RBI said it decided to conduct the exercise after a review of current liquidity conditions.New Delhi: The Reserve Bank of India (RBI) on Monday announced that it will conduct open market purchase of government securities under the G-Secs Acquisition Programme (G-SAP 2.0) for an aggregate amount of Rs 15,000 crore.

The date of open market purchase has been kept on Thursday (September 23, 2021), the central bank stated in a press release. The Reserve Bank said it has decided to conduct simultaneous sale of G-Secs under Open Market Operations (OMO) after "a review of current liquidity conditions."The RBI release mentioned that it "reserves the right to: decide on the quantum of purchase/sale of individual securities; accept bids/offers for less than the aggregate amount; purchase/sell marginally higher/lower than the aggregate amount due to rounding-off; and accept or reject any or all the bid/offers either wholly or partially without assigning any reasons.How To Submit Bid* Eligible participants should submit their bids/offers in electronic format on the RBI Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on September 23.* Only in the event of system failure, physical bids/offers would be accepted.* Such physical bid/offer should be submitted to Financial Markets Operations Department in a prescribed form obtainable from the RBI website before 11:00 am.* The result of the auctions will be announced on the same day.What's Open Market Operations (OMO)Open Market Operations are simultaneous purchase and sale of government securities that involves purchasing G-Secs of longer maturities and selling equal amount of G-Secs of shorter maturities.

It is RBI's version of 'Operation Twist'. The monetary policy tool called 'Operation Twist' was first used by the US Federal Reserve in 1961.