Investments made by banks in mutual funds soared in the fortnight ended April 8, on the back of improved liquidity.
According to the data released by the Reserve Bank of India(RBI), bank investments in instruments issued by mutual funds had more than doubled compared to the previous fortnight.
Bank investments in mutual funds were at Rs 111,279 crore on April 8 compared to Rs 47,638 crore as on March 25.
"Liquidity had improved in the first week of April as year-end pressures came off," said a banking analyst at a domestic brokerage. Liquidity had sharply turned into the surplus mode in the first week of April.
According to analysts, excess funds that banks had picked up in order to dress their balance sheets towards the financial year end.
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