India's leading lenders, State Bank of India and ICICI Bank, on Saturday said they may not use the special dollar window announced by the Reserve Bank on Friday, as they had enough forex liquidity.
"As far as the forex liquidity is concerned, we are positive...We are actually placing money on an overnight basis...And as far as our dollar balance-sheet is concerned, we are quite well-matched...So we may not need it (to use the RBI window allowed yesterday)," SBI's Chairman, O P Bhatt, told reporters on the sidelines of a FICCI-IBA organised seminar in Mumbai.
With a view to provide sufficient dollar liquidity to banks, RBI had on Friday announced a special window using which banks could borrow dollar funds through forex swaps.
While there is sufficient short-term liquidity in the system, banks will have to ensure availability of medium to long-term liquidity, Bhatt said.
ICICI Bank's Joint Managing Director, Chanda Kochhar, said the special window opened by the RBI was a welcome step and would help to improve the foreign currency shortage in the banking system.
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