Banking sector cash crunch to be eased: FM

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Posted: 2008-10-15 10:32:24+05:30 IST
Updated: Oct 15, 2008 at 1032 hrs IST

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Share, asset prices may further fall: WEF Rate cut hopes spark investor fancy for gilt funds MFs see outflow of Rs 47,000 cr in Oct Right time now to invest in gold, say experts

The Reserve Bank and government on Wednesday agreed to take fresh measures immediately to infuse liquidity into the system, says Finance Minister P Chidambaram.

"Government and RBI are agreed on the measures that have to be taken immediately," he said in New Delhi.

RBI Governor D Subbarao, the minister said, will work out the details of the measures agreed upon between the government and the RBI.

"I expect to be able to make a statement later in the afternoon," Chidambaram said.

He said Prime Minister Manmohan Singh reviewed the financial situation with particular reference to the liquidity position at a meeting with the RBI Governor, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia and senior officials of the ministry.

The developments and measures taken by other countries were also reviewed, the Finance Minister said.

Meanwhile, the Bombay Stock Exchange benchmark index Sensex was down by 345 points or three per cent in early trade.

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» Is it a democracy ?

Posted by Fareeda Rehman on 2008-10-20 15:39:12.698396+05:30
Only economist experts can believe that they can make oceans potable by pouring fresh water into it. What an idea, sir-jee !!!FM, please remember that you have been sent to parliament not to take risks with ordinary people's funds. You were sent to enact legislations, not to act like a broker for the Stock Markets.When Aam aadmi and Aam aurath and Aam adivasis and other Aam marginalised groups are struggling for a day's square meal, please do not indulge this way. It hurts democracy.

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Banking sector cash crunch to be eased: FM

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