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RBI rejects all bids at auction to ease liquidity

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MUMBAI: In a move aimed at easing liquidity in the banking system, RBI rejected all bids for its Rs 26,000 crore auction of 91-day and 182-day treasury bills on Thursday. The decision comes amid a cash squeeze, aggravated by RBI’s intervention in the forex market, where it has been selling dollars and draining rupee liquidity.
However, it accepted bids for Rs 7,000 crore in its auction of 364-day treasury bills at a yield of 6.56%. Meanwhile, RBI conducted open market operations, accepting offers to sell bonds worth Rs 40,000 crore as part of its liquidity infusion measures.
The banking system liquidity remains in deep deficit, despite recent cash injection measures by RBI. Banks have borrowed around Rs 2 lakh crore from the central bank as of Wednesday. The govt is likely maintaining a comfortable cash balance after tax collections, which gave RBI the headroom to reject bids.
The auction marks end of RBI’s month-long liquidity infusion package. Market participants now await central bank’s next steps to address liquidity deficit. Over five weeks, RBI has bought bonds worth Rs 1 lakh crore via auctions and another Rs 38,800 crore via secondary market transactions.

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