RBI Announces OMO Purchase of Government Securities for `12,000 crore on December 29, 2011
The Reserve Bank, in its Mid Quarter Monetary Policy Review released on December 16, 2011, had stated that OMOs would be conducted as and when considered appropriate.
Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations by purchasing the following government securities for an aggregate amount of `12,000 crore on December 29, 2011 through multi-security auction using the multiple price method:
The auction shall be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on December 29, 2011 (Thursday).
There is an overall aggregate ceiling of `12,000 crore for all the securities in the basket put together. There is no security-wise notified amount.
RBI reserves the right to:
Offers in the prescribed form obtainable from the Regional Director, Reserve Bank of India, Mumbai Office, Fort, Mumbai-400001 and/or RBI website (www.rbi.org.in) should be submitted to that Office on December 29, 2011 (Thursday). The NDS members should submit their competitive offers in electronic format using Open Market Operation (OMO) module of NDS. All offers should be submitted by 12.30 P.M.
The result of the auction will be announced on the same day and payment to successful offerers will be made during banking hours on December 30, 2011 (Friday). Successful offerers may note to make available the requisite amount of securities in their SGL account in the forenoon on December 30, 2011.
Press Release : 2011-2012/1016