A central bank has taken steps to manage excess funds in the financial system. Surplus liquidity has reached a record high of around ₹11 trillion. To address this, the bank is using a mechanism that involves exchanging US dollars for rupees with banks, with an agreement to repurchase the dollars later.
This temporarily reduces the amount of rupees in the system. The transactions have maturity dates, with some set to mature in October. Further details on this development are available from Bloomberg.
The move aims to absorb excess cash and stabilize the banking system.
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