MUMBAI // India's central bank, concerned about the financial crisis in overseas markets, has asked commercial banks to provide data on their exposure to "troubled financial entities".
The central bank had asked banks to furnish details of their exposure to Wachovia, Fortis, American International Group, Washington Mutual and Lehman Brothers, the Mint and Economic Times newspapers reported.
"We have sent letters to the chief executive officers of all banks seeking information on their exposure to the troubled financial entities," a senior Reserve Bank of India official said, according to Mint.
The newspaper said the central bank was also planning a special audit of ICICI Bank, the country's largest private-sector lender, to assess whether it had any exposure to those entities, and the possible impact on its profit-and-loss account.
On Tuesday, the central bank joined ICICI Bank to reassure investors and customers about the financial health of India's second-biggest bank, saying ICICI was well capitalised and had enough cash to meet depositor demand.
Separately, the Economic Times reported that some large foreign institutional investors (FIIs) told the Securities and Exchange Board of India (SEBI), the country's stock market regulator, that they had not been aggressively short-selling ICICI's stock.
At a meeting convened by CB Bhave, the SEBI chairman, some of the FIIs said they had been buying ICICI's stock, the Economic Times quoted a person familiar with the development as saying.
ICICI Bank's shares ended up 3.1 per cent at 551.45 Indian rupees (Dh43.30) on Wednesday after hitting its lowest level in more than two years on Tuesday. The markets were shut yesterday for a local holiday.
On Tuesday, the Indian prime minister Manmohan Singh, who is on a two-day visit to France, said the financial crisis in the US could hit the country, suggesting its capacity to finance development would be affected and exports compromised if major economies went into recession.
Mr Singh said the crisis affecting developed countries could spread to the rest of the world, and he wanted India and China to help find a solution.
"Our value markets are opened to the world and, if they are affected, this will affect our capacity to finance our development," he told the French newspaper Le Figaro.
* With Reuters
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Edward St Aubyn
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SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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