.................Subbarao defended RBI’s actions, saying they were “consistent” with its policy. “Our capital account measures were aimed at encouraging inflows and discouraging outflows. Also, we tightened liquidity at the short end to raise the cost of short-term money so as to curb volatility,” he said. The outgoing governor reiterated that it is not RBI’s policy “to resort to capital controls or reverse the direction of capital account liberalization. The measures we took did not restrict inflows or outflows by non-residents”..............
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