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The Playīeginning on the dealer’s left, each player lifts one card at a time from their pile and places it face up in the center of the table. Without looking at any of the cards, each player squares up their hand into a neat pile in front of them. The Dealĭeal cards one at a time face down, to each player until all the cards have been dealt. The goal is to win all the cards, by being first to slap each jack as it is played to the center. Rates may stay where they are if inflation comes below 4% and 5% until we really see a pick-up in growth, which is still a few months away," said Ashish Vaidya, head of treasury at DBS India.The standard 52-card pack is used. If inflation stays between 5% and 6%, the RBI will keep ample liquidity.
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The key is a pick-up in credit growth which will lead to higher demand. Even if inflation breaches 6%, it will not worry RBI much. "Liquidity will remain in surplus for a long time. Hence, a rate increase or even a change in RBI's formal stance is unlikely anytime soon.
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To be sure, slow growth and continuing uncertainties mean liquidity is likely to remain in surplus mode for a long time to come. Liquidity is likely to remain surplus and we are a long way away from a rate hike given the situation we have in hand," said Dwijendra Srivastava, CIO debt, at Sundaram Mutual Fund. The RBI has clearly stated its focus remains growth and rightly so. But given the amount of liquidity, it does not make any difference. The central bank clearly does not want any further increase in system liquidity as it has been sucking the liquidity out of the system through regular variable reverse repos," said Sharma. "The move is aimed at arresting any yield rise while striking a balance on liquidity in the system. In GSAP auctions announced on Monday, RBI plans to sell securities maturing in 2022 and buy bonds maturing in 2028, 20. "This is the first time that RBI conducted GSAPs in a fashion similar to operation twist," said Vijay Sharma, executive vice president at PNB Gilt, referring to the central bank's programme of buying longer-term securities and selling short term papers to prevent yields from increasing. This is the first time since the pandemic the RBI has allowed its bond purchases to be neutral by buying the same amount of bonds as it sold to stabilise yields without infusing any extra liquidity.īefore this, it bought more bonds than it sold adding approximately Rs 2.40 lakh crore of liquidity to the banking system this fiscal.ĭealers said this is an important move by the central bank as it ultimately moves toward normalisation from record levels of liquidity and low interest rates. This will not infuse any additional liquidity in the system, which is estimated to have about Rs 7 lakh crore of excess liquidity currently. In the latest Gsec acquisition programme, RBI will sell Rs 15,000 crore of government securities to match the similar amount of long term securities it plans to purchase from the market. Mumbai: The Reserve Bank of India ( RBI) has taken yet another baby step toward normalising liquidity in the banking system as it prepares to exit an ultra-loose monetary policy approach adopted in the pandemic's aftermath.