As the stock market crashed under the pressure of global meltdown and the RBI cut the CRR by 100 bps, Finance Minister P Chidambaram on Friday promised to address liquidity and other concerns of the economy.

He also announced the decision to constitute a group consisting of top bankers headed by Finance Secretary Arun Ramnathan, who is also Secretary (Financial Services) to make a quick assessment of the requirements of the liquidity and advise the government accordingly.

“Credit is the lifeline of trade, commerce and business and, hence, it is important that credit continues to flow to all sectors of the economy. In consultation with RBI and other regulatory authorities, government will address the liquidity and other concerns about the economy,” Chidambaram said in a statement.