Mumbai (Maharashtra) [India], Mar 23 (ANI): The Reserve Bank of India (RBI) on Monday advanced open market operations (OMO) purchase auction of Rs 30,000 crore.
It had earlier announced OMO of Rs 30,000 crore in two tranches. The first tranche OMO of Rs 15,000 crore will take place on March 24 and the second on March 26. Besides, the central bank said it will conduct variable rate term repos of Rs 1 lakh crore in two tranches as a pre-emptive measure to tide over any frictional liquidity requirements on account of dislocations due to COVID-19.
The first Rs 50,000 crore variable rate repo also be conducted on March 23 and the second on March 24. Standalone primary dealers can participate in these auctions.
“The RBI is monitoring the evolving financial market conditions. It will calibrate operations to meet any need for additional liquidity support, if warranted, to ensure normal functioning of markets, promote staff welfare and preserve financial stability,” it said in a statement