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RBI to conduct OMOs in SDLs worth Rs 10,000 cr

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Reserve Bank of India (RBI) will conduct first Open Market Operations (OMOs) to buy State Developments Loans (SDLs) aggregating Rs 10,000 crore through auction on October 22, 2020 to improve liquidity and pricing for these bonds.

The size may be enhanced in the subsequent auctions, depending on market response, RBI said in the statement.

On October 9, RBI had announced intent in the Statement on Developmental and Regulatory Policies OMOs to purchase state government bonds.

The central bank said it will buy bonds maturing between January 2029 and March 2031. It is offering to purchase bonds issued by 15 states including Assam, Bihar, Gujarat, Jammu & Kashmir, Kerala, Madhya Pradesh and Maharashtra.

 

At present, SDLs are eligible collateral for Liquidity Adjustment Facility (LAF) along with T-bills, dated government securities and oil bonds.

On October 9, RBI had said it would conduct OMOs in SDLs as a special case during the current financial year. The OMOs would be conducted for a basket of SDLs comprising securities issued by states.

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ICICI Bank sets up presence in Nepal

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ICICI bank, apex consumer commission, Rs two lakh, ATM fraud, Business news

Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country.

The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

According to the bank, the current foray has expanded its global footprint to 15 countries including India.

“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.

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