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RBI announces OMO purchase of Government of India Dated Securities

| | Mar 15, 2016, at 06:44 pm
# Reserve Bank of India # Open Market Operations
Mumbai, Mar 15 (IBNS) The Reserve Bank of India (RBI), based on its current assessment of prevailing and evolving liquidity conditions, has decided to conduct purchase of Government securities under Open Market Operations (OMO) for an aggregate amount of Rs150 billion on Thursday (March 17, 2016) through multi-security auction using the multiple price method:
Sr. No Security Date of Maturity
1 8.27% GS 2020 9-Jun-2020
2 8.35% GS 2022 14-May-2022
3 8.40% GS 2024 28-Jul-2024
4 8.33% GS 2026 9-Jul-2026
5 8.60% GS 2028 2-Jun-2028
6 8.32% GS 2032 2-Aug-2032

 

There is an overall aggregate ceiling of Rs150 billion for all the securities in the basket put together. There is no security-wise notified amount.
 
RBI, in its notification, has said that it reserves the right to:
• Decide on the quantum of purchase of individual securities.
• Accept less than the aggregate amount of Rs150 billion.
• Purchase marginally higher than the aggregate amount due to rounding off effects and other relevant factors. 
• Accept or reject any or all of the offers either wholly or partially without assigning any reason.
 
The central bank has said that eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10.30 a.m. and 12.00 noon on Thursday (March 17). Only in the event of system failure, physical offers would be accepted.
 
The result of the auction will be announced on Thursday and payment to successful participants will be made during banking hours on Friday (March 18, 2016)
 
RBI has said that successful participants have to make available the requisite amount of securities in their SGL account by 12 noon on Friday (March 18).  

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