It is the first time the RBI has conducted a special open market operation (OMO) of this kind, similar to the 'Operation Twist' carried out in the United States near the start of the decade.

Operation Twist

• Operation Twist is a Federal Reserve monetary policy operation relating to the purchase and sale of bonds. 
• Operation Twist first appeared in 1961 as a way to strengthen the U.S. dollar and stimulate cash flow into the economy.
• The Federal Reserve would sell short-term and long-term bonds depending on their objective at the time. 
• Operation Twist consists of the Federal Reserve leaving short-term rates unchanged.
• The benefits of businesses and individuals having access to low-interest-rate loans include an increase in economic spending and lower unemployment. 

Bond yields have been rising since the RBI unexpectedly left its key repo rate unchanged earlier this month, even as it slashed its forecast for economic growth to its lowest in over a decade.