The decision comes amid concerns of a liquidity crisis in the economy after the financial services company IL&FS reported defaults in September.
"Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of... Government securities under Open Market Operations for an aggregate amount of Rs 120 billion on November 15, 2018 through multi-security auction using the multiple price method," the RBI said in a statement on Tuesday.
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