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Mumbai, July 29 The Reserve Bank of India has decided to discontinue the special market operation (SMO) which was offered to oil companies to provide liquidity, Dr. Y. V. Reddy, RBI Governor, said on Tuesday, while announcing the first quarter review of the monetary policy.

In May, the RBI announced the SMO, under which public sector oil companies were allowed to borrow up to Rs 1,500 crore on a single day, from the RBI, in view of the unprecedented escalation in international crude prices.

These operations commenced from June 5. In its first quarter review , the RBI said it had purchased oil bonds aggregating Rs 17,655 crore, up to July 11.

More Stories on : Credit Policy | Govt Bonds | Petroleum

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Rupee sheds 10 paise

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