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According to sources, RBI this information so that it therefore wants to get to know these banks, how much investment in American institutions and the financial crisis on Indian banks What impact is going to fall. Areguletors this kind of information you need on the action and they will help in any way possible will be able to deal with the crisis. The High-Level Coordination Committee on Financial Markets (HLCCFM) chaired by RBI Governor D Subbarao "reviewed...the preparedness of all regulators to act in a coordinated and timely manner to deal with the emerging market situation in order to ensure continued smooth functioning of the markets", said a central bank release.
The HLCCFM, which met yesterday in the backdrop of global financial turmoil, was attended by Finance Secretary Arun Ramanathan, Economic Affairs Secretary Ashok Chawala, SEBI Chairman C B Bhave, PFRDA Chairman D Swarup and IRDA Member C R Muralidharan.
Noted , U.S. is in deep financial crisis after the Great Dipression of 1929. Some of its top banks became bankcrupt or taken over by diffrent companies due to sub prime crisis. US Gov put hefty $85 bl of 70% stake AIG, biggest nationalisation of world. AIG get big toast on Sub Prime Crisis. Wachovia is taken over by Citi Financial , WaMu is taken over by US Gov and later sold to JP Morgan , Lehman applied for Bankcruptcy and two mortgage lender Freddie Mac and Fannie Mae get gaint help from US Treasury Depertment.
Finance Minister P Chidambaram recently said in his statement that the international financial crisis, Indian banks are not affected by the heat. Broking Firm Edelwise believes that the broking firm ICICI Bank has investment in Lehman Brothers of about $8 million. If bank get its 50% return on Investment due to failure then also there will be a loss of $4 million.
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