Don't panic, your money is safe: FM to investors

Assuring the safety of their funds, Finance Minister Pranab Mukherjee on Tuesday asked investors not to press panic button over the housing finance scam, as the loans were protected .

"There is no need of pressing the panic button," Mukherjee told reporters on the sidelines of a seminar on inclusive growth.

He said loans given by institutions, some of whose officials were arrested in connections with the housing finance racket, are protected.

"I am in touch with Reserve Bank governor, Chairman of Life Insurance Corporation. All the loans which have been given are well protected. Money of the investors in these institutions are quite safe," Mukherjee said.

Central Bureau of Investigation had on November 24 uncovered a multi-crore corporate housing-loan racket involving several public sector lenders, including LIC Housing Finance and Bank of India.