New Delhi, Dec. 2 -- The Reserve Bank of India (RBI) may need to infuse nearly Rs 2 trillion in the remaining months of FY26 to maintain comfortable liquidity levels, according to a new report by Emkay Global Financial Services.

The report highlighted that India's banking system liquidity has contracted sharply since September, prompting these expectations.

Emkay Global further highlighted that the liquidity surplus, once above 1% of Net Demand and Time Liabilities (NDTL) through June, has now slipped below 0.5%.

Analysts attribute the tightening to a combination of seasonal currency leakage, muted government spending, tax outflows, and most notably, heavy unsterilized foreign exchange intervention by the RBI.

RBI has conducted an est...