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RBI to conduct simultaneous sale-purchase of govt securities next month

The Reserve Bank on Wednesday announced open market operations for sale as well as purchase of government securities for Rs 15,000 crore each.

On a review of current liquidity and financial conditions, the central bank has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 15,000 crore each on March 4, 2021, RBI said in a release.

Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Secs of longer maturities and selling equal amounts of G-Secs of shorter maturities.

On March 4, the RBI will purchase four government securities of different maturity dates aggregating to Rs 15,000 crore and sell two securities aggregating to the same amount using the multiple price auction method.

Eligible participants can submit their bids in electronic format to the RBI on its core banking solution (E-Kuber) system between 10 am to 11 am on March 4.

Only in the event of system failure, physical bids would be accepted, RBI said.

RBI said it reserves the right to decide the quantum of purchase/sale of individual securities, accept bids for less than the aggregate amount, as well as to accept or reject any or all bids either wholly or partially without giving any reasons.

The names of successful bidders will be announced on the same day.

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

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