Mumbai: The Reserve Bank feels that liquidity in the system is comfortable and therefore it does not anticipate any intervention in the form of an open market operations (OMO) in the near future. "We don''t anticipate that kind of a situation (shortage of liquidity) to emerge and will keep a watch on it," RBI Deputy Governor Subir Gokarn told reporters at the customary post-policy meeting. He said the current strain on liquidity is a seasonal phenomenon. "The current situation is simply a seasonal effect. We do expect (that) during the Diwali period, there is high demand for money. So, banks have to rely on repo to meet the CRR requirements. This money will come back to the system sooner." Gokarn added that the week preceding Diwali week, there was a daily transaction of around Rs 40,000-50,000 crore, which is in a comfortable range of the central bank. As per the monetary authority, liquidity in the banking system should be maintained at 1 per cent above or below the deposit base. "Obviously, that is the signal we have sent out with the 1 per cent. If that persistently stays above that number, that provides us some basis to act," he said, adding but RBI will not intervene only to check rising yield in G-Sec. "OMOs will not be conducted to keep yields down. It will only be initiated, if at all, for liquidity management. Though it has a bearing on the yield, it can''t be used primarily for yield," he added.