{
  "id": 10638752,
  "title": "India central bank's FX blitz drains nearly US$20 billion from surplus liquidity",
  "url": "https://urgent.news/2026/09/29/india-central-banks-fx-blitz-drains-nearly-us-20-billion-from-surplus",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T07:43:01.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/banking-finance/india-central-banks-fx-blitz-drains-nearly-us20-billion-surplus-liquidity"
  },
  "original_language": "en",
  "account": null,
  "summary": "The Reserve Bank of India (RBI) has significantly reduced excess liquidity in the banking system by nearly US$20 billion through various foreign exchange operations, with dollar-rupee swaps playing a prominent role. These measures, including dollar-rupee sell-buy swaps, spot dollar sales, bond sales, and variable-rate reverse repos, have more than halved the banking system's liquidity surplus, which dropped from a record 11.16 trillion rupees (US$116.10 billion) to 11.5 trillion rupees. Economists estimate that another 1.5 trillion rupees of liquidity may be removed via bond sales and sell-buy FX swaps. The decline in liquidity has been evident in core liquidity, which strips out daily swings in cash balances to show the more persistent surplus.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}