RBI sees rupee as undervalued; FCNR(B) inflows cross $32 billion
Malhotra dismissed concerns that the inflows merely represent a recycling of existing deposits. He added that the RBI has adequate tools to manage any resulting liquidity. Malhotra said: “It is not something which should be a matter of concern because we have a foolproof system of insuring ourselves.
- ▪Malhotra dismissed concerns that the inflows merely represent a recycling of existing deposits.
- ▪He added that the RBI has adequate tools to manage any resulting liquidity.
- ▪Malhotra said: “It is not something which should be a matter of concern because we have a foolproof system of insuring ourselves.
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The Reserve Bank of India’s (RBI) recent measures to attract foreign capital have garnered strong investor response, with banks mobilising nearly $32 billion, largely through Foreign Currency Non-Resident (Bank) or FCNR(B) deposits, while government securities have attracted more than $7 billion in foreign inflows since the June policy measures, RBI Governor Sanjay Malhotra has said.Also read | Examining the RBI’s remittances survey In an interview with The Hindu BusinessLine, Mr. Malhotra dismissed concerns that the inflows merely represent a recycling of existing deposits. He added that the RBI has adequate tools to manage any resulting liquidity.
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