Prime Minister, Manmohan Singh asked for all preventive measures to deal with the global financial crisis in US. He said that the Indian domestic banks are almost insulated to the global financial crisis and we don’t need to worry much. He was addressing the meeting of the Cabinet Committee on Economic Affairs (CCEA) in New Delhi. He asked his ministerial colleagues to stay alert on the global financial situation. 

Finance minister, P Chidambaram explained the global crisis in US in detail. 

The government will get detail to access the exposure of some private bank to the Lehman brothers. Indian government banks have small exposure in the bankrupt bank. But the total exposure is expected to reach Rs 500 crore. 

The Reserve Bank and the finance ministry are in touch with private and foreign banks to deal with global financial crisis. The ministry of finance is also examining the flow of funds in forex markets, g-sec markets, stock markets and derivative markets.  

Speaking on the occasion, the vice-chairman of finance commission, Montek Sing Alluwallia said that there would be some indirect impact of this financial crisis which can hamper the investment in India.