RBI Grade BNABARD ESISEBI
In one line
Context:
- The Reserve Bank of India (RBI) received ₹70,144 crore worth of bids in its second Open Market Operation (OMO) for FY26, more than 3.5x the notified amount of ₹20,000 crore.
- Investors showed robust interest due to relatively attractive bond pricing, nearing market rates, despite being at a slight discount.
Bond-Wise Demand and Cutoff Insights
- 7.23% 2039 bond (longest maturity):
- ₹6,401 crore accepted, the highest allocation in this round.
- 2034 bond:
- Saw multiple bids at identical cutoffs, leading to partial allotment — only 38.2% of bids were accepted.
- This indicates heightened competition among traders and institutions.
RBI’s Liquidity Management Strategy
- RBI has injected ₹6.6 lakh crore since December 2024 using:
- The April 2025 daily average liquidity is now in surplus mode (~₹1.7 lakh crore), reversing the January 2025 deficit (>₹3 lakh crore).
Forecast & Expected Measures
In 5 daysNABARD Grade A 2026: what the 2025 cut-offs changed, and the 90-day planRegister free →“RBI MPC Unpacked: Key Theory Meets Today’s Macro Trends”Tap to play · from the C4S channel
- Economists expect additional liquidity measures in H2 FY26:
- IDFC First Bank: Predicts ₹3–₹4 lakh crore infusion in FY26.
- Nomura: Anticipates fresh liquidity announcements as early as this week due to the RBI’s proactive approach.
