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The previous record was hit on November 23, when overnight borrowings through LAF touched Rs148,490 crore.
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Updated : Mar 30, 2018, 03:52 AM IST
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Five days after the Reserve Bank of India (RBI) announced moves to ease liquidity in the banking system, borrowings from the liquidity adjustment facility (LAF) window of the central bank touched Rs159,210 crore, perhaps the highest ever to date, as advance tax payments flowed out.
The previous record was hit on November 23, when overnight borrowings through LAF touched Rs148,490 crore.
Another reason why liquidity was severely strained, experts said, was because Monday was the beginning of the reporting fortnight — which has traditionally been a tight period.
“About Rs40,000-45,000 crore has gone out of the system through advance tax payments which had to be paid by companies by December 15. That’s why there was the spike in borrowings from around Rs100,000-120,000 crore seen over the last many weeks,” said RVS Sridhar, head of global markets at Axis Bank.
The situation, however, is expected to ease with the RBI conducting its first of four open market operations (OMO) of Rs12,000 crore each, expected in a month on Friday.
The RBI had at its mid-quarterly review last Thursday also announced a 100 basis-point reduction in the statutory liquidity ratio to 24% with immediate effect.
P Sitaram, chief financial officer, IDBI Bank, predicted the worst of the liquidity crunch is over.
“Advance tax was the one event that had to be tackled. Now that it is done we should see improvement. In fact, from Tuesday itself, market expectations will come down. So the system need not wait for the OMOs,” he said.
Monday’s funds rush meant inter-bank call rates soared to 7.07% compared with Friday’s 6.67%.
Bankers called this a blip. “Call rates will remain in the range 6.75 to 7.00%. It will not breach 7.10%, going forward,” said VK Khanna, general manager (treasury and international banking division), Union Bank of India.
