As stated by executive of three bank, the Singapore regulators have had concerns regarding the quality of the assets in some Indian banks branches. Due to the slow economic growth, the weekend rupee has made a heavy weight on the balance sheets of Indian companies even those who have taken help form offshore Indian lenders like Singapore. MAS or the monetary Authority of Singapore is keeping a close eye of some of the operations of Indian Banks to check on the quality of the credit of the loans as stated by bankers. The managing director and chairman of Bank of Baroda S S Mundra stated that MAS in the recent days have been keeping a close watch on assets that are non-performing as well as the quality of the assets which are financed
In a recent statement made by a spokesman of MAS, there was no comment on the dealings made with individual financial organizations. Very recently, Indian Banks have build their presences in places like Hong Kong, Dubai and Singapore so that they can serve NRI's as well as companies who seek to raise funds.