The Reserve Bank of India (RBI) offered a $5-billion swap facility to banks to aid liquidity before the end of the financial year. The auction will happen on March 26 and the buy/sell swap will run up to March 28, 2022, or for a three-year duration. The system liquidity is dry to the tune of little more than Rs 1 trillion, but it will be acute in the coming days as advanced tax outflow (estimated at Rs 1.5 trillion) and the goods and services tax (GST), which is estimated at Rs 1 trillion, will suck out liquidity from the system. This liquidity will return only in the next financial year as the government starts spending. Till then, rates may shoot up if adequate liquidity support is not given to banks, experts say.