
The pandemic has caused chaos in the market resulting in large selloffs in the market, which in turnhas resulted in more liquidity, which may intensify redemption pressure. To counter this scenario, RBI has decided conduct auctions of long-term repo operation (LTRO) of up to three-year tenure of appropriate sizes for a total amount up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.
The RBI governor emphasised that the liquidity availed by banks under the scheme has to be deployed in investment-grade corporate bonds, commercial papers and non-convertible debentures, over and above, the outstanding level of those investments in these bonds, as on March 25, 2020.
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