Category: RBI News

Liberalised Remittance Scheme for Resident Individuals – Reporting

Notifications

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RBI/2021-22/56
A. P. (DIR Series) Circular No. 07

June 17, 2021

To

All Category – I Authorised Dealer Banks

Madam / Sir,

Liberalised Remittance Scheme for Resident Individuals – Reporting

Attention of all Authorised Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 106 dated May 23, 2013, in terms of which, AD Category -I banks were required to upload the data in respect of number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS).

2. It has now been decided to collect this information through XBRL system instead of the ORFS.

3. Accordingly, AD Category – I banks shall upload the requisite information on XBRL system on or before the fifth of the succeeding month from July 01, 2021 onwards. The XBRL site can be accessed through URL https://xbrl.rbi.org.in/orfsxbrl. User ids are being issued separately. In case no data is to be furnished, AD banks shall upload ‘nil’ figures.

4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(R. S. Amar)
Chief General Manager

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Reserve Bank of India – Press Releases

Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on June 18, 2021.

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ in crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
5.63% GS 2026 11,000 262 262
GoI FRB 2033 4,000 96 96
6.64% GS 2035 10,000 239 239
6.67% GS 2050 7,000 167 167

The underwriting auction will be conducted through multiple price-based method on June 18, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director   

Press Release: 2021-2022/376

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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) 3,67,296.87 3.28 0.01-5.30
     I. Call Money 9,427.76 3.20 1.90-3.45
     II. Triparty Repo 2,46,986.25 3.26 3.10-3.40
     III. Market Repo 1,08,985.86 3.32 0.01-3.48
     IV. Repo in Corporate Bond 1,897.00 3.54 3.42-5.30
B. Term Segment      
     I. Notice Money** 608.15 3.21 2.75-3.30
     II. Term Money@@ 1,099.00 – 3.10-3.55
     III. Triparty Repo 250.00 3.26 3.26-3.26
     IV. Market Repo 1,050.00 3.29 0.01-3.45
     V. Repo in Corporate Bond 51.00 5.10 5.10-5.10
  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 Wed, 16/06/2021 1 Thu, 17/06/2021 3,13,654.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Wed, 16/06/2021 1 Thu, 17/06/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,13,654.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
     (iii) Special Reverse Repo~ Fri, 04/06/2021 14 Fri, 18/06/2021 150.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 04/06/2021 14 Fri, 18/06/2021 2,00,029.00 3.46
  (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
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       5,578.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,11,309.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,24,963.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 16/06/2021 6,01,489.27  
     (ii) Average daily cash reserve requirement for the fortnight ending 18/06/2021 6,11,914.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 16/06/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 21/05/2021 8,43,197.00  
@ 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.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/375

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India today released the June 2021 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement, three Articles and Current Statistics.

The three articles are: I. State of the Economy; II. A Macroeconomic View of the Shape of India’s Sovereign Yield Curve; and III. Fiscal Framework and Quality of Expenditure in India.

I. State of the Economy

The Indian economy continues to wrestle with the second wave of the pandemic, though cautious optimism is returning. By current assessment, the second wave’s toll is mainly in terms of the hit to domestic demand. On the brighter side, several aspects of aggregate supply conditions – agriculture and contactless services are holding up, while industrial production and exports have surged compared to last year amidst pandemic protocols. Going forward, the speed and scale of vaccination will shape the path of recovery. The economy has the resilience and the fundamentals to bounce back from the pandemic and unshackle itself from pre-existing cyclical and structural hindrances.

II. A Macroeconomic View of the Shape of India’s Sovereign Yield Curve

Considering macroeconomic determinants of the yield curve, the study finds that the level of the yield curve has undergone a downward shift from the second quarter of 2019, reflecting the ultra-accommodative stance of monetary policy. The slope of the yield curve is found to have steepened with abundant liquidity depressing short-term interest rates more than proportionately alongside a pick-up in issuances of ultra-long dated paper. Out of sample forecasts indicate scope for moderation of longer-term yields from current levels.

III. Fiscal Framework and Quality of Expenditure in India

The COVID-19 pandemic necessitated an overwhelming fiscal response from governments across the world. As India unwinds the fiscal stimulus and embarks on the path of fiscal adjustment, it is necessary to emphasise on ‘how’ over ‘how much’. This article proposes a few quantifiable indicators, viz., ratios of revenue expenditure to capital outlay and revenue deficit to gross fiscal deficit along with threshold levels for them that can be suitably blended into the fiscal fabric for a sustainable growth trajectory. Some of the highlights of this study are as follows:

  • Cross-country experience suggests that expenditure reductions, especially the ones associated with permanent reduction in current expenditure, have been found to be more effective in achieving durable fiscal consolidation than revenue raising measures.

  • The article has analysed the quality of expenditure of centre and states using six indicators of quality of government expenditure, both individually as well as through a composite indicator.

  • The threshold level of ratio of revenue expenditure to capital outlay (RECO) is found to be around 5.0, while the threshold of share of revenue deficit in gross fiscal deficit (RD-GFD) is found to be 40 per cent for general government (centre plus states) in India.

  • Finally, the article projects some key fiscal indicators that could be achieved by blending the quality of expenditure considerations with the GFD target of 4.5 per cent of GDP by 2025-26 as outlined in the Union Budget 2021-22.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/374

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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Press Releases

Press Releases

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Auction Results 91 day 182 day 364 day
I. Notified Amount ₹ 15000 Crore ₹ 15000 Crore ₹ 6000 Crore
II. Competitive Bids Received      
(i) Number 80 127 72
(ii) Amount ₹ 33212.5 Crore ₹ 41468 Crore ₹ 14652.25 Crore
III. Cut-off price / Yield 99.1425 98.1900 96.3001
(YTM: 3.4692%) (YTM: 3.6969%) (YTM: 3.8526%)
IV. Competitive Bids Accepted      
(i) Number 54 76 51
(ii) Amount ₹ 14998.243 Crore ₹ 14990.431 Crore ₹ 5999.87 Crore
V. Partial Allotment Percentage of Competitive Bids 15.31% 70.41% 42.20%
(3 Bids) (2 Bids) (1 Bids)
VI. Weighted Average Price/Yield ₹ 99.1482 ₹ 98.2005 ₹ 96.3388
(WAY: 3.4459%) (WAY: 3.6750%) (WAY: 3.8108%)
VII. Non-Competitive Bids Received      
(i) Number 3 2 1
(ii) Amount ₹ 5501.757 Crore ₹ 9.569 Crore ₹ 0.13 Crore
VIII. Non-Competitive Bids Accepted      
(i) Number 3 2 1
(ii) Amount ₹ 5501.757 Crore ₹ 9.569 Crore ₹ 0.13 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)

Ajit Prasad
Director   

Press Release: 2021-2022/372

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Reserve Bank of India – Press Releases

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I. T-Bill 91 days 182 days 364 days
II. Total Face Value Notified ₹15,000 Crore ₹15,000 Crore ₹6,000 Crore
III. Cut-off Price and Implicit Yield at Cut-Off Price 99.1425
(YTM: 3.4692%)		 98.1900
(YTM: 3.6969%) 		96.3001
(YTM: 3.8526%)
IV. Total Face Value Accepted ₹15,000 Crore ₹15,000 Crore ₹6,000 Crore

Ajit Prasad
Director   

Press Release: 2021-2022/370

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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) 3,73,048.20 3.27 0.01-5.30
     I. Call Money 8,234.19 3.14 1.90-3.45
     II. Triparty Repo 2,50,391.90 3.24 3.10-3.39
     III. Market Repo 1,13,350.11 3.33 0.01-3.45
     IV. Repo in Corporate Bond 1,072.00 3.56 3.42-5.30
B. Term Segment      
     I. Notice Money** 329.15 3.02 2.50-3.25
     II. Term Money@@ 58.25 – 3.10-3.45
     III. Triparty Repo 250.00 3.26 3.26-3.26
     IV. Market Repo 1,239.43 3.45 3.45-3.45
     V. Repo in Corporate Bond 515.00 3.45 3.45-3.45
  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 Tue, 15/06/2021 1 Wed, 16/06/2021 3,74,505.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Tue, 15/06/2021 1 Wed, 16/06/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,74,015.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
     (iii) Special Reverse Repo~ Fri, 04/06/2021 14 Fri, 18/06/2021 150.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 04/06/2021 14 Fri, 18/06/2021 2,00,029.00 3.46
  (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
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       5,578.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,11,799.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,85,814.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 15/06/2021 5,97,889.09  
     (ii) Average daily cash reserve requirement for the fortnight ending 18/06/2021 6,11,914.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 15/06/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 21/05/2021 8,43,197.00  
@ 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.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/369

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Reserve Bank of India – Tenders

Tenders

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E-Tender Notice No. – RBI/Lucknow/Estate/498/20-21/ET/771

Please refer to the notice corresponding to the captioned subject published on the Bank’s website www.rbi.org.in on May 24, 2021 inviting E-Tender for Design, Supply, Installation, Testing and Commissioning of Grid Interactive (through Net-Metering) 25 KWp SPV based Solar Plant for Bank’s Residential Colony, Aliganj, Lucknow. The last date for submission of tender was specified as June 15, 2021.

Extension of Date

It is advised that the last date for submission of tender for Design, Supply, Installation, Testing and Commissioning of Grid Interactive (through Net-Metering) 25 KWp SPV based Solar Plant for Bank’s Residential Colony, Aliganj, Lucknow has been extended to June 25, 2021. The tender will be opened at 15:00 PM on June 25, 2021.

All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserve Bank of India
Lucknow

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