Unconventional action: Uday Kotak on RBI capping open FX positions

Uday Kotak called the RBI's move directing banks to limit ​their net open positions on the rupee ‌in the foreign exchange (FX) market an "unconventional policy action". "Reminds me of [former RBI Governor] Bimal Jalan's playbook in 1998 when…rupee was depreciating…post-Asian crisis," Kotak said. "If things get worse geopolitically, is there…opportunity for…new version of FCNR(B) scheme?" he added.