New Delhi, January 25, 2026 : On Friday, The Reserve Bank of India has announced a fresh set of liquidity measures to ease tightening conditions in the banking system, including large-scale bond purchases, dollar–rupee swaps and longer-term repo operations.
Under the plan, the central bank will conduct open market operations to buy Government of India securities worth ₹1 trillion in two tranches of ₹50,000 crore each, scheduled for February 5 and February 12. A 90 day variable rate repo auction amounting to ₹25,000 crore will also be held on January 30 to provide short-term funds to banks.
In addition, the RBI will carry out a dollar–rupee buy-sell swap of $10 billion for a three-year tenor on February 4, a move aimed at injecting durable liquidity without directly influencing bond yields.
The central bank said the steps were taken after reviewing prevailing liquidity and financial conditions, noting that surplus liquidity in the system has recently declined to around ₹10,000 crore. It reiterated that open market operations are intended purely as liquidity management tools and not as a means to influence interest rates or yields.
Market participants said the measures could help ease pressure in money markets and support orderly liquidity conditions in the coming weeks, while economists noted that the RBI remains focused on maintaining stability amid fluctuating financial conditions.
