The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under open market operations (OMOs) for Rs 10,000 crore each on January 7. The decision was taken after a review of current liquidity and financial conditions, the RBI said in a statement. Eligible participants should submit their bids in electronic format on RBI's core banking solution (E-Kuber) system between 10 and 11 am on January 7.
The result will be announced on the same day and successful participants should ensure availability of the requisite amount of securities in their current account or subsidiary general ledger (SGL) account by noon on January 8.
With the heightening of COVID-19 pandemic risks, certain financial market segments have been experiencing a tightening of financial conditions as reflected in the hardening of yields and widening of spreads. The central bank has been constantly reviewing current and evolving liquidity and market conditions.
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