State Bank of India Chairman Challa Sreenivasulu Shetty on Saturday said the direct impact of the higher tariff scenario unfolding in the U.S. is likely to be limited not just on books of the bank, but also on India given the geographical spread and basket of exports from the country.

Textiles, gems and jewellery and aquamarine are among a few industries bound to be impacted given their exports are predominantly to the U.S. and consequently may require some hand holding. Though exposure to the industries is limited, if need be banks will get involved in “how do we protect [them] along with the government of India if the tariff issue is not resolved faster,” he told mediapersons after launching SBI General Insurance’s 30 specialised health insurance branches across Andhra Pradesh and Telangana at a function in Hyderabad.

On likely relief measures banks could provide, Mr. Setty said, “We are working with the regulator. It’s too early to talk… we are confident some resolution will happen on tariffs since India is not alone as several other countries are also facing tariff issues. The uncertainty surrounding tariffs should be addressed at the earliest.”