|Image courtesy … Business World|
NEW DELHI: With a view to revving up the national economy, Reserve Bank of India (RBI) will infuse Rs 15,000crore into the financial system through bond purchases on June 13.
“Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of (six) Government securities under OMOs for an aggregate amount of Rs 150 billion this Thursday through multi-security auction using the multiple price method,” the central bank said in a statement here.
“There is an overall aggregate ceiling of Rs 15,000crore for all the securities in the basket put together and there is no security-wise notified amount. The participants have to submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system,” it said.
The RBI statement added that the result of the auction will be announced the same day and payment to successful participants made the following day. RBI uses open market operations (OMO) for injecting liquidity into the system through the purchase of government bonds (G-sec). –IHN-NN
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