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RBI switches Rs 4,400cr of short-term bonds to long-term

The Reserve Bank on Friday switched Rs 4,400 crore worth of shorter maturity government securities with longer tenor bonds with an institutional investor.

business Updated: Mar 14, 2014 20:09 IST
PTI

The Reserve Bank on Friday switched Rs 4,400 crore worth of shorter maturity government securities with longer tenor bonds with an institutional investor.

"A switch operation, wherein swapping of securities from 2014-15 and 2015-16 maturity buckets for about Rs 4,400 crore to a longer tenor security, has been conducted with an institutional investor on March 13," RBI said.

However, the central bank did not name the investor.

It can be recalled that the Budget 2014 had announced to switch or buy back Rs 50,000 crore worth of shorter term securities with long-term securities.

In the last week of January, a similar switching was carried out for about Rs 27,000 crore securities with another institutional investor.

With this buyback, about Rs 31,000 crore of short term government bonds has been switched with longer tenor securities.

First Published: Mar 14, 2014 20:06 IST