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In the underwriting auctions conducted on June 18, 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:
Ajit Prasad Press Release: 2021-2022/384 |
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In connection with Tender, which was floated on RBI website on June 03, 2021 for the captioned work, a Pre-bid meeting was conducted at 11.30 AM on June 17, 2021 at 5th floor, conference room, Reserve Bank of India, Main Office Building, Ahmedabad. The following firms participated in the meeting:-
2. Participants from Reserve Bank of India, Ahmedabad: –
3. Following queries/doubts were raised and clarified in the meeting: –
4. The participating bidders were advised to submit their bids in physical mode well before the last date of submission of tender (i.e. June 24, 2021 at 03.00 PM). 5. This document (minutes of the Pre-Bid Meeting) shall form a part of the tender and a duly signed & stamped copy of the same must be attached with Part-I of the tender. Any bid received without a duly signed and stamped copy of this document is liable to be rejected. |
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I. SUMMARY – PURCHASE RESULTS
II. DETAILS OF GOVERNMENT SECURITIES (G-SECs) PURCHASE
III. DETAILS OF STATE DEVELOPMENT LOANS (SDLs) PURCHASE
Ajit Prasad Press Release: 2021-2022/382 |
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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹ 19,100 Cr. (Face Value).
| Sr. No. | State | Amount to be raised (₹ Cr) |
Additional Borrowing (Greenshoe) Option (₹ Cr) |
Tenure (Yrs) |
Type of Auction |
| 1. | Andhra Pradesh | 1000 | – | 15 | Yield |
| 1000 | – | 16 | Yield | ||
| 2. | Goa | 100 | – | 10 | Yield |
| 3. | Haryana | 2000 | – | 16 | Yield |
| 4. | Kerala | 1000 | – | 15 | Yield |
| 500 | – | 17 | Yield | ||
| 1000 | – | 20 | Yield | ||
| 5. | Maharashtra | 1000 | 500 | 10 | Yield |
| 1000 | – | 11 | Yield | ||
| 6. | Rajasthan | 1000 | – | 11 | Yield |
| 1000 | – | 15 | Yield | ||
| 7. | Tamil Nadu | 1000 | – | 10 | Yield |
| 1000 | – | Re-issue of 6.96% Tamil Nadu SDL 2056 issued on May 19, 2021 | Price | ||
| 8. | Telangana | 1000 | – | 20 | Yield |
| 9. | Uttar Pradesh | 2500 | – | 10 | Yield |
| 10. | West Bengal | 3000 | – | 15 | Yield |
| Total | 19100 |
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 22, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 22, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.
In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.
For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.
The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.
The results of the auction will be announced on June 22, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on June 23, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.
The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on December 23 and June 23 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.
The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.
Ajit Prasad
Director
Press Release: 2021-2022/381
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Reserve Bank of India, in the public interest, had issued directions to Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on May 19, 2018. These directions were modified from time to time, the validity of which was last extended upto June 17, 2021. These directions shall continue to apply to the bank for a further period of three months from June 18, 2021 to September 17, 2021, subject to review. The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. A copy of Directions is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves. (Yogesh Dayal) Press Release: 2021-2022/380 |
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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on June 18, 2021, Friday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. (Yogesh Dayal) Press Release: 2021-2022/379 |
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The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹10,000 crore (face value). The security-wise details of the conversion/switch are given as under:
| Date of Auction | Source Securities | Amount (FV) of Source Securities | Destination Securities |
| June 21, 2021 | 6.84% GS 2022 (Maturing on Dec 19, 2022) |
₹2,000 crore | 6.64% GS 2035 (maturing on Jun 16, 2035) |
| 7.16% GS 2023 (Maturing on May 20, 2023) |
₹2,000 crore | 6.64% GS 2035 (maturing on Jun 16, 2035) |
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| 5.09% GS 2022 (Maturing on Apr 13, 2022) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
|
| 8.35% GS 2022 (Maturing on May 14, 2022) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
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| 7.32% GS 2024 (Maturing on Jan 28, 2024) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
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| Total | ₹10,000 crore |
The market participants are required to place their bids in e-Kuber giving the amount of the source security and the price of the source and destination security expressed up to two decimal places.
The auction would be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (e-Kuber) system on June 21, 2021 (Monday) between 10:30 AM to 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on June 22, 2021 (Tuesday).
Government of India reserves the right to:
Accept offers for less than the notified amount.
Purchase marginally higher than the notified amount due to rounding-off effect.
Accept or reject any or all the offers either wholly or partially without assigning any reason.
Operational guidelines for switch transactions and other details are given in the Annex.
(Yogesh Dayal)
Chief General Manager
Press Release: 2021-2022/378
Operational Guidelines for Switch/Conversion Transactions with the Government of India
Switch module on e-kuber
1. The market participants can bid in the switch auction through the Switch Transaction module provided in the e-kuber portal.
Bidding in a switch transaction
2. Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Placing of bids
3. Each bid should specify the following details:
Amount of the source security (Face Value) that the participants are willing to sell.
Price of the source security (expressed up to two decimal places).
Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.
4. The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.
Minimum Bid size
5. Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
6. The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.
7. Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
8. Bids for the destination security may be placed after taking into account the price of source security as mentioned above.
Method of auction
9. The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Auction decision
10. The auction cut-off will be decided based on the price of the destination security/ies.
11. Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.
12. There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.
Amount of destination security and dealing in odd amounts during switch auction
13. The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.
14. The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.
15. The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).
Fund settlement
16. Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:
| Amount of Source Security (FV) | ₹10,00,00,000.00 |
| Price of Source Security | ₹97.50 |
| Price of Destination Security | ₹99.20 |
| Switch Ratio (rounded-off at 8 decimals) | 0.98286290 |
| Destination Security FV before rounding off | ₹9,82,86,290.00 |
| Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 |
| Odd amount of rounded-off destination security (FV) | ₹6290.00 |
| Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 |
17. The settlement of the auction would be held on T+1 basis.
Help Desk
18. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595415, 27595666, 27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125).
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Total amount notified (₹ in crore): Aggregate amount of ₹40,000 crore A. Government Securities
B. State Development Loans
Detailed results will be issued shortly. Ajit Prasad Press Release: 2021-2022/377 |
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A reference is invited to the captioned tender which was floated on June 14, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) Under Section III, Commercial conditions, Clause 3 (Page no. 06) of Tender Document shall be read as “Earnest Money Deposit (EMD): The Earnest Money Deposit of ₹.1500/- shall be submitted only by the successful bidder in the form of Demand draft/ NEFT in favour of RBI Payable at Lucknow” All other terms and conditions mentioned in the tender remain unchanged. Regional Director |
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