Govt of India has done a Switch Operation of Rs. 1,19,701 crores.

Current GK (RBI Ast) Indian Economy

06-Feb-23

The Government of India to smoothen its liability profile has done a conversion transaction with the Reserve Bank of India (RBI) on January 28, 2022 for an amount of ?1,19,701 crore (face value).

The transaction involved buying back securities maturing in FY 2022-23, FY 2023-24 and FY 2024-25 from the Reserve Bank and issuing fresh securities for equivalent market value, to make the transaction cash neutral,” the RBI said in a statement.

The transactions were carried out using Financial Benchmarks India Pvt. Ltd. (FBIL) prices as on January 28, 2022, it added.
The Government of India has been undertaking conversion or switch operations with market participants as well as with the RBI with the objective of smoothening the liability profile as well as for market development. This is part of these operations.

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