Reserve Bank of India governor Raghuram Rajan put in place rules to curb speculation in the currency markets, made it cheaper for banks to attract FCNR deposits and allowed OMCs to borrow from a special swap window. The result has been a strong rebound in the rupee. There was succour for the money market too as the MSF rate was gradually lowered and the term repos ? for seven and 14 days ? were introduced. Putting in place a mechanism that will help banks detect NPAs early on, Rajan has offered them sops for a quick decision on handling troubled assets.
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