India's central bank advances 1 trillion rupee bond purchases
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India's central bank has expedited its plans to purchase 1 trillion rupees ($10.9 billion) in bonds, moving the dates to January 29 and February 5, instead of February 5 and 12. This decision comes after a rise in government bond yields, reaching an 11-month high due to heavy state borrowing and tight liquidity. The bond purchases are part of a broader strategy to inject over $23 billion into the banking system, which includes various liquidity measures. The RBI has already bought 3 trillion rupees in bonds this fiscal year, totaling a record 5.7 trillion rupees.
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