RBI To conduct Rs 25,000 Crore Switch Auction On March 2

The Reserve Bank of India (RBI) is set to conduct a switch auction worth Rs 25,000 crore on March 2, 2023. This auction aims to manage the government's market borrowing program more effectively. Participants will have the opportunity to exchange existing securities for new ones, which can help optimize the maturity profile of the debt. The results of the auction will be announced on the same day, with the settlement scheduled for March 4, 2023. This move is part of the RBI's ongoing efforts to ensure liquidity and stability in the financial markets, especially amid fluctuating economic conditions. The switch auction is seen as a strategic tool to assist in managing both the fiscal and monetary landscape of the country, reflecting the central bank's proactive stance in navigating challenges in the economy.