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RBI to conduct third open market purchases G-SAP
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SME Times News Bureau | 11 Jun, 2021
The Reserve Bank of India will conduct the third tranche of open market
purchase of government securities worth Rs 40,000 crore under the G-sec
Acquisition Programme (G-SAP 1.0) on June 17.
The Reserve Bank
will purchase government securities and state development loans (SDLs)
through a multi-security auction using the multiple price method.
Under the tranche, up to Rs 10,000 crore of SDLs will be purchased.
"The
result of the auctions will be announced on the same day and successful
participants should ensure availability of securities in their SGL
account by 12 noon on June 18, 2021."
The programme's third tranche was announced in Governor's statement of June 4, 2021.
KS
Legal & Associates Managing Partner Sonam Chandwani said: "The RBI
announced the 'G-SAP 1.0' to manage the yield curve and it is important
to note that G-SAP would be run alongside RBI's regular operations
including 'LAF, OMOs and Operation Twist'. With a view to enabling a
stable and orderly evolution of the yield curve, the RBI is likely to
commit upfront purchases of government securities."
"In addition
to this, to ensure liquidity conditions move in accordance with RBI's
cautionary stance in monetary policies, the apex bank will continue to
deploy operations under 'LAF, reverse repo auctions, forex operations
and OMOs'."
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