Former RBI Executive Director G. Mahalingam recounts the 2013 rupee crisis and the FCNR(B) scheme that pulled India back from the brink. In this candid Market Makers conversation with Manoj Rane, he explains: Why RBI broke convention to involve banks in designing the scheme The Subbarao–Rajan handover and its quiet coordination Market scepticism vs. eventual success of the $34 billion mobilisation How trust-based consultations shaped FPI flow management and policy reforms This episode offers rare inside perspective on RBI’s most daring crisis playbook.
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