Government of India has been undertaking conversion/switch operations with market participants as well as with the Reserve Bank with the objective of smoothening its liability profile as well as for market development. As part of these operations, Government has undertaken a conversion/switch transaction with the Reserve Bank on January 17, 2023 (settlement on January 18, 2023). The transaction involved buying back a security maturing in FY 2024-25 from the Reserve Bank and issuing fresh security for equivalent market value, to make the transaction cash neutral. The transaction was carried out using Financial Benchmarks India Pvt Ltd. (FBIL) prices as on January 16, 2023. The details are as below:

(Yogesh Dayal)      
Chief General Manager

Press Release: 2022-2023/1570