The Reserve Bank of India (RBI) on Monday injected Rs 50,000 crore into the banking system through Open Market Operation (OMO) purchases of government securities, according to a release.
The Central bank purchased 6.33% GS (Government Security) 2035 bonds worth Rs 13,507 crore, 6.01% GS 2030 worth Rs 13,494 crore, 6.10 % GS 2031 of Rs 8,157 crore, 7.30% GS 2053 of Rs 6,955 crore, 7.18% GS 2033 worth Rs 4,479 crore, 6.92 % GS 2039 of Rs 2,304 crore, and 6.19% GS 2034 of Rs 1,104 crore, it said.
The liquidity in the banking system, currently, is estimated to be in surplus of around Rs 2.41 lakh crore.
The OMO purchase auction was announced ahead of expected heavy outflows from the banking system due to advance tax and Goods and Services Tax (GST) payments scheduled later this month. This comes even as liquidity conditions in the banking system currently remain in a significant surplus of Rs 3.02 lakh crore.
As per RBI data, it has infused Rs 2.50 lakh crore through OMO purchases of government securities so far since the start of this calendar year.
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