PM Manmohan Singh called for a meeting of the Cabinet Committee on Economic Affairs (CCEA) to look into the global financial situation. He said that Indian banks are safe and there is no need to worry. But the banks must be watched closely and ministers must be alert on the global financial scenario.
FM Mr. Chidambaram also addressed the ministers. He said that the current US crisis will not have any impact on the Indian economy. He also said that Indian banks have strong balance sheets and are well regulated. He added that public sector banks have no exposure to the debt of the Lehman Brothers which had filed for bankruptcy in US on Monday.
On this assurance from FM, share market responded well and Bank shares have regained their lost ground, led by PSU sector banks like Bank Of Baroda, Punjab National Bank.
Bank Of Baroda gained 5.80 % to settle at Rs. 327.35 after hitting intra-day high of Rs. 329.70. 7.81 lacs of shares changed hands on the BSE.
Reflecting the gain in banking stocks, BSE Bankex went up by 176.67 points or 2.68 % at 6,769.63 points.
ICICI, the most hit bank after Lehman Brothers crisis, after sliding for 2 days in a row, gained today 2.78 % to close at Rs. 575.85.Over 45 lacs shares were traded on BSE.
Interesting to know about Lehman Brothers :
Founded in 1850, Lehman Brothers serves the financial needs of corporations.
In 2000, Lehman Brothers celebrated its 150th year anniversary.
In 2001, the firm resumed fixed income trading in just 2 days after September 11. Lehman Brothers became a member of the the Amsterdam Stock Exchange.
In 2007, Lehman Brothers ranked number 1 "Most Admired Securities Firm" by Fortune.
On 2008, 15 Septermber, Lehman Brothers declared bankruptcy.
FM Mr. Chidambaram also addressed the ministers. He said that the current US crisis will not have any impact on the Indian economy. He also said that Indian banks have strong balance sheets and are well regulated. He added that public sector banks have no exposure to the debt of the Lehman Brothers which had filed for bankruptcy in US on Monday.
On this assurance from FM, share market responded well and Bank shares have regained their lost ground, led by PSU sector banks like Bank Of Baroda, Punjab National Bank.
Bank Of Baroda gained 5.80 % to settle at Rs. 327.35 after hitting intra-day high of Rs. 329.70. 7.81 lacs of shares changed hands on the BSE.
Reflecting the gain in banking stocks, BSE Bankex went up by 176.67 points or 2.68 % at 6,769.63 points.
ICICI, the most hit bank after Lehman Brothers crisis, after sliding for 2 days in a row, gained today 2.78 % to close at Rs. 575.85.Over 45 lacs shares were traded on BSE.
Interesting to know about Lehman Brothers :
Founded in 1850, Lehman Brothers serves the financial needs of corporations.
In 2000, Lehman Brothers celebrated its 150th year anniversary.
In 2001, the firm resumed fixed income trading in just 2 days after September 11. Lehman Brothers became a member of the the Amsterdam Stock Exchange.
In 2007, Lehman Brothers ranked number 1 "Most Admired Securities Firm" by Fortune.
On 2008, 15 Septermber, Lehman Brothers declared bankruptcy.
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