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RBI Ready With Liquidity to Keep Markets 'Well Behaved': Rajan

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RBI Ready With Liquidity to Keep Markets 'Well Behaved': Rajan
outlookindia.com
1970-01-01T05:30:00+0530

On the eve of 'Brexit' referendum, RBI Governor Raghuram Rajan today said the central bank is watching the situation and will infuse whatever liquidity is needed to keep Indian markets "well behaved".

"We are watching the situation and we will infuse whatever liquidity is needed to keep markets reasonably well behaved," Rajan told reporters here on the sidelines of an interactive industry meet organised by the business chamber Assocham.

The UK will vote tomorrow on whether to remain in the 28-nation European Union or to leave.

Britain's exit from the EU, or Brexit, is being debated globally as it could have implications for financial markets and exchange rates globally.

Earlier in the day, RBI had said in a statement that in the run up to the referendum in the United Kingdom on its continuing in the European Union (Brexit), uncertainty about the poll outcome has resulted in some amount of turbulence in global financial markets, including in India.

The RBI is maintaining a close vigil on developments, and will take all necessary steps including liquidity support to ensure orderly conditions in financial markets, it added.

Assocham has said the government must put in place a contingency plan to fight off volatility arising out of the referendum on Brexit, as it is bound to unnerve the global financial markets.

India has significant trade with the UK as well as the EU. It also receives large investments from the Europe.

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