The long-term bonds were in the maturity of 2024, 2026 and 2029.
The special OMO is similar to Operation Twist carried out by the Federal Reserve in the US near the start of last decade.
In December, RBI had for the first time conducted Operation Twist. In the first tranche, the central bank purchased securities worth Rs 10,000 crore and sold bonds worth Rs 6,825 crore.
Later, in the second special OMO, RBI bought Rs 10,000 crore of long-term government securities and sold Rs 8,501 crore of three short-term bonds.
With banks passing on only a small part of the interest rate cuts, RBI has been forced to think of unconventional ways to lower rates.
With benchmark 10-year G-Sec yield at an elevated level for some time, despite a series of rate cuts by RBI, economists believed that this special move could help transmission of rates in the economy.
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