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RBI moves to suck out excess liquidity
MUMBAI: The $136.4 billion raised by banks from non-residents and foreign lenders, then swapped with RBI, has swelled India's foreign-exchange reserves by a record $44.9 billion to $785.7 billion in the week ended Sept 4. The windfall gives RBI a larger war chest to defend the rupee, but creates a problem at home with too much cash in the banking system.
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cryptobriefing.com
Reserve Bank of India uses currency swaps to drain record bank cash surplus
The Reserve Bank of India is using USD/INR sell-buy swaps to absorb a 9.7–15 trillion rupee liquidity surplus after a foreign deposit scheme
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economictimes.indiatimes.com
RBI uses currency swaps to cut $115 billion cash surplus
India's central bank is draining excess cash from banks using currency swaps. This action follows record high funds in the financial system. The Reserve Bank of India sells…
