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Banks, on Thursday, placed bids amounting to 4.5 times the notified amount of ₹25,000 crore at the third targeted long-term repo operation (TLTRO) of three-year tenor. In absolute terms, the Reserve Bank of India (RBI) received 18 bids aggregating ₹1,13,470 crore. It allotted ₹25,016 crore to the bidders.
Liquidity availed under the LTRO by banks has to be deployed in investment-grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as on March 27.
Banks are required to acquire up to 50 per cent of their incremental holdings of eligible instruments from primary market issuances, and the remaining 50 per cent from the secondary market, including from mutual funds and non-banking finance companies.
At the second TLTRO conducted on April 3, banks placed bids amounting to 3.99 times the notified amount of ₹25,000 crore. At the first TLTRO conducted on March 27, banks placed bids amounting to 2.4 times the notified amount of ₹25,000 crore.
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