Reserve Bank of India (RBI) Announces ₹2 Lakh Crore OMO and $10 Billion USD/INR Swap

Key facts

• The Reserve Bank of India (RBI) will purchase government securities worth ₹2 lakh crore through Open Market Operations (OMO) to inject liquidity into the banking system.
• The RBI will conduct a USD 10 billion buy/sell dollar-rupee swap auction for a tenor of three years on January 13, 2026.
• The OMO purchase auctions for an aggregate amount of ₹2,00,000 crore will be held in four tranches of ₹50,000 crore each.
• The four OMO tranches are scheduled for December 29, 2025, January 5, 2026, January 12, 2026, and January 22, 2026.
• Under the swap arrangement, a bank will sell US dollars to the RBI and simultaneously agree to buy the same amount back at the end of the three-year period.
• These measures follow a previous RBI action involving ₹1 lakh crore OMO purchase auctions and a USD 5 billion Buy/Sell Swap auction for a tenor of three years.