Banks and mutual funds in India are earning abnormally high returns in money markets by breaching central bank rules forbidding forward trades, multiple people involved in the practice said, undermining the effectiveness of monetary policy in the process. The widespread practice, known as “river crossing”, involves three-way trades in certificates of deposit (CDs) between banks and mutual funds and typically takes place at the end of every financial year in March when cash conditions in the banking system are tight........
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