...........On August 23, the RBI had conducted an open market operation of government securities of Rs 8,000 crore as part of its plan to prevent the hardening of long-term yields which had recently hit a five-year high. Interest rates at the shorter end have remained firm because of the liquidity tightening steps taken by the RBI. For instance, the inter-bank call money rate (at which banks borrow from each other) continues to remain above 10.25 per cent...........
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