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RBI forms new department

MUMBAI: In a step towards separation of its debt management and monetary operations, the Reserve Bank of India has formed a new financial markets department to look after functions like money market regulation and, at a future date, cover operations in the domestic foreign exchange market.

The functions of the new department would include open market operations (OMO), liquidity adjustment facility (LAF), standing liquidity facilities and market stabilisation scheme, the RBI said in a release here.

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