RBI Announces Rs 1.2 Lakh Crore G-SAP 2.0 Plan To Buy Government Bonds

India’s central bank will buy Rs 1.2 lakh core ($16.4 billion) of bonds under its government-securities-acquisition programme in the July-September quarter, Governor Shaktikanta Das said.

RBI Announces Rs 1.2 Lakh Crore G-SAP 2.0 Plan To Buy Government Bonds

  • The RBI will buy the remaining Rs 40,000 crore of bonds for the current quarter on June 17, he said; RBI had committed to buy Rs 1 lakh crore of bond in the April-June quarter
  • Of the June 17 purchase, Rs 10,000 crore will be purchases of state bonds
  • USD/INR rises 0.1% to 72.9875
  • The yield on 10-year bond at 6%; touched 5.98% earlier

MPC Keeps Rate Unchanged On Virus Risks

The RBI’s Monetary Policy Committee kept borrowing costs at a record low for the sixth straight meeting, as the second wave of Covid-19 threatens to hold back the economy’s recovery.

The Monetary Policy Committee voted to keep the benchmark repurchase rate at 4%, Governor Shaktikanta Das said in an online broadcast on Friday. The decision was predicted by all 44 economists surveyed by Bloomberg.

The six-member committee, which has been on pause mode for more than a year, retained its accommodative policy stance for as long as necessary, signalling there’s still room to cut rates further.

The central bank said it now expects gross domestic product to expand 9.5% in the current fiscal year, down from 10.5% previously.

Sovereign bonds traded higher, with the yield on benchmark 10-year bonds down two basis points at 5.98%, while the rupee was slightly lower.

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