Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Liquidity deficit within comfort zone: RBI's Gokarn

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Currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

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Credit: Reuters/Vivek Prakash/Files

KOLKATA | Fri Dec 7, 2012 11:42am IST

KOLKATA (Reuters) - The Indian banking system liquidity deficit is within comfort zone and the RBI will take more steps to address the deficit if needed, its Deputy Governor Subir Gokarn said on Friday.

"An OMO (open market operation) gives us the flexibility to respond in very short order to stresses," Gokarn told reporters on the sidelines of an industry event.

"So, if we see them remaining in the system, then obviously we have the capacity to respond to them," he said referring to the liquidity stress.

Last week, the RBI resumed bond purchases through the open market after a span of five months to offset the impact of expected cash outflows as corporates start paying taxes ahead of the December 15 deadline.

The banking system's liquidity shortage has stayed above the central bank's stated comfort zone since the middle of last month due to festive season withdrawal of funds from banks and the slow pace of government spending.

Banks borrowed over a trillion rupees for 11 consecutive sessions last month, compared with RBI's comfort zone of about 700 billion rupees.

(Reporting by Shamik Paul; Editing by Prateek Chatterjee)
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