Economy not affected by Greece crisis: Raghuram Rajan

Reserve Bank of India (RBI) Governor Raghuram Rajan on Thursday dismissed any effect that the Greece crisis may have on the economy saying, "India's direct exposure to Greece is very limited."

"However may see some indirect impact in terms of impact on foreign exchange rates. Global economy is in recovery mode, its not a strong recovery but no chance of depression," he added.

Rajan assured of the economy picking up adding that there are some signs of capital investments.

"We continue to do spade work for sustainable growth," Rajan said.

He said that signs of economic growth were good as the monsoon has been good so far.

Speaking on the issue of public sector banks facing rising non-performing assets (NPA)s, he said that asset quality of banks is an ongoing issue and RBI is working with banks to ensure that they recognize problems early on NPAs.

"Capital infusion into PSU banks will act as buffer," he said.