NEW DELHI (Commodity Online) : India’s central bank, Reserve Bank of India (RBI) on Wednesday said it is cancelling a short-term foreign currency funding facility provided to non-banking financial and home finance firms, with immediate effect.
In a statement issued her the RBI said, "The decision has been taken after a review of the prevailing macro-economic conditions and improvements in the domestic credit and liquidity conditions”.
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It had introduced this facility in October 2008, which allowed the firms to raise foreign currency borrowings from the central bank to refinance short-term liabilities.
