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DAILY NEWS ANALYSIS
20 December, 2019
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Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
Prelims and Mains focus: about Operation Twist and its significance; G-secs: types; Open market operations and their significance
News: On Thursday, the RBI said it would be buying the 6.45% yielding notes maturing in 2029 — the benchmark bonds — and would be selling four papers maturing in 2020. The OMOs would be conducted on Monday.
What exactly is it?
Way ahead
Open Market Operations (OMO)
About G-Secs
Types of G-Sec
1. Treasury Bills (T-bills): T-bills are money market short term debt instruments which are issued by the central government in three tenures mainly 91-day, 182-day and 364-day. These instruments are zero coupon bonds which pay no interest but are actually issued at a discount and redeemed at the face value at maturity.
2. Cash Management Bills (CMBs): CMBs are a new short-term instrument having the common characteristics of T-Bills but with a maturity of less than 91-days. These instruments are issued to meet the temporary disparity in the cash flow of the government. CMBs too are issued at a discount and redeemed at face value on maturity.
3. Dated Government Securities: These instruments are long-term securities which carry a fixed or floating coupon (interest) rate paid on the face value, which is payable at fixed time periods generally half-yearly. The maximum tenure of these securities is 30 years.
Source: The Hindu
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