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“BUY” This Large Cap Maharatna Stock With A Target Price of Rs. 210: Edelweiss Securities

December 4, 2021 root Personal Finance

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The brokerage’s take on Coal India Ltd.

Edelweiss Securities in its research report has said that “CIL’s Nov-21 production/offtake rose 4.3%/10.3% YoY. Key points: i) Production rate at 1.79mt/day is the highest ever for the month of November. ii) Demand remained buoyant with the offtake rate at 1.89/day-significantly higher than in the past. iii) Pithead inventory reduced further to merely 29mt (Mar-21-end: 97mt) as demand outpaced production. iv) SECL/WCL showed a significant performance uptick while MCL continued to be the best-performing subsidiary. In our view, CIL’s performance is likely to get a leg-up from the most profitable and productive subsidiaries – MCL, SECL and NCL – ramping up production. As a result, we expect our FY22E offtake of 643mt (up 12% YoY) to be met.”

The brokerage has claimed that “We expect CIL’s cash accretion to continue mainly due to higher sales volume and e-auction prices. On the working capital front, inventory continues to decline and receivables remain under check. Hence, we expect cash accretion to sustain in H2FY22. We believe that our FY22 divided estimate of INR18/share (dividend yield: 11.3%) is likely to be met, particularly in light of the first interim dividend of INR9/share.”

Buy Coal India Ltd. with a target price of Rs. 210

According to the brokerage’s research report “Despite a rather lackluster H1FY22 performance, we expect FY22 to be salubrious for CIL mainly due to volume growth and higher e-auction prices. On the working capital front, we already see a significant respite as both receivables and inventory has declined. We believe that significant cash balance/accretion would be utilised towards the payment of dividends. We believe that the ensuing wage hike is likely to be offset by price increase of regulated coal, and be EBITDA-neutral in the worst case.”

The brokerage has further claimed that “We maintain ‘BUY/SO’ on CIL with an unchanged TP of INR210 on 9x FY23E EPS. Our recommendation is also driven by a potential dividend yield of 11-13% over the next two years.”

Disclaimer

The stock has been picked from the brokerage report of Edelweiss Securities Limited. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.

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Tax department sends reassessment notices to global fund houses, BFSI News, ET BFSI

December 4, 2021 root Personal Finance

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The Income Tax Department has reopened old assessments of at least a dozen global fund houses and private equity funds alleging under-reporting of income through the misuse of tax treaties.

The department, in a communication last week, asked these fund houses to furnish details about the structure of their business, past investors and bank signatories, an official told ET.

The department has asked them to explain irregularities in computation of income for the assessment years 2013-14, 2014-15 and 2015-16, the official said.

Its early estimates peg income that allegedly escaped assessment at more than ₹300 crore, the person said.

The notices were sent after earlier explanations by the funds were found unsatisfactory by the department, which wants to look deeper into income statements and returns. The reassessment notices were issued under Section 148 of the I-T Act, which deals with income that has escaped assessment.

Under the rules, the tax department can go back up to 10 years to scrutinise past assessments if the concealment of income is ₹50 lakh and above.

Most Investments via Mauritius, Cyprus
“Most of these global private equity funds invested in India through Mauritius and Cyprus during these assessment years,” said the official. The department wants to know why these funds hadn’t invested directly but through a particular jurisdiction, he said.

The department reserves the right to reject a tax residency certificate (TRC) if it detects abuse of tax treaty benefits and treaty shopping. The Central Board of Direct Taxes (CBDT) didn’t respond to queries.

Most global funds channelled their investments in India via jurisdictions such as Mauritius and Singapore that allowed them to enjoy capital gains tax exemption. However, India amended the tax treaty with Mauritius effective April 1, 2017, withdrawing the exemption.

Capital Gains Tax
These funds are currently subject to capital gains tax. Private equity funds, which deal in unlisted companies, attract long-term capital gains at 10%, while short-term capital gain tax is levied at 30-40%.

Foreign portfolio investors (FPIs) that invest in listed companies attract long-term capital gains at 10% for equities sold on the exchanges, even if securities transaction tax has been paid.

Tax experts said the latest move could create uncertainty for investors. “Any fresh tax demands on such old investments could create challenges for fund managers because they may not be able to recover taxes and penalties from investors who might have already exited the fund,” said Rajesh H Gandhi, partner, Deloitte Haskins & Sells LLP.

Foreign investors have been hoping that, as a result of certain favourable court cases and specific protection under the General Anti-Avoidance Rule for investments made before 2017, past investments would not be challenged, he said.

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Companies’ payments banks can’t turn into SFBs, BFSI News, ET BFSI

December 4, 2021 root Banking & Finance

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MUMBAI: Payments banks promoted by corporates will not be eligible to seek a transition to a small finance bank with the Reserve Bank of India not accepting the internal working group proposal on bank licenses for corporates.

Of the payments banks that are already licensed, Airtel Payments Bank and Jio Payments Banks are promoted by corporates. These are the only two payments banks of the 11 that were granted approval that continue to function. Aditya Birla Payments Bank had surrendered its licence in 2019 others including Sun Pharma’s Dilip Shanghvi had dropped their plans earlier.

This would mean that small finance banks would have to come from the NBFC microfinance segment or cooperative banks that choose to convert themselves into small finance banks. Most of the small finance banks operating today were largely converted from microfinance companies or non-banking finance companies engaged in small loans.

Among the non-corporate promoted payments banks, Paytm PB and Fino PB have indicated that they would pursue an SFB licence if the opportunity arises.

RBI’s internal working group on bank ownership had said that small finance banks would be considered for transitioning into a universal bank provided they meet the minimum paid-up capital and net worth requirement applicable to universal banks.

SFBs are considered to have a better business model compared to payments banks as they can lend and issue credit cards. They also do not face any geographic or size restrictions, unlike cooperative banks. However, they do face restrictions in extending large loans to corporate houses.

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Leave a comment aditya birla payments bank, airtel payments bank, finance and banking, fino pb, jio payments banks, nbfc, payments banks, paytm pb, reserve bank of india

Fixed Deposit That Offers 8.50% Interest With State Government Backing

December 3, 2021 root Personal Finance

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Tamil Nadu Transport Development Finance Corporation Fixed Deposits Interest Rates (Non senior citizens, regular interest income)

Period	Monthly	Quarterly	Annually
24 months	–	7.25%	–
36-months	7.75%	7.75%	7.98%
60-months	8.00%	8.00%	8.24%

Tamil Nadu Transport Development Finance Corporation Fixed Deposits Interest Rates (senior citizens, regular interest income)

Period	Monthly	Quarterly	Annually
24 months	–	7.25%	–
36-months	8.25%	8.25%	8.51%
60-months	8.50%	8.50%	8.77%

The interest rates are as on December 3, 2021. This is a government of Tamil Nadu backed enterprise and hence the deposits are very safe. The deposits are also available under the cumulative scheme, where the interest rate is more or less the same, but, the yields could go higher because of compounding.

Other details of the Tamil Nadu Transport Development Finance Corporation Fixed Deposits

The deposits cannot be opened online and one may have to visit the office or courier the fixed deposit forms, duly filled-in with the KYC requirements. Under the money multiplier scheme the deposits are compounded quarterly. The company is a good profit making enterprise that has been generating profits since 1975.

These deposits are relatively safe, but, the only problem right now is that there is no online facility. Therefore, it would be beneficial for those staying in Tamil Nadu and who can visit the office and open the fixed deposits. For other set of investors the task maybe a little more painful.

However, with the interest rates going as high as 8.77% and if you have a big amount, even travelling to Tamil Nadu to open the deposits maybe worth.

Invest in these deposits for the long-term

It is unlikely that interest rates in the economy would rally higher any time soon. It is therefore imperative to block money at higher interest rates for a longer term tenure. For example, senior citizens can get as high as 8.77% on the 5-year deposit. It is therefore advisable to go for the 5 year tenure period. We believe that in an era where even the Senior Citizens Savings Scheme is able to offer only 7.4% interest for senior citizens this is not a bad option at all. Apart from this the Tamil Nadu Transport Development Finance Corporation is a wholly owned company of the government of Tamil Nadu.

There is another company called the Tamil Nadu Power and Infra Finance company, where the fixed deposit interest rate offered is as high as 8.5%. This company interestingly has online facilities and investors can open their fixed deposits online. Those who are long term investors should apply for these deposits. The Reserve Bank of India is unlikely to hike interest rates anytime soon and the current rates being offered of upto 8.5 to 8.77 per cent is not bad at all. It’s hard to get returns on fixed deposits these days.

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Market competition, lower credit offtake push banks to pursue credit growth at lower yields

December 3, 2021 root Banking & Finance

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The country’s largest lender State Bank of India (SBI) saw its yield on domestic advances fall 71 basis points on a year-on-year basis in Q2FY22 to 7.51%.

By Piyush Shukla

Yields on advances by banks have fallen between 54-166 basis points (bps) in the September quarter (Q2FY22) compared to the same period last year, due to interest rate competition from capital markets and lower credit offtake.

The country’s largest lender State Bank of India (SBI) saw its yield on domestic advances fall 71 basis points on a year-on-year basis in Q2FY22 to 7.51%. Its total domestic advances, as on September end, rose 4.6% year on year to Rs 21.56 lakh crore. ICICI Bank, on the other hand, saw its yield on advances fall to 8.34% in Q2FY22 from 8.88% a year ago. The private lender’s total loan book, as on September end stood at Rs 7.65 lakh crore, up 17.2% on year.

“Credit offtake in the system remains weak at around 6%-6.5%. On the capital markets side, the borrowing rates are very fine so some part of the borrowing is moving toward the capital market and thus banks are also passing on the benefit of lower cost of funds to borrowers and which is why you see the yield coming down,” said Karan Gupta, director – financial institutions, India Ratings and Research.

Gupta added that presently banks are not witnessing a significant impact on their net interest margins (NIMs) despite lower yields because of lower cost of funds.
For SBI, the cost of deposit has fell from 4.35% in Q2FY21 to 3.84% as on September end. Similarly, private sector banks including ICICI Bank and IDBI Bank saw their cost of deposits fall to 3.53% and 3.66% in Q2FY22 from 4.22% and 4.53% a year ago, respectively. But while not visible yet, NIMs may be impacted going ahead due to any significant increase in concerns on asset quality deterioration resulting in interest income reversals, Gupta said. In July-September, Bank of Baroda’s global NIM fell 19-bps quarter-on-quarter to 2.85% due to interest income reversal pertaining to a non-banking finance company account, as per an Edelweiss Securities report.

“…If we were to look at the net of one offs, including interest reversals on account where there was a stay, our net interest margins would be broadly unchanged between last quarter and this quarter,” said Sanjiv Chadha, MD and CEO at Bank of Baroda in a post earnings analyst call.

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City Union Bank to start pushing non-gold loan advances by FY22-end

December 3, 2021 root Banking & Finance

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N Kamakodi, MD & CEO of CUB, recently said during an analysts’ call that when the growth of other credit increases, correspondingly the growth of gold loan would also decrease.

South India-based private sector lender City Union Bank (CUB) has said it will start pushing growth in non-gold loan advances by the end of the current financial year. During the last few quarters, due to the Covid pandemic and in the absence of other avenues for growth, the bank had given thrust to improve gold loans, which were increased by 73% from Rs 4,537 crore in Q2 FY21 to Rs 7,849 crore in Q2 FY 22.

N Kamakodi, MD & CEO of CUB, recently said during an analysts’ call that when the growth of other credit increases, correspondingly the growth of gold loan would also decrease.

“We have not pushed our growth pedal in non-gold loan credit. We should be probably starting that from the end of the financial year if everything goes well. When the growth of other credit increases, correspondingly the growth of gold loan will also decrease, this is how we have managed growth in the past,” he said.

Currently, all the rural and semi-urban branches of the bank have gold loan as a product. As regards to metro branches, may be only 10% of the branches will have gold loan products. Out of a total 700, 350 to 400 branches may have gold loan products, he said.

On the recovery front, Kamakodi said in the first half of FY22, the bank had recorded a total recovery of Rs 290 crore comprising about Rs 210 crore from live accounts and about Rs 80 crore from technically written-off accounts, compared to Rs 108 crore comprising Rs 72 crore of live account and Rs 36 crore from technically written-off accounts in H1 of FY21.

In Q2 of FY22, it recorded a total recovery of Rs 189 crore comprising Rs 128 crore from live accounts and Rs 61 crore from the technically written off accounts.
“The current quarter recovery is the highest in the recent years, but still has to improve from here. The recovery will determine the ROA over the next couple of years, so we are taking all our steps under our command to improve this going forward,” he said.

The total provisions made during Q2 of FY22 and H1 of FY22 was at Rs 223 crore and Rs 433 crore against Rs 227 crore and Rs 429 crore in Q2 of FY21 and H1 of FY21 respectively.

He said that post Covid, only 4% to 5% of the transactions has been happening through the branches creating a huge capacity once the growth pace picks up.
On the network expansion plans, he said the bank every year used to keep plans for about 50 branches. “We opened only 3 branches or so in the financial year 2021 and this year probably we may open about 25 branches. That is what we are planning if everything goes well and we may initiate around 75 branches getting opened in the next year,” he said.

Kamakodi said the bank will also be looking at the co-lending space, underlining that it will do it on its own our terms by identifying a proper partner, going through small portfolio, testing the behaviour through cycles before expanding it and taking it as one of the main avenues of growth.

“What I can definitely say is that for the next three years, we would have definitely started co-lending, but it will not be a very significant proportion of our overall book even three years down the line. Once we get the total comfort and grip over how that segment is performing and what amount of control we have on that portfolio, we will take further call on that,” he said.

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India Ratings: RBI’s new norms likely to increase NBFCs’ bad loans by one-third

December 3, 2021 root Personal Finance

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However, NBFCs would have to invest in systems and processes to comply with daily stamping requirements, India Ratings said, adding that it understands that NBFCs have presented to the RBI for providing a transition period on this requirement.

Non-banking finance companies (NBFCs) will likely see around one-third rise in their non-performing assets (NPAs) after the Reserve Bank of India’s (RBI) latest clarification on upgradation of non-performing non performing assets (NPAs) kicks in.

On November 12, the central bank said loan accounts classified as NPAs may be upgraded to ‘standard’ assets only if the entire arrears of interest and principal are paid by the borrower. The rule will apply to both banks and NBFCs.

India Ratings said NBFCs will likely have modest impact on provisioning because of the clarification as such lenders are using Indian Accounting Standard (IND-As), and generally for higher-rated NBFCs, provision policy is more conservative than income recognition, asset classification (IRAC) requirements. However, NBFCs would have to invest in systems and processes to comply with daily stamping requirements, India Ratings said, adding that it understands that NBFCs have presented to the RBI for providing a transition period on this requirement.

“Accounts can get into NPA category just for a day’s delay in paying the instalments and once it gets categorised as NPA it will not be able to become standard unless all the arrears are cleared. So, in other words, accounts would get categorised as NPAs at a faster pace and would remain sticky in that category for a longer period of time. Both these accounting treatments would result into higher headline number for NBFCs. It may so happen that NBFCs would disclose NPA numbers as per IRAC norms and stage 3 numbers as per Ind-As separately in their disclosures,” India Ratings said.

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Reserve Bank of India – Tenders

December 3, 2021 root Tenders

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Sr. No.	Details	Date/ Time
a.	E-tender No.	RBI/Central Office/Premises Department/7/21-22/ET/291
b.	Mode of Tender	e- Procurement System (Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
c.	Estimated Cost	₹15.00 lakh
d.	View tender – Date, Time on MSTC Web portal	2.00 PM onwards of 03.12.2021
e.	Pre-Bid meeting	Online 11.30 AM of 13.12.2021
f.	Earnest Money Deposit	₹30,000/- EMD in the form of Demand Draft drawn in favour of Reserve Bank of India, of a Scheduled Bank or Bank Guarantee as per proforma annexed hereto shall be deposited in original at the office of tender inviting authority on or before 2:00 PM of 22.12.2021. EMD can also be remitted to Reserve Bank of India Account on or before 2:00 PM of 22.12.2021. The account details for NEFT transactions are as under: Beneficiary Name- Reserve Bank of India IFSC: RBIS0COD001 Account No: 41869163273 Proof of remittance indicating transaction number and other details shall be uploaded on Bank’s approved e-tender portal along with other tender documents
g.	Bid Start date– Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi	10:00 AM of 15.12.2021
h.	Bid close date– Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid.	2:00 PM of 22.12.2021
i.	a. Tender open Date:- Date & time of opening of Part –I (i.e. Techno – Commercial Bid) b. Part –II Price Bid: – Date of opening of part II (i.e. price bid shall be informed separately.)	a. 3.00 PM of 22.12.2021 b. shall be informed separately to the bidders eligible for Part II of the tender

Note: The firms have to pay the mandated transaction fee to MSTC payment gateway in favor of MSTC LIMITED

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This PSU Company Announces Rs. 9.01/ Share Dividend: Check Record Date If You Want To Add It To Your Portfolio

December 3, 2021 root Personal Finance

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Record date for the interim dividend pay-out for Fy 2022

For the announced dividend, the company has also decided the record date and fixed it as Wednesday the 15th December 2021. The record date is the date when the company finds out or determines the eligibility of the shareholders who will be entitled to receive this dividend pay-out. On this record date, you or a shareholder must be having shares of this company in his demat account for the dividend payment to be credited against these shares in due time.

Rs. 9.01/share dividend pay-out soon by this company

If you could not still make it out, the company we are talking about is NMDC or NationalNational Mineral Development Corporation. The divestment in this PSU major kicked off in July this year via the OFS or auction route. In the stake sale, the centre looked at selling 7.49 percent stake in the firm.

To know about other companies to pay-out dividend soon read here.

About NMDC and its dividend history

Incorporated in 1958 as a Government of India fully-owned public enterprise, NMDC is under the administrative control of the Ministry of Steel. Since inception, the company is into the exploration of an array of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc. The company is the country’s single largest iron ore producer. Talking about its scrip, the company commands a share price of Rs. 145.95 and has a market capitalisation of Rs. 42,772 crore.

The company has been consistently making dividend pay-outs and considering the last fiscal year’s dividend of 7.76 per share, the dividend yield turns out to be 5.32 percent which is quite impressive.

Disclaimer:

Note we are just putting before readers a stock that has announced a dividend, nonetheless readers should not misread it as a call for investment into the scrip.

GoodReturns.in

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Reserve Bank of India – Press Releases

December 3, 2021 root Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item	2020	2021		Variation
	Nov. 27	Nov. 19	Nov. 26	Week	Year
	1	2	3	4	5
4 Loans and Advances
4.1 Central Government	0	0	0	0	0
4.2 State Governments	2112	8631	460	-8171	-1652
* Data are provisional.

2. Foreign Exchange Reserves
Item	As on November 26, 2021		Variation over
	As on November 26, 2021		Week		End-March 2021		Year
	₹ Cr.	US$ Mn.	₹ Cr.	US$ Mn.	₹ Cr.	US$ Mn.	₹ Cr.	US$ Mn.
	1	2	3	4	5	6	7	8
1 Total Reserves	4776057	637687	18576	-2713	557104	60704	518799	62867
1.1 Foreign Currency Assets	4304119	574664	27141	-1048	379951	37971	353113	41209
1.2 Gold	290793	38825	-9272	-1566	43070	4945	30141	3633
1.3 SDRs	142576	19036	606	-74	131712	17550	131507	17542
1.4 Reserve Position in the IMF	38569	5162	100	-25	2371	238	4037	483
*Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item	Outstanding as on Nov. 19, 2021	Variation over
		Fortnight	Financial year so far		Year-on-year
		Fortnight	2020-21	2021-22	2020	2021
	1	2	3	4	5	6
2 Liabilities to Others
2.1 Aggregate Deposits	15779059	-267693	802942	665547	1411961	1408625
2.1a Growth (Per cent)		–1.7	5.9	4.4	10.9	9.8
2.1.1 Demand	1820881	-152239	-105487	-40311	179776	309365
2.1.2 Time	13958178	-115454	908430	705858	1232185	1099260
2.2 Borrowings	260319	2742	-45417	16294	-58149	-3703
2.3 Other Demand and Time Liabilities	615238	-20282	32900	-41369	128804	-21337
7 Bank Credit	11162247	1157	64020	212738	574578	727366
7.1a Growth (Per cent)		0.0	0.6	1.9	5.8	7.0
7a.1 Food Credit	82415	5549	37192	21161	-2349	-6541
7a.2 Non-food credit	11079831	-4392	26828	191577	576926	733907

6. Money Stock: Components and Sources
(₹ Crore)
Item	Outstanding as on		Variation over
	2021		Fortnight		Financial Year so far				Year-on-Year
	2021		Fortnight		2020-21		2021-22		2020		2021
	Mar. 31	Nov. 19	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
	1	2	3	4	5	6	7	8	9	10	11	12
M3	18844578	19646589	-268109	-1.3	1137975	6.8	802012	4.3	1992190	12.5	1708651	9.5
1 Components (1.1.+1.2+1.3+1.4)
1.1 Currency with the Public	2751828	2878178	-1080	0	323786	13.8	126349	4.6	501046	23.1	204644	7.7
1.2 Demand Deposits with Banks	1995120	1957011	-152768	-7.2	-104755	-6.0	-38109	–1.9	184977	12.8	324073	19.8
1.3 Time Deposits with Banks	14050278	14763539	-114241	-0.8	915548	7.2	713261	5.1	1296575	10.5	1173976	8.6
1.4 ‘Other’ Deposits with Reserve Bank	47351	47861	-21	0	3396	8.8	511	1.1	9592	29.7	5958	14.2
2 Sources (2.1+2.2+2.3+2.4-2.5)
2.1 Net Bank Credit to Government	5850374	6075969	-94934	-1.5	731152	14.7	225595	3.9	800672	16.4	384455	6.8
2.1.1 Reserve Bank	1099686	1193964	7158	0.6	31755		94278		58509		170017
2.1.2 Other Banks	4750689	4882005	-102092	-2.0	699397	17.6	131316	2.8	742163	18.9	214438	4.6
2.2 Bank Credit to Commercial Sector	11668466	11870266	-3881	0	53740	0.5	201800	1.7	624115	6.0	777882	7.0
2.2.1 Reserve Bank	8709	4634	2494	116.5	-993		-4075		5029		-7539
2.2.2 Other Banks	11659757	11865632	-6375	-0.1	54733	0.5	205875	1.8	619086	5.9	785420	7.1

8. Liquidity Operations by RBI
(₹ Crore)
Date	Liquidity Adjustment Facility				MSF*	Standing Liquidity Facilities	Market Stabilisation Scheme	OMO (Outright)		Long Term Repo Opera tions^&	Targeted Long Term Repo Opera tions^#	Special Long- Term Repo Operations for Small Finance Banks	Special Reverse Repo^£	Net Injection (+)/ Absorption (-) (1+3+5+ 6+9+10+ 11+12-2- 4-7-8-13)
	Repo	Reverse Repo*	Variable Rate Repo	Variable Rate Reverse Repo	MSF*	Standing Liquidity Facilities	Market Stabilisation Scheme	Sale	Purc hase	Long Term Repo Opera tions^&	Targeted Long Term Repo Opera tions^#	Special Long- Term Repo Operations for Small Finance Banks	Special Reverse Repo^£
	1	2	3	4	5	6	7	8	9	10	11	12	13	14
Nov. 22, 2021	–	113246	–	–	40	–4194	–	445	–	–	–	100	–	-117745
Nov. 23, 2021	–	156814	–	148073	0	–	–	–	–	–	–	–	–	-304887
Nov. 24, 2021	–	177454	–	–	0	–	–	720	–	–	–	–	–	-178174
Nov. 25, 2021	–	191837	–	–	0	–	–	135	–	–	–	–	–	-191972
Nov. 26, 2021	–	196144	–	–	65	–	–	530	–	–	–	–	–	-196609
Nov. 27, 2021	–	3450	–	–	159	–	–	–	–	–	–	–	–	-3291
Nov. 28, 2021	–	2458	–	–	14	–	–	–	–	–	–	–	–	-2444
* Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020). # Includes Targeted Long Term Repo Operations (TLTRO) and Targeted Long Term Repo Operations 2.0 (TLTRO 2.0) and On Tap Targeted Long Term Repo Operations. Negative (-) sign indicates repayments done by Banks. ^& Negative (-) sign indicates repayments done by Banks. ^£ As per Press Release No. 2021-2022/177 dated May 07, 2021. From June 18, 2021, the data also includes the amount absorbed as per the Press Release No. 2021-2022/323 dated June 04, 2021.

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Ajit Prasad
Director (Communications)

Press Release: 2021-2022/1306

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