MUMBAI: A panel named by India’s central bank to study its capital structure is likely to identify excess reserves of up to 3 trillion rupees (US$43bil), or 1.5% of gross domestic product, according to Bank of America Merrill Lynch (BofAML).
The view from BofAML lends itself to a debate over Reserve Bank of India’s (RBI) reserves, with one school of thought believing that the monetary authority holds surplus capital that can be handed over to the government and the other saying the RBI has insufficient reserves.
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