RBI sells ₹50000 cr govt securities in OMO to drain surplus liquidity

•The Reserve Bank of India sold ₹50,000 crore ($5.2 billion) in bonds under its open market operations program.

•The bonds were sold in 2029-2032 tenors, with cutoff prices ranging from 102.25 to 105.63 rupees.

•The sales are the first part of a 1 trillion rupee ($10.5 billion) liquidity mop-up announced by the RBI on Sept. 11.

•Excess cash in India's banking system hit a record 11 trillion rupees earlier this month.