In order to straighten out its indebtedness, the Indian government conducted a conversion transaction with the Reserve Bank of India (RBI) in the amount of Rs 119,701 crore (face value) on January 28, 2022.
“The transaction involves the repurchase of securities due in 2022-23, 2023-24 and 2024-25 from the Reserve Bank and the issuance of new securities at equal market value to make the transaction cash neutral,” RBI said. said in a statement.
These transactions were conducted using Financial Benchmarks India Pvt. It added, Limited (FBIL) prices as of January 28, 2022.
The Indian government has been conducting switch or switch operations with market participants as well as the RBI to smooth out indebtedness and market developments. This is part of these operations.
Complete News Source : The Hindu
