Read the following passages carefully and answer the question given below them Certain words/phrases have been printed in bold to help you to locate them while answering some of the question.
Despite the economic crunch worldwide that saw pulverization of some of the largest banking and finance giants Indian banking houses have managed to show positive growth this quarter. Some of India’s leading national banks have posted a net profit rise of more than 40% over the last quarter amid global turmoil This would come as a “big short in the arm” for the investors and consumers of these banking even though apprehension is mounting on other banking and broking firms worldwide One of the main reason behind the success of these banks this quarter would be their direct backing by the Government of India. People take solace in their investments in public sector watching the bailout packages being cashed out by governments all over the world to save big business houses
Other privates banks in India have also reported a substantial net profit over last quarter Given the international and domestic scenario one cannot put this down as a mundane achievement While others are on a cost cutting spree and firing employees Indian companies are actually working on boosting staffing in banking and broking sectors This can be seen as a big boon in the days to come when the current recession eases and the economy gradually comes back on to the fast track The finance minister has assured Indian public about the second.This could also be evident from the fact that their have been no mergers and takeover in Indian banking sector in a contrast to world scenario where finance houses are looking for mergers and takeovers India banking sector in a contrast to world scenario where finance houses are looking for mergers to cut costs on operation We definitely are not looking to thrive rather we are looking for growth It is just that the pace of growth is a little slow now as compared to a year or two before These are hard times to test the hard The weak in business and career will be weeded out and it is sometimes very beneficial for business in the long run
Which of the following statements is/are definitely true in the context of the passage ?
(A)India has not been affected by the economy slowdown
(B)India banks are showing growth in the quarter despite the recession
(C)While banking industry in the west was severely affected by recession in the past it is now gradually recovering and showing a positive growth