RBI sold $14.9 billion to steady rupee, says Pankaj Chaudhary
Business
The RBI jumped into action earlier this year, selling $14.9 billion between January and May to keep the rupee from swinging too wildly.
Minister of State for Finance Pankaj Chaudhary explained that the RBI only steps in when things get really shaky, letting market forces usually decide the currency's value.
Willful defaulters owe ₹2,85,015 cr
To attract more foreign currency, the RBI rolled out new perks on June 5, like easier swaps for overseas deposits and borrowings.
Meanwhile, public sector banks are still chasing willful defaulters: as of June 30, there's ₹2,85,015 crore owed by willful defaulters of ₹25 lakh and above, with 7,190 cases headed for criminal action.
The recovery efforts are ongoing.