Month: April 2021

All You Need To Know About SBI Zero Balance Savings Account

Personal Finance

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Investment

oi-Vipul Das

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Basic Savings Bank Deposit (BSBD) account of State Bank of India (SBI) was founded as a savings account that provides the account holders with certain minimum services for free. SBI has also recently clarified the charges levied on account holders for digital transactions in BSBD accounts that go beyond the first four free transactions. Also, at the time of account opening, there is no need for a minimum balance, and customers are given a free ATM-cum-debit card. The facilities of deposit and withdrawal are also free. In addition, the bank is prohibited from charging fees for inactive accounts that are not activated.

All You Need To Know About SBI Zero Balance Savings Account

Key takeaways of SBI Zero Balance Savings Account

Any individual can open this account as long as he or she has legitimate KYC documents. Designed mostly for the disadvantaged parts of society to enable them to begin saving without incurring any fees or charges. The below are some of the account’s upsides.

  • This account is available at all SBI-bank branches of the country
  • No need of minimum balance amount
  • No upper limit on maximum balance
  • This account doesn’t come with cheque book facility.
  • Cash withdrawals are only possible using withdrawal form at bank-branches or via ATMs.
  • Upon successful account opening the account holder is issued with a basic Rupay ATM-cum-debit card. The basic RuPay ATM-cum-Debit card will be issued free of charge, and there will be no annual maintenance fee.
  • Singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc are eligible for the account.
  • Transactions made through electronic payment channels like NEFT/RTGS will be free of cost.
  • Cheques drawn from a state or central government bank will be free to deposit and collect.
  • No fees on activation of inoperative accounts
  • No account closure fees.
  • If the customer have a Basic Savings Bank Deposit Account, he or she cannot open another Savings Bank Account. Whereas, if the customer have a Savings Bank Account, it must be closed within 30 days of the Basic Savings Bank Deposit Account being opened.
  • In a month, you can make up to four free cash withdrawals, including ATM withdrawals at your own and other Bank’s ATMs.
  • SBI provides the same rate of interest on zero balance accounts as it does on regular savings accounts. On deposits of up to and exceeding Rs 1 lakh, the bank provides a 2.70 percent annual interest rate.

SBI Clarifies On Charges Collected In Zero Balance Savings Accounts

The Reserve Bank of India mandated that banks are free to impose reasonable charges in BSBD accounts beyond 4 free transactions in August 2012, according to SBI’s clarification statement. Customers will be able to choose whether or not to use such additional services. As a result, SBI started charging for debit transactions in BSBD accounts after the first four free transactions on June 15, 2016, with advance notice to customers. The Central Board of Direct Taxes (CBDT) urged banks in August 2020 to refund all charges collected on or after January 1, 2020 on transactions conducted using the digital mode and not to levy charges on potential transactions conducted using such modes. SBI has refunded the charges recovered in respect of all digital transactions to BSBD customers w.e.f. 01.01.2020 to 14.09.2020, as per the directives, according to the lender. SBI has also discontinued recovering charges in such accounts for all digital transactions as of September 15, 2020, while keeping charges on cash withdrawals above the monthly limit of four free withdrawals.



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We will raise more money as and when the opportunity seems right in the market, says CEO, Piramal Retail Finance

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“The best deals happen in tough times,” believes Jairam Sridharan, Chief Executive Officer, Piramal Retail Finance when asked about the acquisition of Dewan Housing Finance Corporation Ltd (DHFL) during this current economic uncertainty.

In an interview with BusinessLine, Sridharan also said that consumer demand remains strong, and while the rising Covid cases have raised concerns, it is expected that the impact may be muted. Excerpts:

Piramal Capital and Housing Finance Ltd raised ₹4,050 through NCDs recently. How will that be used?

There is the organic business we are growing, which is right now the primary usage of where money is going. The DHFL transaction is another area, which we will need to fund. And there are some investments we are making in terms of hiring more people, opening more locations, which also need to be funded. And there are refinancing needs from the old portfolio we have.

So, the money we have raised will be used for new business deployment, refinancing of old debt, investments in businesses like retail and inorganic acquisition. We will use the money for whatever immediate use case there is.

Will there be further fund raises?

We will raise more money this fiscal. We have not taken a comprehensive approval but we will raise it as and when the opportunity seems right in the market and the yields seem conducive. Last year was the year of AAA borrowers. Now with liquidity starting to get better for AA borrowers, we will let that play out a little bit. We have raised a boat load of equity capital in the last year-and-a-half. We have over ₹18,500 crore of equity capital. That is a lot for a company with a total book of about ₹45,000 crore.

What kind of consumer demand are you seeing?

Consumer demand has been surprisingly strong since Diwali. Businesses are seeing footfalls. Small town India which depends on small businesses have seen progression. There is a take off in the real estate market as people are buying homes, buying more vehicles as they move away from public transport. But we have to wait and watch with what has happened in April. Everything is back up in the air. No one is talking of a total lockdown and so it looks like core businesses will continue to function and hopeful the impact will be a lot muted. We have an important weapon this time which is vaccination and that is going on in full swing.

What is your consumer base today?

Our overall lending book today is ₹45,000 crore of which ₹5,000 crore or 11 per cent is retail finance. In the medium term, we want retail to be two-thirds of our lending book. The number of consumers is about 10,000. But with the acquisition opportunity — DHFL had close to 1 million customers, it is a very different scale. So strategically it makes sense for someone in our position to do a transaction like DHFL because it gives us access to a customer base, branches and people. Using that platform, we can start selling other things.

Is acquiring DHFL amidst the current economic uncertainty a concern?

The best deals happen in tough times. If you buy something at a very expensive price, it makes it difficult to make it succeed. If we manage it well, then a good franchise at a fair or low valuation is more likely to succeed than a great franchise bought at a very high valuation.

By when is IRDAI approval expected for the DHFL transaction?

The approval from the Competition Commission of India came on Monday. Now, let’s see when the IRDAI approval will come. They are the regulators, we will wait for their clearance.

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NPS Nomination New Rules: All You Need To Know

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Personal Finance

oi-Roshni Agarwal

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NPS investment is being made more investor-friendly and in similar direction last year, the PFRDA allowed change in Nomination in the instrument through online means. The NPS managing authority PFRDA also started off with e-Sign facility to allow change in nomination on an online basis.

NPS Nomination New Rules: All You Need To Know

NPS Nomination New Rules: All You Need To Know

New NPS nomination rules that investors in NPS should be knowing:

1. The nomination can be made in the name of one or person from the subscriber’s family in case the subscriber has a family at the time of making the nomination.

2. The nominee or nominees under NPS will be entitled, to get, to the exclusion of all other persons, all such money which has so remained unpaid, on the death of the subscriber.

3. Any nomination which is not made in favour of the subscriber’s family shall be deemed invalid.

4. Upon marriage, fresh nomination has to be made and the previous subscription shall be considered invalid.

5. If at the time of making a nomination, the subscriber does not has a family, nomination can be in favour of any person. But then later he has a family then the previous nomination shall be considered invalid and fresh nomination in favour of one or two family members has to be made.

6. If the child of a subscriber [or as the case may be, the child of a deceased son of the subscriber] has been adopted by another person, such a child shall be considered as excluded from the family of the subscriber.

7. In case the nomination is partly or fully in favour of a minor then the subscriber need to appoint a major person to be the guardian of the minor nominee in the event of the subscriber predeceasing the nominee.

8. In a case there is no major person in the family then the guardian can be appointed outside of the family of the minor nominee.

9. Also, subscriber can change the NPS at any time, in case one writes to the designated intermediary for the purpose, expresses her desire to exclude her husband from the family, the husband and his dependent parents then they shall no longer consider as subscriber’s family as part of the scheme.

GoodReturns.in



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Reserve Bank of India – Press Releases

Press Releases

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In the underwriting auctions conducted on April 16, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(₹ crore)
Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
(paise per ₹ 100)
3.96% GS 2022 3,000 1,512 1,488 3,000 4.00
5.85% GS 2030 14,000 7,014 6,986 14,000 47.17
6.76% GS 2061 9,000 – – – –
Auction for the sale of securities will be held on April 16, 2021.

Rupambara
Director   

Press Release: 2021-2022/65

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What is the future of Citigroup in India?, BFSI News, ET BFSI

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After shutting down its India retail banking business, Citibank will focus on corporate and institutional banking business in the country as part of a strategic rethink.

The bank will focus now on strengthening its position in corporate, commercial and investment banking, treasury and trade solutions, along with markets and securities services. it will look at delivering innovative digital solutions, to large and mid-sized Indian companies and multi-nationals, financial institutions and start-ups. Citi will also focus on growing its five Citi Solution Centers which support global initiatives, with India serving as a strategic talent hub.

It will retain its wealth management business to serve institutional clients in a market that is known for rich non-residents.

Change in strategy

India CEO Ashu Khullar said the change in strategy will help the bank Citi strengthen its ability to service large corporate and institutional clients. “We will continue to deliver our innovative digital solutions, backed by our global network, and devote our resources to large and mid-sized Indian corporates and multinationals, financial institutions, start-ups in the new age sectors, amongst others. India is a strategic talent hub for Citi. We will continue to tap into the rich talent pool available here to continue to grow our five Citi solution centres which support our global footprint.

Global focus

It will focus on corporate and institutional banking business in the country as part of a strategic rethink, CEO Jane Fraser said in a press statement after the bank announced its 2020 results.

“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” Fraser said in the release. The move to focus on the remaining markets “positions us to capture the strong growth and attractive returns the wealth management business oers through these important hubs.”

“It’s been a better-than-expected start to the year,” Fraser, who took over last month, said in a statement Thursday. She credited the “strong performance” of the company’s Wall Street operations and said the firm is optimistic about its outlook for the economy.

Citigroup has raised more than any other bank for special-purpose acquisition companies this year, as managers of the vehicles set out to hunt unspecified takeover targets. That helped the firm reap $876 million in fees from equity underwriting. Quarterly stock-trading revenue, typically less than $1 billion at Citigroup, surged to $1.48 billion.

The financials

Results released in August 2020 showed the bank made a net profit of Rs 4,912 crore in the year ended March 2020 up 17% from Rs 4,185 crore a year. Net NPA inched up to 0.60% from 0.50% in March 2019. CASA ratio dropped to 55.8% in March 2020 from 60.3% while the capital adequacy ratio dropped to 15.90% from 16.50% a year earlier.

The bank held a 5.87% market share in digital Payments and 8.25% of India’s merchandise and software services trade owns as of March 2020.



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DBS, Kotak Bank, IDFC First may be frontrunners to buy Citi’s retail business, BFSI News, ET BFSI

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Citibank could sell its retail business in parts or as a whole with suitors ranging from local new and established lenders like Kotak Mahindra, IDFC First or even foreign banks like DBS Bank.

DBS Bank is considered one of the potential buyers of these businesses given its deep pockets and ambitions to expand in India. In November last year, the Singaporean lender completed the first of its kind RBI directed acquisition of a distressed lender taking control of Chennai based Lakshmi Vilas Bank (LVB).

DBS India has already infused more than $1 billion into India in its relatively new existence in the country and though LVB gives its wider access to South India, it may look at Citi‘s credit card portfolio to kick start that business in India. DBS does not offer credit cards in the country currently.

Kotak Mahindra Bank, which was said to be exploring an acquisition of IndusInd Bank and refused the offer for Yes Bank, could be interested in the Citi Bank assets

What’s on offer?

The consumer banking business, which includes cards and loans against property, would be around Rs 32,000 crore. It also has a huge amount of savings accounts built over the last few years, which has a lucrative liability book and also credit cards, which they were the largest among foreign banks in India.

The bank also had Rs 27,911 crore of loans to agriculture, affordable housing renewable energy and micro, small and medium enterprises (MSMEs). Of this, Rs 4,975 crore was to weaker sections, as part of Citi India’s priority sector lending obligations, results released last year showed.

Outstanding credit cards as of February stood at 2.65 million, the largest among foreign banks in India, ahead of 1.46 million by Standard Chartered and 1.56 million by Amex. Citi India had 2.9 million retail customers with 1.2 million bank accounts as of March 2020.

At the end of March 2020, Citibank served 2.9 million retail customers with 1.2 million bank accounts and 2.2 million credit card accounts.

Earlier acquisitions

Local lenders have profited from foreign banks’ exit from India over the last decade. IndusInd Bank for example brought and built up Deutsche Bank’s credit card portfolio in 2011 and followed it up by buying Royal Bank of Scotland’s (RBS) diamond financing business in 2015. Another private sector RBL Bank also started its credit card business by purchasing the portfolio from RBS in 2013.



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Dollar heads for its longest streak of weekly losses so far this year, BFSI News, ET BFSI

Personal Finance

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TOKYO: The dollar headed for its worst back-to-back weekly drop this year amid a continued retreat in Treasury yields from more-than-one-year highs as investors increasingly bought into the Federal Reserve’s insistence of continued monetary support.

The benchmark 10-year Treasury yield dipped to a one-month low of 1.528% overnight, from as high as 1.776% at the end of last month, even in the face of Thursday’s stronger-than-expected retail sales and employment data.

San Francisco Fed President Mary Daly said the same day that the U.S. economy is still far from making “substantial progress” toward the central bank’s goals of 2% inflation and full employment, the bar the Fed has set for beginning to consider reducing its support for the economy.

The dollar index, which tracks the greenback against six major peers, dipped to an almost-one-month low of 91.487 overnight before recovering somewhat to 91.678 early in the Asian session.

It’s set for a 0.6% decline for the week, extending the 0.9% slide from the previous week.

The gauge, also known as the DXY, surged with Treasury yields to an almost-five-month high at 93.439 on the final day of March, on bets that massive fiscal spending coupled with continued monetary easing will spur faster U.S. economic growth and higher inflation.

But bond and foreign-exchange markets now seem willing to give the Fed the benefit of the doubt that inflation pressure will be transitory and monetary stimulus will remain in place for years to come.

The dollar is “still struggling to find its feet in April, even though the U.S. macro outperformance narrative could not be more propitious,” Westpac strategists wrote in a research note.

“The DXY is trading like its topping out now, sooner than (we) expected.”

Retail sales increased 9.8% last month, beating economists’ expectations for a 5.9% increase, while first-time claims for unemployment benefits tumbled last week to the lowest level in more than a year, separate reports showed Thursday.

The dollar traded at 108.68 yen, heading for a 0.9% loss for the week, about the same as the previous week.

The euro changed hands at $1.1964, set for a 0.5% weekly advance, adding to the previous period’s 1.3% surge.

In cryptocurrencies, Bitcoin stood around $63,478, near the record high of $64,895 reached on Wednesday, when cryptocurrency platform Coinbase COIN.O made its debut in Nasdaq in a direct listing.

The Russian rouble tumbled on Thursday, at one point losing 2% to the dollar in volatile trade and hitting a more than five-month low versus the euro as the White House announced new sanctions targeting Russia’s sovereign debt.

U.S. President Joe Biden on Thursday authorized the move to punish Moscow for interfering in the 2020 U.S. election, allegations Russia denies.



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Bitcoin: Keep 10-15% of assets in physical gold, avoid Bitcoin: Mark Mobius, BFSI News, ET BFSI

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I do not think Bitcoin is a good asset class for the average investor and the simple reason is that converting Bitcoin into cash that can be used is an extremely difficult and even dangerous proposition, says Mark Mobius, Founder, Mobius Capital Partners.

While the good is definitely getting better in metals, is the best yet to come?
All the metal prices are up and even in areas like palladium, platinum, etc, they are all moving up very quickly. That will be reflected downstream.

Is it imperative now to have some portfolio allocation to Bitcoin and continue with investments in gold as an asset class along with equities?
I do not think Bitcoin is a good asset class for the average investor and the simple reason is that to convert Bitcoin into cash that can be used is an extremely difficult and even dangerous proposition. The US government is after many of these Bitcoin exchanges. So, this is something I would not recommend.

However, gold at this level sounds like a good investment. In fact, I have added some gold to my own portfolio because I think it has reached a sort of turning point where we are going to see a recovery in gold prices. But even if you are not following gold on a day-to-day basis, from a long-term point of view, you are better off with 10% or 15% of assets in physical gold.

Would it be the same case for silver as well?
Yes silver, platinum and palladium as well. It is a good idea to diversify in these precious metals. The four key ones would be gold, silver, platinum and palladium.

Where do you stand as an investor in the entire home decor segment including paints?
We have not been able to find a company meeting our requirements in terms of the fundamentals in this area. Most of them are rather small. There are some exceptions but we have not found the right investment in that area. But I would not discourage anybody from looking at that and investigate more carefully because companies like paint companies and companies that are doing furniture might be an interesting entry into that sector.

What happens to the real estate revival in India? While the second wave could put a bit of a dampener, is this a sector one should stay invested in?
 The real estate sector is very interesting, particularly in India, because the demand for housing is almost endless. We are not going to see a let up in demand for many years to come. Many Indians are living in substandard housing and they want to do better and as incomes rise, there will be a greater demand for housing.

The issue in the housing market is of course having reliable systems of registration and financing these houses and apartments. This is a big challenge for not only the federal government but also the individual states. In fact there has been the idea of using blockchain to track ownership of houses and apartments. I am familiar with the US system of title insurance which might be an answer for India going forward.



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How Shivalik Bank is transforming from cooperative to small finance bank, BFSI News, ET BFSI

Banking & Finance

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In a conversation with ETBFSI on its transition from an urban co-operative bank to a small finance bank. Shivali Mercantile Co-operative Bank’s Chief Executive Officer and Managing Director, Suveer Kumar Gupta talks about the reason behind the transition, how it’s relying and investing in digital capabilities and partnerships with FinTechs and MSMEs being a key focus customer base.

Journey from UCB to SFB

Shivalik Mercantile Co-operative Bank started in Saharanpur District in Uttar Pradesh is the first urban co-operative bank to transition into a small finance Bank. It acquired Bhoj Nagarik Sahakari Bank Maryadit in Dhar and became a multi-state co-operative bank and further expanded in Indore after acquiring Malwa Commercial Cooperative Bank Limited.

Suveer Kumar Gupta, Managing Director & Chief Executive Officer, Shivalik Bank

The bank has 31 branches and business size around Rs 2050 crore with a deposit base of Rs 1225 crore and advance of Rs 825 crore as of March 31, 2021.

Suveer Kumar Gupta, MD & CEO, Shivalik Mercantile Co-operative Bank Ltd on the transition towards the small finance bank said, “Right from the very start we wanted to be a strong and well managed one of the larger co-operative banks in the country and had aspirations to grow and be professional. For the past few years we’ve been improving our systems, controlling measures, risk management practices and most of all working towards building a strong technology infrastructure. At the same time our focus was on financial inclusion and MSMEs.”

When the Reserve Bank of India in 2015 put forward the small finance bank vision the bank realised they’re in sync with the vision they had set for Shivalik Bank. Gupta said, “The synergies were significant towards a transition to SFB and then RBI came up with voluntary transition guidelines and we jumped to the opportunity and applied for the transition and got an in-principle approval in January 2020 and the final license was in January 2021 and are in the last leg of the journey and hope to go live very soon.”

While the SFB transition will bring in more regulatory oversight and compliance norms, the bank sees numerous benefits with the transition to SFB as existing SFB proven the business model of lending to priority sector with small ticket sizes is successful and as a co-operative bank they have been following for some time.

Gupta said, “We are clear and no two thoughts on how the business will progress. Becoming an SFB will allow us to raise capital for growth and becoming a commercial bank will make it easier to approach investors and infuse a greater trust among the customer base. Further as co-operative banks miss out on government and institutional business, becoming a scheduled commercial bank will help them to reach out for institutional business.”

The bank is eyeing MSMEs as the key are of the focus and 90% of its book is fully secured and about 10% of their portfolio is microfinance. Going forward they tend to retain the philosophy of secured lending and are not shy of unsecured lending as well and will be looking forward to introducing some products in the unsecured side but major focus will be on the secured part.

We are clear and no two thoughts on how the business will progress. Becoming an SFB will allow us to raise capital for growth and becoming a commercial bank will make it easier to approach investors and infuse a greater trust among the customer base. Further as co-operative banks miss out on government and institutional business, becoming a scheduled commercial bank will help them to reach out for institutional business.Suveer Kumar Gupta, MD & CEO, Shivalik Mercantile Co-operative Bank

Ecosystem Partnerships

Gupta says as a bank they realised that the thought process of ownership mindset will not work for them because they are not experts in everything. He said, “ and have partnered with India Gold providing gold loan to customers at doorstep, Airtel Payments Bank for digital sourcing of loans, we’ve tied up Atyati, a microfinance banking correspondent partner and we are in discussion with other few fintechs as well some on customer onboarding side and some on digital sourcing side and invoice financing side where they’re using blockchain.”

They are very much open to digital partnerships and believe having a pan India license the best way to is by not being asset heavy with physical branches but can be done digitally too. “Any customer sitting anywhere can open and operate a Shivalik bank account just using a mobile phone and that is the way we want to go forward.”

We are bankers and will stick to banking. As for technology and other services, let’s seek experts and partner with them. We’ve been looking forward to partner with FinTechsSuveer Kumar Gupta, MD & CEO, Shivalik Mercantile Co-operative Bank


Physical Expansion

On Physical expansion, they want to be a global local bank. He adds, we would do it in the northern region and by physical I would not only consider bank branches but also digital assisted channels like banking correspondents moving around with micro-ATMs. We also have micro-ATMs which are being used by banking correspondents and are connected to the core-banking system in real time.

He explained, customers can withdraw by swiping card or Aadhar and deposit money too among other banking services like bank-in-a-box kind of thing. This would eventually help us in expansion.

Digital Savvy

As the bank is heavily relying on digital partnership and capabilities they’re adequately focusing on cyber-security. He said, “We are focused on the safety aspects of digital exposure. From a customer point of view, we’ve put in all safeguards like two factor authentication, info-sec testing before release, customer education programmes, vulnerability testing, applications have biometric logins. From an organisation perspective, there’s an information-security (info-sec) team in place and internal policy on info-sec has been designed by one of the Big 4 and are one of the first co-operative banks to get cyber-insurance much ahead of the RBI mandate. “

Gupta also said, The bank has hosted its data in a tier-4 data center which is considered to be the best in Asia and its core banking system provided by Infosys is on a hosted model making Shivalik Bank as the first bank to do it.

The bank is ready for the transition and is waiting for the final go-ahead from the regulator, concluded Gupta.



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,59,959.72 3.17 0.01-3.50
     I. Call Money 10,174.21 3.20 1.90-3.50
     II. Triparty Repo 3,42,321.15 3.22 3.05-3.26
     III. Market Repo 1,04,733.36 3.02 0.01-3.45
     IV. Repo in Corporate Bond 2,731.00 3.38 3.35-3.40
B. Term Segment      
     I. Notice Money** 294.40 3.24 2.70-3.45
     II. Term Money@@ 277.50 – 3.10-3.45
     III. Triparty Repo 200.00 3.25 3.25-3.25
     IV. Market Repo 400.00 0.01 0.01-0.01
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Thu, 15/04/2021 1 Fri, 16/04/2021 4,99,304.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 15/04/2021 1 Fri, 16/04/2021 108.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -4,99,196.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 09/04/2021 14 Fri, 23/04/2021 2,00,017.00 3.48
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       31,122.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -86,812.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -5,86,008.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 15/04/2021 5,10,294.52  
     (ii) Average daily cash reserve requirement for the fortnight ending 23/04/2021 5,37,119.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 15/04/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/03/2021 8,08,301.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Rupambara
Director   
Press Release : 2021-2022/64

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