PM, FM, RBI, plan panel review liquidity options
Prime Minister Manmohan Singh today reviewed the impact of the global financial crisis on the Indian economy and the steps taken hitherto with key policy makers, including Finance Minister P Chidambaram and RBI Governor D Subbarao.
By PTI |
NEW DELHI: Prime Minister Manmohan Singh today reviewed the impact of the global financial crisis on the Indian economy and the steps taken hitherto with key policy makers, including Finance Minister P Chidambaram and RBI Governor D Subbarao.
Planning Commission Deputy Chairman Montek Singh Ahluwalia and Finance Secretary Arun Ramanathan were also present at the meeting Singh at his residence here late this evening.
Earlier, Subbarao met Chidambaram to explore the options for handling the liquidity pressure and said: "We have reviewed the entire situation. The situation is quite comfortable.
"We believe everything is under control. I cannot tell you what measure are going to come. We have done everything that had to be done."
Apart from cutting the mandatory cash deposit requirements for banks by 1.5 per cent last week, RBI has also imparted an additional Rs 20,000 crore for mutual fund industry to enable it handle redemption pressure.
The collective efforts of the government and the RBI have stemmed the plunge in the stock markets, which for the second successive day ended on a positive note in tune with the trend in American, European and east Asian bourses.
Planning Commission Deputy Chairman Montek Singh Ahluwalia and Finance Secretary Arun Ramanathan were also present at the meeting Singh at his residence here late this evening.
Earlier, Subbarao met Chidambaram to explore the options for handling the liquidity pressure and said: "We have reviewed the entire situation. The situation is quite comfortable.
"We believe everything is under control. I cannot tell you what measure are going to come. We have done everything that had to be done."
Apart from cutting the mandatory cash deposit requirements for banks by 1.5 per cent last week, RBI has also imparted an additional Rs 20,000 crore for mutual fund industry to enable it handle redemption pressure.
The collective efforts of the government and the RBI have stemmed the plunge in the stock markets, which for the second successive day ended on a positive note in tune with the trend in American, European and east Asian bourses.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
