RBI receives Rs 1.23-trn bid for Rs 25,000-cr long-term repo operations

The Reserve Bank of India (RBI) on Monday received bids worth Rs 1.23 trillion for Rs 25,000 crore on offer for its one-year long-term repo operations (LTRO).

In the auction for three-year maturity liquidity operations made last week, the RBI had received bids worth Rs 1.94 trillion for Rs 25,000 crore on offer. On Monday’s auction, the RBI received 52 bids, which the RBI allotted on a pro-rata basis.

The idea behind the LTRO, and also relaxations on cash reserve ratio (CRR) for incremental lending to the retail and micro, small and medium enterprises, announced as a policy measure on the same day, is