The Reserve Bank of India (RBI) has injected Rs 50,000 crore into the banking system by purchasing government securities through Open Market Operations (OMO). Under this, the central bank purchased several bonds with different maturity periods. The RBI bought 6.33 per cent GS (Government Security) 2035 bonds worth Rs 13,507 crore, 6.01 per cent GS 2030 worth Rs 13,494 crore, 6.10 per cent GS 2031 of Rs 8,157 crore, 7.30 per cent GS 2053 of Rs 6,955 crore, 7.18 per cent GS 2033 worth Rs 4,479 crore, 6.92 per cent GS 2039 of Rs 2,304 crore, and 6.19 per cent GS 2034 of Rs 1,104 crore.
At present, the liquidity in the banking system is estimated to be in surplus of around Rs 2.41 lakh crore. The OMO purchase auction was announced ahead of expected heavy outflows from the banking system on account of advance tax and Goods and Services Tax (GST) payments scheduled later this month.
According to RBI data, the central bank has infused around Rs 2.50 lakh crore into the banking system through OMO purchases of government securities so far since the start of this calendar year.
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