Twenty four hours after yesterday's meeting of the Cabinet Committee on Economic Affairs (CCEA), Prime Minister Manmohan Singh today convened a second CCEA meeting to review the global financial situation.
In his briefing to the members of the CCEA, Finance Minister P Chidambaram said that the recent US crisis would not have an impact on the Indian economy.
The PM, however, told ministers to keep a close watch and stay alert on the global financial situation.
Chidambaram had made some strong statements yesterday saying that the Indian banks have strong balance sheets and are well regulated. He said that public sector banks virtually have no exposure to the debt of the Lehmann Brothers which had filed for bankruptcy in the US on Monday.
The FM had also assured that more steps would be taken to infuse liquidity if cash conditions were tight in the system.
