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Unravelling the mystery behind Rs 3-lakh crore deposits in 15 days

The 2nd fortnight of Sept saw Rs 3 lakh cr of time deposits, something unique, followed by liquidation of Rs 1.2 lakh cr of these right after

Ishan Bakshi & Nitin Sethi  |  New Delhi 

From September 16 to 30, a staggering Rs 3.03 lakh crore of time deposits — fixed and recurring — were made at banks.

This has never happened in any fortnight since January 2001.   September 16 is also the date from which the Reserve Bank India (RBI), in a rare later decision, chose to implement an incremental Cash Reserve Ratio rule of 100 per cent, retrospectively. RBI said this was done to impound additional cash flowing into banks, assessing the impact of demonetisation, which was announced only on the night of November 8.   Clearly, then, RBI was aware ...

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First Published: Fri, December 09 2016. 08:35 IST