………………..The cash crunch facing banks is for a variety of reasons, including the fact that RBI has sucked out about Rs 60,000 crore from the system by selling dollars in the market over the past four months. Simultaneously, oil prices have hardened and, therefore, oil and fertiliser importers are purchasing foreign currency in a big way in their anxiety to build up stocks. At the same time, the government continues to regularly issue bonds to keep up with its enhanced borrowing programme. As long as the cash crunch persists, there can be no hope of interest rates coming down.
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