.......In 2011, the working group on operating procedure of monetary policy under chairmanship of RBI executive director Deepak Mohanty had suggested auctioning of government’s cash balances. The auctioning would be at the discretion of the RBI. RBI Governor D Subbarao admitted government cash balances have been higher and held for longer than their historical regime. He said that RBI has requested the government to disclose the cash balances so that everyone is on the same page.........
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