New Delhi, Oct 13 (UNI) Finance Minister P Chidambaram today said the government will shortly announce more measures to infuse liquidity, make credit intermediation smoother and increase the confidence of depositors and investors.
At a press conference here, Mr Chidambaram left enough hints to indicate that these measures will take into account the concerns of the capital market, money market and the foreign exchange market.
''The government, RBI and SEBI have been in close consultation with each other during the weekend. I have spoken to the RBI Governor and Chairman SEBI several times in the last two days. We are co-ordinating our actions. We are watching the situation carefully and we will respond swiftly according to the needs of the situation,'' Mr Chidambaram said.
The Finance Minister said Indian Banks were willing to provide credit. ''Suitable advisories are being issued to the Banks,'' he said.
Mr Chidambaram said the root cause of the present uncertainty was liquidity and not any dramatic change in the fundamentals of the economy and gave a categorical assurance to depositors that they ''had nothing to fear because their deposits in banks are safe''. The Finance Minister's statement came just ahead of the opening of the bourses.
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