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UTI won't be allowed to fail, reassures Sinha

Finance Minister Yashwant Sinha declared in Washington last night that ''the Unit Trust of India cannot fail and will not be allowed to fail'', thus setting at rest apprehensions that had arisen in the wake of its offloading of equity holdings.

Addressing the media, Sinha, who is currently in Washington attending the annual meetings of the World Bank and International Monetary Fund, said he would not say there was a run on the UTI. There might have been some temporary loss of confidence. Even for that there was no scope, he added.

Sinha, who was accompanied by Reserve Bank of India Governor Bimal Jalan and Finance Secretary Vijay Kelkar, said, ''We are in touch with the developments and confidence in the UTI had returned.''

UNI