The Reserve Bank of India (RBI) has purchased government securities worth Rs 50,000 crore today under the first phase, while securities worth the same amount will be purchased on December 18.
The Reserve Bank of India (RBI) purchased government securities worth ₹50,000 crore from the open market on Thursday in an effort to increase cash availability in the banking system. RBI Governor Sanjay Malhotra announced in his monetary policy statement on December 5th that the central bank would purchase government securities worth ₹1 lakh crore this month. This will provide banks with more cash and enable them to lend more.
Securities to be purchased on December 18th as well
In the first tranche, government securities worth ₹50,000 crore were purchased today, while an equal amount will be purchased on December 18th. These securities range from four to 25 years. A press release issued by the Reserve Bank on Thursday stated that it purchased ₹6,638 crore worth of securities with a 2029 yield of 6.75 percent. Apart from this, securities worth Rs 15,316 crore for 2031 at the rate of 7.02 percent and securities worth Rs 21,189 crore for 2032 at the rate of 7.26 percent have been purchased.
Securities purchased at these rates
The central bank purchased government securities worth ₹1,033 crore for 2034 at 6.79 percent and ₹3,942 crore for 2036 at 7.54 percent. Securities maturing in 2039 worth ₹657 crore were purchased at 6.92 percent and ₹1,225 crore for 2050 at 6.67 percent.
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