How India’s banking sector weathered the global storm5 min read 11 Sep 2013, 11:40 PM IST
The Indian financial system largely escaped unhurt as RBI built a safety wall brick by brick around the banking system
Mumbai: Hours after Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, the Reserve Bank of India (RBI) directed the Indian arm of the US investment bank to close all transactions with Indian banks within a day. A couple of weeks later, RBI asked banks to furnish data on their exposure to other troubled global financial entities, including Wachovia Corp., Fortis NV, American International Group Inc. and Washington Mutual Inc.
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