RBI Announces Emergency Cash Withdrawal After Glitch
The Reserve Bank of India announced a five trillion rupee overnight cash withdrawal operation following technical issues at a 30-day auction. Platform problems on E-Kuber restricted bank participation, prompting the central bank to shift bidding to another system.
India announced a 5 trillion rupee ($52.96B) overnight cash withdrawal on Monday morning following technical glitches at a 30-day auction. The Reserve Bank of India stepped in after system issues depressed participation among commercial lenders. The disruption highlights operational vulnerabilities in primary central bank liquidity platforms.
