Whalesbook
RBI ka cash ka khel: ₹1.5 Trillion ki injection!
Dekho, RBI ne aaj bankon mein cash ka flow maintain karne ke liye ek bada kadam uthaya hai. Paanch din ke liye ₹1.5 trillion ka Variable Rate Repo (VRR) auction rakha hai. Aisa isliye kar rahe hain kyunki Indian banking system mein thodi liquidity tight ho gayi thi, matlab jo surplus cash tha woh thoda kam ho gaya tha. Yeh sab karne ka maksad hai ki overnight rates ko zyada upar jaane se roka jaaye aur unhein RBI ke policy repo rate ke kareeb rakha jaaye. Pata hai, abhi system mein ₹1.82 trillion ka surplus tha, lekin RBI ne dekha ki call rates thodi upar jaa rahi hain ( 5.18% se 5.21% ho gayi hain, jo 5.25% policy rate ke paas hai). VRR auction se bank log government securities dekar short-term funding le sakte hain.
Monetary Policy ka Balance Banaye Rakhna
RBI hamesha repo aur reverse repo operations ka use karke overnight call rates ko ek range mein rakhta hai, jise LAF corridor kehte hain. Yeh corridor Standing Deposit Facility (SDF) rate aur Marginal Standing Facility (MSF) rate se banta hai. Is auction se RBI ye ensure kar raha hai ki weighted average call rate (WACR) policy repo rate ke aas paas hi rahe, jo monetary policy control karne ka main tareeka hai.
Duniya bhar ke Tarike, RBI ka Apna Way
Yeh ₹1.5 trillion ki injection dikhata hai ki RBI short-term interest rates ko stable rakhne ke liye kitna active hai. Alag-alag countries mein alag-alag tareeke hain, lekin RBI ka open market operations ka use global practices ke hisaab se hai. RBI chahta hai ki WACR ek tight range mein rahe taaki monetary policy ka asar sahi se ho.
Aage Kya Soch Raha Hai RBI?
RBI ne jabki system mein pehle se hi surplus tha, phir bhi yeh auction kiya hai, iska matlab hai ki woh liquidity ko lekar bahut proactive hai. Shayad thoda bhi rate badhte hue dekh kar, RBI ne pehle hi cash inject kar diya taaki aage aur na badhe. Isse bankon ki borrowing cost stable rahegi aur credit flow bhi bana rahega. Auction ka amount bata raha hai ki liquidity balance maintain karne ke liye kaafi adjustment chahiye tha.
Risk Bhi Hain, Context Bhi
Jab RBI liquidity manage karta hai, toh sab theek lagta hai, par kuch economic factors is par asar daal sakte hain. Jaise, agar global inflation badh jaaye ya paisa desh se bahar jaaye (forex outflows), toh liquidity ki demand badh jayegi aur RBI ko aur intervention karna padega. India mein credit growth bhi ek factor hai. Agar loan zyada bantenge toh liquidity kam ho sakti hai, aur agar loan kam bantenge toh surplus zyada ho jayega. RBI ko in sabko track karna padega taaki financial stability bani rahe aur growth bhi ho.