Finance minister P Chidambaram today held a meeting with the key financial sector and market regulators to discuss the implications of the global financial market meltdown and the stand India should take at the crucial G-20 summit in the US next month.

The meeting was attended by planning commission deputy chairman Montek Singh Ahluwalia, finance secretary Arun Ramanathan, RBI governor D Subbarao, RBI deputy governor Rakesh Mohan, former RBI Governor C Rangarajan, SEBI chairman C B Bhave, finance commission chairman Vijay Kelkar and economic affairs secretary Ashok Chawla, among others.

''The agenda of the meeting was the summit that US president George Bush has called on 15 November. We are discussing the position that India will take at the summit. There will be another meeting. A paper is being prepared by the ministry of finance,''  Rajiv Kumar, director of economic think tank ICRIER said after the meeting.

''The high-level meeting will discuss possible changes in the international financial architecture," C Rangarajan, former chairman of the prime minister's Economic Advisory Council, said.

The G-20 meeting will discuss the effects of the current crisis on the emerging economies and developed nations.

The financial market meltdown triggered by the US sub-prime mortgage crisis has already taken a toll on 16 banks in the United States while many more in Europe are under emergency relief.

The ripple effects of the crisis are being felt in the emerging economies, including India, which saw a stock market meltdown amidst a liquidity crunch.

The RBI and the government have initiated several steps to infuse liquidity in the system with RBI measures alone helping to inject Rs185,000 crore in the banking system.
US President George Bush has called a meeting of G-20 countries, including  Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, the UK and the European Union, to hammer out a strategy to deal with the emerging situation.

The meeting assumes significance in the backdrop of a slew of measures taken by RBI and government to inject liquidity into the cash-starved system. The RBI and the government had also reiterated that further steps would be taken, if required, to stabilise the economy.