RBI implements news steps to check rupee fall The Reserve Bank of India launched new steps to check rupee fall value. It will sell Rs 22000 crore bonds every Monday to check liquidity and ensure doubles dividend pay out to government. The taken measures are a new kind of effective strategy, to keep rupee supply under a controlled monitoring. Perhaps this could be expensive for people to accumulate dollars by means of borrowing money. Earlier RBI informed that it would limit its overnight bank lending to a 5% of a bank deposits. RBI earlier conducted bond auction to possibly keep rupees in a regulated short supply. "We are not (thinking of hiking lending rates) because we are witnessing a surge in deposits. We are getting a huge influx from the liquid mutual funds last week, we have got about Rs 10,000 - 15,000 crore of new money. We are sitting on significant amount of extra cash" said Pratip Chaudhuri, Chairman - State Bank of India.
Posted on: Fri, 09 Aug 2013 15:00:12 +0000
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