This statement needs little amplification. What Usha says is that financial crisis is not there in India. A few months down the line, someone else from RBI would say that there is no RBI crisis in India. These are technically correct. The crisis that has gripped the globe is so profound that now each institution is forced to come and utter a statement that gives out an impression that (a) the institution is autonomous and (b) is not linked with the crisis. So the implicit idea is to convey that problems are creation of some other institution and lie beyond the immediate scope of the institute. At least, such confessions, however contested their intentions may be, seem only to imply a true extent of deep seated malaise, the world is gripped with. Finally, Ms Usha, would you please clear one of our profound doubt - if it is true that there was no financial crisis in India, why did Chidambaram pump in money to increase the liquidity of the private banks..

Same RBI has mentioned six month back that there will be minor effect of recession in India but now recession has become lethal in India. UPA Govt. already increased fiscal deficit and monitory measures are not improving the economical condition. Rupee is depreciating and will depreciate to Rs. 55 per dollar. India is definitely in financial crisis like Japan and Thailand in 1999.

i think India doesn't have to panic at this stage , because i think India has made enough money to tackle the current crisis. Govt of India must priotise rural India for over all development and must endorse its capital for Human development so as to become regional superpower .

Can the RBI explain why credit to industries and SME is refused by most Banks ?