Reserve Bank of India (RBI) data showed liquidity in the banking system was at a large deficit of ₹1.1 lakh crore on December 16 due to quarterly advance tax outflows. Liquidity in the system was also drained on RBI interventions in the foreign exchange market, as it was seen selling dollars to stem a sharp fall in the rupee.
FCNR(B) scheme has bought India 3-5 years, but $170 billion repayment cliff looms: Uday Kotak
Uday Kotak has described India’s $130-billion-plus FCNR(B) mobilisation as a “strong insurance policy” against global shocks, but warned that repayments including interest could reach $160-170