4  BIS central bankers’ speeches  23. An important risk mitigation measure aimed at alleviating the pressure at short-end was undertaking switches/buybacks from proximate maturities in order to reduce the redemption concentration and create space for further issuances that may be needed to meet the demand of market participants.
During the past three fiscal years, switches amounting to about Rupees one trillion were undertaken by the Reserve Bank in consultation with the Government. The operations have eased gross borrowing numbers and enabled effective borrowings. 24. The aim of the Reserve Bank has always been to conduct market borrowing operations in a smooth manner without undue disruptions.