Govt. to raise 1,500 crore through sale of securities

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The has decided to raise 1,500 crore open market borrowings through the Reserve Bank Of India (RBI) to meet its immediate financial commitments.

The government has accordingly decided to sell securities worth 1,500 in

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the auction to be conducted by the RBI. The RBI will auction securities pertaining to Arunachal Pradesh (400 crore), Nagaland (350 crore) and Rajasthan (1,000 crore) in addition to Telangana during the auction. The auction would be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system and payment by successful bidders would be made during banking hours on Tuesday at RBI head office in Mumbai and its regional offices.

The government is expected to incur additional expenditure in excess of 900 crore a month on account of the implementation of pay revision. In addition, the government had to credit 5,000 an acre each into the accounts of over 60 lakh farmers starting next month as Rythu Bandhu instalment for Vaanakaalam (kharif) season.