Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.
India's record current account deficit has been a key reason behind why Standard & Poor's and Fitch Ratings cut their outlooks on the country's sovereign rating to 'negative' last year.
Heightened volatility makes the debt rollovers difficult.
Import duty on gold is already hiked by a third to 8 per cent.
High current account deficit is leading to the rupee weakening.
Monetary policy committee had recommended no change in the key rate.
Mayaram said the concerns over the pace of implementing economic reforms were "overstated".
The central bank, however, would prefer money supply in deficit mode.
Keeping that much money out of the banking system has created a liquidity deficit that has forced banks to borrow as much as RS 1.6 trillion from the central bank to meet daily funding needs.
Current account deficit could ease to around 3 per cent in the current fiscal year from prior estimates of about 4 per cent due to sharp drop in global commodity prices.
His officials are working on a series of steps to attract at least $20 billion in new investment to fund the deficit without depleting India's $300 billion in forex reserves.
It feels govt may find it challenging to meet the revenue projections.
The wholesale price index, the main inflation indicator, rose an annual 6.84 per cent in February, higher than the 6.54 per cent rise estimated by analysts.
Majority of the experts expect a 25 basis point reduction.
They shied away due to concerns over asset quality and a rise in NPAs.
Rates India 'BBB-' with a negative outlook.
New Delhi plans to cut public spending by up to 10 percent in the fiscal year starting in April, officials involved in the budget preparations told Reuters last week, as Finance Minister P Chidambaram struggles to bring down the fiscal deficit to 4.8 percent of gross domestic product and stave off a credit rating downgrade.
Exports were up 0.8 per cent in Jan while imports rose 6 per cent.
The FinMin has built up a cash surplus of about Rs 80,000 crore.
Remarks come at a time when he is under pressure from the govt to cut interest rates.
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