The Reserve Bank of India will conduct a massive $10 billion three-year dollar/rupee swap auction next week to infuse durable rupee liquidity into the banking system, which has been reeling under large cash deficits,

MUMBAI: In a move aimed at improving liquidity in the banking system, the RBI has said that it will conduct a USD/INR buy/sell swap auction on Feb 28 to inject Rs 86,000 crore into the banking system.

India's central bank, the Reserve Bank of India (RBI), on Friday, February 21, announced that they have decided to conduct a $10 billion USD/INR Buy/Sell auction for the tenure of three years.

India's central bank will need to inject at least another 1 trillion rupees ($11.54 billion) into the banking system by March-end as durable liquidity remains in a deficit despite a recent cash infusion,