Intensifying worries over credit risks in India is driving a gush of cash into securities maturing overnight.
Net inflows to overnight funds soared to 23.5 billion rupees ($339 million) in May, up from 957 million rupees in April, according to the latest data released by the Association of Mutual Funds in India. Outflows from credit risk funds, on the other hand, more than tripled to 41.6 billion rupees, the data show.
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