Mumbai, Sept. 4 -- Crude oil prices remain the biggest wildcard for India's economic outlook, even as a sharp rise in foreign currency non-resident (FCNR) deposits has provided a major liquidity boost to the banking system, Anindya Banerjee, Head of Currency and Commodity Research at Kotak Securities, told ANI in an exclusive interview on Friday.

Banerjee said the surge in FCNR deposits to around USD 127 billion, much higher than market expectations, has strengthened India's financial position.

"This infuses close to 13 to 14 lakh crores into the system... That's a massive liquidity injection which has happened in the system, which will support the economic activity," he said.

He also backed the Reserve Bank of India's decision to clos...