Vice-Chair of the Economic and Monetary Affairs Committee (ECON) of the European Parliament, comprised members of ECON and the Special Committee on the Financial, Economic and Social Crisis, a press release issued here stated.
    
Union Bank of India was represented by its Chairman & Managing Director, M V Nair, and its two Executive Directors, S C Kalia and S S Mundra.
    
Nair shared with the delegation how India was hit by the global financial crisis, the co-ordinated monetary and fiscal responses to it, role of state-owned banks and India's emerging significance in the G-20 forum. He also focused on the prospects for economic and financial reforms in India.
    
"Having withstood the crisis better than earlier anticipated, India is again taking various initiatives to create capabilities for a sustainable double-digit growth. At the world stage, various Governments need to co-ordinate policy actions for resolving the crisis and managing the recovery in a manner that can ensure strong, sustainable and balanced growth," Nair said.
    
Following the global economic crisis, the EU is engaged in a complete overhaul of its economic governance and budgetary rules.