Indian lenders are pulling back short-term debt sales as the central bank’s recent push to attract foreign-currency deposits has opened up a cheaper and more durable source of funding.
Banks haven’t issued any certificates of deposit — debt instruments maturing within one year — in the three trading sessions through July 2, according to data from The Clearing Corp. of India Ltd. The pause follows a decline in issuance, with banks raising 708 billion rupees ($7.4 billion) between June 16 and June 29, down from about one trillion rupees raised in the first half of the month.
