Reserve Bank of India (RBI) Governor Sanjay Malhotra asserted that the decision to advance the closure of Foreign Currency Non-Resident (Bank), or FCNR(B) deposit scheme by a month was 'data-driven and caliberated'.
In an interview with the Financial Express , he said that it will not be correct to call it a U-turn; it is rather a calibration as the move demonstrated the central bank’s ability to remain flexible and data-dependent amid rapidly changing conditions.
