RBI Gets Good Response To Operation Twist
Money & Banking
The Reserve Bank of India (RBI) received good response from banks on Monday to its ‘Operation Twist’, entailing buying longer-dated bonds from banks and selling them shorter-dated ones.
The central bank received bids aggregating ₹64,746 crore at the open market operation (purchase) of four Government Securities (G-Secs), maturing in six to 10 years, against the notified amount of ₹10,000 crore.
The RBI received bids aggregating ₹50,260 crore at the open market operation (sale) of securities (cash management bills and treasury bills) maturing in the next couple months to a year, against the notified amount of ₹10,000 crore.
The ‘Operation Twist’ is aimed at correcting yields at the short-end, which came down sharply on account of the long-term repo operations conducted by the RBI, and the long-end of the Government Security, which went up, yield curve.
On Monday, the yield on the benchmark 6.45 per cent G-Sec maturing in 2029 came down a shade to close at 6.1527 per cent against Friday’s close of 6.1710 per cent, while that on the short-term G-Sec (7.37 per cent 2023 paper) went up a tad to 4.6655 per cent from 4.6539 per cent.
Published on
April 27, 2020
The Reserve Bank of India (RBI) received good response from banks on Monday to its ‘Operation Twist’, entailing buying longer-dated bonds from banks and selling them shorter-dated ones.
The central bank received bids aggregating ₹64,746 crore at the open market operation (purchase) of four Government Securities (G-Secs), maturing in six to 10 years, against the notified amount of ₹10,000 crore.
The RBI received bids aggregating ₹50,260 crore at the open market operation (sale) of securities (cash management bills and treasury bills) maturing in the next couple months to a year, against the notified amount of ₹10,000 crore.
The ‘Operation Twist’ is aimed at correcting yields at the short-end, which came down sharply on account of the long-term repo operations conducted by the RBI, and the long-end of the Government Security, which went up, yield curve.
On Monday, the yield on the benchmark 6.45 per cent G-Sec maturing in 2029 came down a shade to close at 6.1527 per cent against Friday’s close of 6.1710 per cent, while that on the short-term G-Sec (7.37 per cent 2023 paper) went up a tad to 4.6655 per cent from 4.6539 per cent.
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