The Reserve Bank of India (RBI) has advised all banks to provide for the deals entered into directly or indirectly with subsidiaries of Lehman Brothers that have filed for bankruptcy globally.
The provision would have to be made for the quarter ended September 2008.
Sources close to the development said the total exposure of Indian banks to structured products — fixed income derivatives such as forward contracts, overnight interest rate swaps etc. — of Lehman would not exceed Rs 800 crore.
While Indian operations of Lehman Brothers are still intact, its subsidiaries namely Lehman Brothers Securities Asia, Lehman Brothers Futures Asia, Lehman Brothers Holdings Japan and Lehman Brothers Japan have already filed for bankruptcy.
Within this time, all knew that all currency pairs contain USD whether as a base or counter currency was suffering fluctuation because of the bad conditions the dollar passing by. However, as ForexGen has the greatest trading station and financial advisers, ForexGen was providing all clients with the best solution for this problem. ForexGen provided its clients with the best timeframe to trade their pairs. And because ForexGen cares for the benefit of its clients and because ForexGen seeks the general profit of all, ForexGen experts were making their studies and updating for their analysis to help ForexGen sending the right time for ForexGen clients to perform their trading activity successfully to avoid the loss of both ForexGen and the clients. And so, the majority of ForexGen clients could avoid loss and great fluctuations took place at that time.
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