During the month, currency demand was high on account of the festival season. This constitutes a leakage of liquidity from the banking system. The RBI's forex market operations, along with GST and other tax related outflows, also drained liquidity. Banks partially ameliorated the liquidity stress by drawing down their excess CRR balances and nonSLR investments. Certain banks also took recourse to MSF. 26.
Yi Gang: Welcome address – 11th Lujiazui Forum Welcome address by Mr Yi Gang, Governor of the People's Bank of China, at the 11th Lujiazui Forum, Shanghai, 14 June 2019.