LIVE: RBI to announce policy review at 11am

The Reserve Bank of India will declare the review results of its monetary policy meeting at 11 am. Catch live updates here.

The governor may also comment on the subject of the FCNR deposits that may be due for maturity in September this year. The FCNR was a three-year window opened up by Rajan to help shore up forex reserves in September 2013 when the rupee was in freefall when he took over.

Reserve Bank of India-rahguram rajan-Sai Proficient
Reserve Bank of India-rahguram rajan-Sai Proficient

 

It allowed NRIs to deposit funds in India at high rates and attracted inflows of USD 34 billion. The RBI has previously said it is prepared to witness a small outflow from that instrument later this year.

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