"With enhanced Liquidity Coverage Ratio kicking in from January 2016 (from 60 per cent to 70 per cent) and deposit growth lagging, RBI may have to be proactive in managing the liquidity deficit through tools available at its disposal," its economists said in a note.
Terming it as a "concern", the note said the systemic liquidity has turned into a significant deficit mode.
It said as of now, the liquidity deficit is averaging around Rs 1.5 trillion compared to around Rs 500 billion over October-November period but conceded that there might be some seasonal factors causing it.
In what seems to address the RBI's key concern on excess liquidity fuelling inflation, the note said, "In a situation of capacity under-utilisation as we are currently witnessing, any possible liquidity injection may not be counterproductive as far as fueling inflation is concerned."
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After the announcement of the bi-monthly monetary policy yesterday, Governor Raghuram Rajan had refuted notions of liquidity being under pressure.
Rajan told reporters that the view that there is enormous liquidity shortage in the banking system is not consistent with facts.
"We will look at the emerging liquidity needs and use all instruments to manage those," he added.
Rajan also said the RBI is reviewing its entire liquidity framework over the next few months.
On liquidity management, Rajan said RBI will use all instruments, including open market operations (OMO), to ensure there is enough liquidity in the market.