The Reserve Bank of India on Monday said it has received Rs 1.71 trillion in the third long-term repo operation (LTRO) conducted for an amount of Rs 25,000 crore.
The central bank received 66 bids in the three-year tenor LTRO, which has reversal date on March 1, 2023.
"The total bids that were received amounted to Rs 1,71,965 crore, implying a bid to cover ratio (i e., the amount of bids received relative to the notified amount) of 6.9," the RBI said in a release.
As against this, the RBI allotted an amount of Rs 25,028 crore, with a pro-rata allotment percentage to 14.54 per cent.
The RBI will conduct another LTRO for three-year tenor worth Rs 25,000 crore on March 9.
It has already conducted two LTROs for Rs 25,000 crore each on February 17 and February 24.
In the February 17 LTRO for three-year tenor, it received bids amounting to Rs 1.944 trillion.
In the second LTRO for one-year tenor conducted on February 24, the RBI got 52 bids amounting to Rs 1.23 trillion.
In last month's bi-monthly policy review, the RBI had announced term repurchase agreements (repos) of one-year and three-year tenors for a total amount of Rs 1 trillion at the policy repo rate, from the fortnight beginning February 15.
LTROs are aimed at helping banks to reduce their lending rates, thereby quickening the monetary policy transmission.