New Delhi: India's economic and banking systems remain robust, even in the midst of the current turmoil battering global markets, Prime Minister Narendra Modi said on Saturday.

"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," PM Modi said at an India Today Conclave.

The recent collapse of two mid-size US banks—Signature Bank and Silicon Valley Bank—has led to a sharp decline in bank stocks worldwide.

While authorities have intervened to rescue some struggling banks, concerns have arisen about potential risks and uncertainties lurking within the broader global financial system due to this recent turmoil.