The Reserve Bank of India has decided to conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs.10,000 crore on September 24.
The RBI will purchase government securities through a multi-security auction using the multiple price method.
RBI reserves the right to decide on the quantum of purchase of individual securities, accept bids for less than the aggregate amount, purchase marginally higher than the aggregate amount due to rounding-off, accept or reject any or all the bids either wholly or partially without assigning any reasons.
Eligible participants should submit their bids in electronic format on the RBI Core Banking Solution (E-Kuber) system between 10 a.m. and 11 a.m. on September 24. Only in the event of system failure, physical bids/offers would be accepted. Such physical bid/offer should be submitted to Financial Markets Operations Department in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before 11.00 a.m.
The result of the auction will be announced on the same day and successful participants should ensure availability of the requisite amount of securities in their SGL account by 12 noon on September 25, according to a press release from the RBI on Thursday.