India's foreign exchange reserves -- pegged at over $109 billion -- are not in plenty, RBI Deputy Governor K J Udeshi said on Friday.

Also, the country is not yet ready for full capital account convertibility of rupee, she said.

The foreign exchange reserves have grown substantially, but they are not in plenty as yet. However, they are sufficient, Udeshi said, addressing a finance convention organised by Welingakar Management Institute in Mumbai.

"If the reserves continue to grow at the pace as seen now, we will have to use them more efficiently. However, India does not have reserves of the level that China has," she said.

The safety and liquidity are important issues for the Reserve Bank of India in managing foreign exchange reserves, she said, adding that the central bank has invested these resources and also used a part of these to repay high-cost debt.

On the issue of full CAC of rupee, she said, "We are not ready as yet for it where domestic assets could be transferred abroad."

The NRI and foreigners already enjoy CAC with certain limits and residents could invest up to $25,000 overseas. RBI would study the use of the facility, she added.

She said fiscal deficit has been operating as a brake on growth. Yet household savings, growing at 24 per cent, have contributed to the rise in gross domestic product of the country, she said.