Reserve Bank of India Governor Y V Reddy said that there is no systemic impact as the transactions are "micro issues". | |
| Reddy told reporters that the RBI had issued comprehensive guidelines on derivatives trading and there would be no problem as long as the norms were followed in letter and spirit. |
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| This is Reddy's first public statement on the issue. The finance minister had said on Friday that banks should stay away from complex financial products. |
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| The RBI is analysing the representations from some of the firms that have been hit by the problem. |
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| In addition, the regulator is in dialogue with select banks that have been active in the derivatives market, he said. |
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