The Federal Reserve is continuing to provide support for short-term bank funding, as it will institute another $500 billion repo operation Tuesday afternoon amid intensifying funding pressures.

In the latest operation, the Fed will conduct another operation that comes on top of a similar offering Monday. The central bank's New York trading desk has been aiming to quell disruptions in the overnight funding markets where banks go to get operating capital.

This latest move comes on top of up to $1.5 trillion announced last week. Repo involves banks posting high-quality collateral for reserves used to operate. The minimum bid for the repo operations as been 0.1%.

The repo operations follow other liquidity measures from the Fed aimed at getting banks to keep money moving through the economy. Along with the aggressive liquidity measures, the Fed also has cut its benchmark borrowing rate 150 basis points, or 1.5 percentage points, over the past few weeks.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.