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Mumbai: The Reserve Bank of India (RBI) on March 10 said it will conduct simultaneous purchase and sale of government securities for Rs 10,000 crore each under Open Market Operations (OMOs) on March 18, 2020.
The decision was taken after a review of the current liquidity and financial conditions, the RBI said in a statement while announcing the special OMO.
“The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets,” it added.
Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Sec of longer maturities and selling equal amount of G-Sec of shorter maturities.
On March 18, the RBI will purchase three government securities of different maturity dates aggregating to Rs 10,000 crore and sell two gilts of the same amount using the multiple price auction method.
The RBI further said it reserves the right to decide on the quantum of purchase/sale of individual securities.
The result of the auctions will be announced on the same day.