In his unscheduled speech today, the RBI Governor announced second purchase of G-securities of Rs. 35000 crore under G-SAP 1.0 to be conducted on May 20, 2021.
To Support Bond Market, RBI Announces Purchase Of G-Sec Under G-SAP
In its April monetary policy statement, in order to address the concern of market participants over rising bond yields, the governor enthused the markets with a new programme called as Government Securities Acquisition Programme (G-SAP) - through which it will purchase government securities worth Rs 1 lakh crore in the first quarter of FY22.
Basically the G-SAP move is aimed at supporting the bond markets which also results in softening of corporate bond yields. On the move 10-year yields have gone down below 6 percent to 5.98 percent.
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