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RBI says debt switch may not happen this fiscal

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Mumbai: 

The Reserve Bank of India deputy governor H.R. Khan said a planned Rs 50,000 crore debt switch programme may not take place during the current fiscal year ending in March.

When asked by Reuters whether there was a possibility that the debt switch may not happen in the January-March quarter, Khan said: "Yes, but switch, when done, will be done in a non-disruptive manner."

Khan made the comment after a news channel had reported earlier on Thursday the central bank deputy governor as saying a debt switch may not happen this fiscal year.

The benchmark 10-year bond yield fell 3 basis points to 8.77 percent from levels before the news channel report.

India's planned debt switch would involve buying short-end debt and selling longer-dated bonds to spread out redemptions to future years.

Copyright: Thomson Reuters 2014



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