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Home Economy

G-sec Acquisition Programme (G-SAP 1.0)

April 9, 2021
in Economy
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G-sec Acquisition Programme (G-SAP 1.0)
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In News: Recently, RBI announced a Government Security Acquisition Programme, GSAP 1.0. Under the programme, the central bank will purchase government bonds of worth Rs 1 trillion (or one lakh crores of rupees). 

About GSAP 1.0

  • The first purchase of Rs 25,000 crore is to be made on April 15, 2021.
  • The GSAP 1.0 will provide more comfort to the bond market. 
  • Borrowing of the Government increased this year, So RBI has to ensure there is no disruption in the Indian market.
  • In the fiscal year 2021, RBI purchased Rs 3.13 trillion worth bonds from the secondary market, in an ad hoc manner.
  • Help to reduce the spread between repo rate and the ten-year government bond yield.
  • Help to reduce the aggregate cost of borrowing for the centre and states in fiscal year 2022.

Impacts of GSAP

  • The BSE Sensex fell in February and March, 2021 due to rising bond yields. 
  • RBI announced the GSAP in its Monetary Policy announcements, the ten-year G-Sec bond yield dropped by 0.6%. This rise in bond yields led to weakness in the equity markets. 
  • Now, the yields will once again stabilize. With this, the FPI inflow into equities could regain momentum

What are G-Sec? 

  • Government Securities are debt instruments.
  • Issued by GoI to borrow money. 
  • Two types namely 
    • short-term instruments that mature in 91 days
    • long-term instruments that mature anywhere between five years and forty years.
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Source: The Hindu
Tags: News PaperPrelims

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