Indian Government sets up group to assess liquidity requirements

October 10, 2008: Indian Government has constituted a group to make a quick assessment of the requirements of liquidity and also advise the Government. The group will be headed by Shri Arun Ramanathan, Finance Secretary and Secretary (Financial Services). It will consist of:

(i) Representative of RBI
(ii) Shri T.S. Narayanaswamy, Chairman, IBA & CMD, Bank of India
(iii) Shri U.K. Sinha, CMD, UTI
(iv) Shri Y. M. Deosthalee, CFO, L&T & Director-in-charge, L&T Finance Limited
(v) Shri R.M. Malla, CMD, SIDBI

The group has been authorised to co-opt any more members, if necessary. Group has to begin work immediately, also visit Mumbai, and submit an interim report within a week.

Finance Minister, Shri P. Chidambaram in a statement said that Government has identified that the main problem is liquidity, and we will respond swiftly and take steps to infuse more liquidity according to the needs of the situation. Reserve Bank of India was advised to take appropriate steps in this behalf.

Shri P. Chidambaram also drew attention to the statement made by Mr. Robert Zoellick, President, World Bank that “India is in a position to weather the global financial turmoil.” I also wish to draw attention to the statement of Mr. H. Kuroda, President, ADB that “the impact on the financial sector in Asia is limited this time.”

Indian economy and banking system has the capacity to weather the global financial crisis, says Indian government

IMF sees heightened risks to global financial stability
Global banking industry to see more restructuring & consolidation
MUFG to invest US$9 billion in Morgan Stanley
Citigroup to buy Wachovia Banking Operations
Nomura to acquire Lehman's European and Middle East operations
US Financial Crisis to indirectly impact Asian banks
Limited impact on Asia-Pacific banks from Lehman bankruptcy
Broader Implications of Lehman bankruptcy and Merrill Lynch acquisition
Barclays announces agreement to partly acquire Lehman Brothers
US Financial Crisis prompts RBI to announces market measures
Lehman Brothers Holdings Inc files for bankruptcy: A Special Report
Bank of America buys Merrill Lynch for $50 billion
Subprime Crisis: A Special



Click Here

Click Here




      Banking | Technology | Finance | Advertise | Terms of use | Disclaimer | Contact us
                         © Banknet India | All rights reserved worldwide.