MUMBAI (Thomson Financial) - The Reserve Bank of India (RBI) said it raised the overall ceiling of daily open market operations in oil bonds to 15 billion rupees from 10 billion rupees.
This was done because of liquidity and other issues faced by the state-run oil companies arising from the escalation in international crude prices, the central bank said in a statement.
The RBI conducts open market operations in the secondary market in oil bonds held by state-run oil companies to provide liquidity to refiners. tfn.newsdesk@thomson.com sim/alo/jlc COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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