Finance Minister P Chidambaram says, economic situation is still very challenging. He said the Government is committed to a well-regulated financial market and promoting investment.

Earlier, Chidambaram had a series of meeting in Mumbai with meetings with RBI and market regulator SEBI officials today including RBI Governor D Subbarao and foreign investors as part of engagements planned to revive the economy.

Chidambaram is visiting the financial capital for the first time after taking over as Finance Minister on the first of August and it comes ahead of Central Bank's half-yearly credit policy review on October 30.

The meetings also come on the heels of a raft of reforms in the past three weeks which included liberalisation of the FDI policy in a host of sectors like retail, aviation, insurance, and pension, apart from setting up the Parthasarathi Shome panel to review the contentious GAAR provisions.

The Finance Minister was accompanied by Economic Affairs Secretary Arvind Mayaram, Banking Secretary D.K Mittal and Joint Secretary Anup Wadhwan