MUMBAI: India's central bank will buy up to 100 billion rupees ($1.9 billion) of federal government bonds on May 7 through open market operation, it said in a release on Friday.

The Reserve Bank of India will buy 8.07 percent 2017-July bonds, 7.35 percent 2024 bonds, 8.20 percent 2025 bonds and 8.28 percent 2032 bonds.

The auction will be conducted using the multiple price method, the central bank said.