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Today's Banking / Financial News at a Glance 24.10.2020

 Good Morning All....  ☕ 24.10.2020: Today's Banking / Financial News at a Glance 🍒 RBI’s first OMO purchase of state development loans sees good response : In a bid to sooth bond market concerns over large state borrowings in the second half of the fiscal, the RBI announced open market operations (OMO) purchase of State Development Loans (SDLs) for the first time, as a special case, in its October policy. The first auction of ₹10,000 crore of SDLs on October 22, not only received good response, but experts also believe that future auctions could help narrow the spreads between SDLs and equivalent government securities in certain tenures. Against the notified amount of ₹10,000 crore, RBI received bids to the tune of ₹15,475 crore, implying a bid-to-cover-ratio (amount of bids received relative to the amount announced) of 1.5:1 times. Top OMO purchases (by amount) included ₹1,505 crore of 7.78 per cent Maharashtra SDL 2029 at a cut-off yield of about 6.5 per cent, ₹1,199 crore...
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Today's Banking / Financial News at a Glance 21.10.2020

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