....The main
objective of SLR bonds is to generate liquidity whenever needed. This
can be done either through repo market or through outright sale. Gsecs
are well-accepted collateral in a deep and liquid repo market and are
also eligible for availing refinance from RBI. The g-sec secondary
market is also reasonably liquid and can generate cash on T+1 basis. The
repo market in case of corporate bonds is yet to take off and the
secondary market is illiquid and lacks market infrastructure similar to
g-secs. SLR instruments, issued by the RBI through a transparent auction mechanism, are easily accessible to all classes of investors......
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