Category: Press Releases

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Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank was placed under All-Inclusive Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on September 23, 2019 vide Directive DCBS.CO.BSD-I/D-1/12.22.183/2019-20 dated September 23, 2019, in the interest of depositor protection. The directions were last extended vide Directive dated December 18, 2020 upto March 31, 2021.

PMC Bank had received binding offers from certain investors for its reconstruction, in response to the Expression of Interest (EOI) dated November 3, 2020 floated by the bank. RBI and PMC Bank are presently engaging with prospective investors in order to secure best possible terms for the depositors and other stakeholders while ensuring long term viability of the reconstructed entity. Given the financial condition of the PMC Bank, the process is complex and is likely to take some more time.

In the circumstances, it is considered necessary to extend the aforesaid Directions. Accordingly, it is hereby notified for the information of the public that the validity of the aforesaid Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from April 1, 2021 to June 30, 2021, subject to review. It may be clarified that the process of reconstruction will be commenced as soon as the aforesaid objectives are achieved to the best possible extent.

All other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1309

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period February 22 – February 26, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Forward Cancel Spot Forward Forward Cancel Spot Swap Forward Spot Swap Forward
Purchase
22-02-2021 5,257 1,793 1,155 345 206 190 10,823 12,446 876 3,242 2,262 320
23-02-2021 5,219 1,362 589 345 244 118 10,098 16,456 1,433 2,925 4,355 121
24-02-2021 7,486 2,262 1,587 324 357 335 14,205 21,104 1,330 4,314 6,305 433
25-02-2021 3,870 2,665 1,143 243 410 252 11,359 14,476 433 4,954 3,312 268
26-02-2021 5,972 5,325 2,254 271 366 383 16,764 21,361 328 4,819 3,445 211
Sales
22-02-2021 3,523 2,333 607 347 236 189 12,496 15,546 1,238 3,236 1,845 321
23-02-2021 3,156 2,504 386 335 217 105 11,547 19,145 1,812 2,870 4,173 121
24-02-2021 8,042 2,089 1,838 322 356 380 14,129 20,124 1,157 4,308 6,143 347
25-02-2021 4,307 1,808 1,160 245 389 260 11,011 14,650 1,015 4,941 3,021 269
26-02-2021 4,504 4,485 2,378 265 336 399 16,611 22,301 2,918 4,806 3,312 209
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2020-2021/1308

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period February 15 – February 18, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Forward Cancel Spot Forward Forward Cancel Spot Swap Forward Spot Swap Forward
Purchase
15-02-2021 1,362 1,071 112 191 99 82 6,500 4,194 976 2,088 440 40
16-02-2021 2,758 1,237 667 274 152 142 10,537 12,081 1,075 3,230 1,399 90
17-02-2021 3,458 1,684 403 372 176 97 10,034 14,242 1,026 4,244 1,890 121
18-02-2021 3,494 1,008 926 340 375 374 8,217 12,888 1,251 3,341 1,936 228
Sales
15-02-2021 935 1,049 198 190 95 83 7,760 4,355 577 2,092 335 41
16-02-2021 3,094 1,742 653 275 151 143 10,551 11,696 1,075 3,256 1,227 90
17-02-2021 2,467 971 1,154 375 169 99 9,708 14,177 1,590 4,278 1,827 121
18-02-2021 6,266 1,539 638 339 366 368 7,872 13,839 1,636 3,355 1,880 228
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2020-2021/1307

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period February 08 – February 12, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Forward Cancel Spot Forward Forward Cancel Spot Swap Forward Spot Swap Forward
Purchase
08-02-2021 2,893 911 368 305 225 581 12,915 12,113 639 3,904 2,309 170
09-02-2021 2,499 1,399 319 283 261 174 7,988 10,147 780 3,301 1,720 174
10-02-2021 3,128 1,095 555 206 152 95 7,045 12,552 1,027 3,241 1,944 116
11-02-2021 3,052 1,441 710 170 45 55 11,094 14,334 1,515 2,111 1,767 101
12-02-2021 2,661 912 526 221 238 199 6,953 11,389 456 2,497 1,638 127
Sales
08-02-2021 3,099 763 174 312 221 576 13,717 13,356 692 3,889 2,157 170
09-02-2021 2,779 778 253 290 275 172 9,119 9,458 722 3,287 1,538 174
10-02-2021 2,634 1,253 298 208 172 95 7,395 12,009 1,015 3,211 1,866 116
11-02-2021 2,702 1,193 411 171 71 55 13,395 13,323 1,186 2,106 1,612 101
12-02-2021 3,125 886 420 222 228 191 6,970 11,697 620 2,481 1,421 127
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2020-2021/1306

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period February 01 – February 05, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Forward Cancel Spot Forward Forward Cancel Spot Swap Forward Spot Swap Forward
Purchase
01-02-2021 3,002 1,217 707 174 204 141 8,536 11,558 500 3,240 1,510 89
02-02-2021 3,333 891 377 514 230 95 9,135 15,013 1,392 4,096 1,459 395
03-02-2021 3,594 627 456 502 175 412 7,485 15,778 1,224 4,152 1,686 190
04-02-2021 2,962 925 432 578 182 293 9,652 17,506 1,320 5,455 1,703 230
05-02-2021 3,806 931 1,130 632 249 633 9,585 11,697 659 5,470 1,829 365
Sales
01-02-2021 3,833 1,443 391 175 209 116 8,471 13,634 565 3,264 1,553 89
02-02-2021 3,025 825 308 509 226 96 9,528 12,842 1,116 4,002 1,471 395
03-02-2021 3,536 916 272 503 181 411 8,154 17,004 981 4,129 1,737 190
04-02-2021 2,762 1,080 358 579 182 293 10,017 14,497 672 5,456 1,699 230
05-02-2021 3,184 1,888 295 634 256 616 9,885 12,059 660 5,419 1,801 364
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2020-2021/1305

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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) 3,99,224.56 3.26 0.01-5.30
     I. Call Money 14,574.87 3.24 1.90-3.50
     II. Triparty Repo 2,71,891.90 3.26 3.15-3.40
     III. Market Repo 1,10,838.79 3.25 0.01-3.50
     IV. Repo in Corporate Bond 1,919.00 3.53 3.45-5.30
B. Term Segment      
     I. Notice Money** 478.61 3.16 2.50-3.35
     II. Term Money@@ 358.00 – 3.25-3.50
     III. Triparty Repo 290.00 3.33 3.20-3.35
     IV. Market Repo 1,025.00 3.45 3.45-3.45
     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, 25/03/2021 1 Fri, 26/03/2021 3,83,316.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 25/03/2021 1 Fri, 26/03/2021 60.00 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 (-)]*		       -3,83,256.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 12/03/2021 14 Fri, 26/03/2021 2,00,007.00 3.51
  (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$       32,387.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -85,537.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,68,793.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 25/03/2021 4,47,616.81  
     (ii) Average daily cash reserve requirement for the fortnight ending 26/03/2021 4,55,339.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 25/03/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/02/2021 8,64,316.00  
@ 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.
Ajit Prasad
Director   
Press Release : 2020-2021/1303

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In terms of Government of India Notification F.No.4(19)-W&M/2014 dated March 04, 2016 and RBI circular IDMD.CDD.No.2020/14.04.050/2015-16 dated March 04, 2016, the redemption price of Sovereign Gold Bond (SGB) is based on the simple average closing gold price of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) preceding the date of redemption.

Accordingly, the redemption price for the early redemption due on March 29, 2021 shall be ₹4491/- per unit of SGB and payable on March 26, 2021 (March 27, 28 and 29 being Saturday, Sunday and Holiday respectively).

Ajit Prasad
Director   

Press Release: 2020-2021/1302

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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹ 20,641 Crore (Face Value).

Sr. No. State/ UT Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1. Bihar 969 – 3 Yield
2. Goa 200 – 10 Yield
3. Gujarat 1500 – 3 Yield
1000 – 4 Yield
1000 – 5 Yield
1500 – 6 Yield
1500 – 9 Yield
4. Jammu and Kashmir 201 – 10 Yield
5. Jharkhand 1000 400 13 Yield
6. Kerala 1000 – 10 Yield
1000 1000 11 Yield
1000 – 14 Yield
7. Puducherry 240 – 12 Yield
8. Punjab 1851 – 15 Yield
1000 – Re-issue of 6.86% Punjab SDL 2033 issued on March 24, 2021 Price
9. Uttarakhand 1000 – 10 Yield
10. West Bengal 4680 – 15 Yield
  Total 20641      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 30, 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 March 30, 2021 (Tuesday). The non-competitive bids should be submitted between 12:00 noon to 12:30 P.M and the competitive bids should be submitted between 12:00 noon to 01:00 P.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 March 30, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on March 31, 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 September 30 and March 31 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: 2020-2021/1301

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In order to meet any additional/ unforeseen demand for liquidity and to provide flexibility to the banking system in year-end liquidity management, the Reserve Bank of India has decided to conduct the following fine-tuning variable rate repo auctions:

Sl. No. Date of Auction Notified Amount
(₹ crore)		 Tenor
(days)		 Window Timing Date of Reversal
1 March 26, 2021 25,000 11 10:30 am to 11:00 am April 6, 2021
2 March 31, 2021 25,000 5 10:30 am to 11:00 am April 5, 2021

2. As a special case, Standalone Primary Dealers will be allowed to participate in these auctions, along with other eligible participants. All other terms and conditions as applicable to term repo auctions will remain the same.

3. Furthermore, it has been decided as a one-time measure not to conduct any variable rate reverse repo auction for the fortnight beginning March 26, 2021 in order to ensure the availability of ample liquidity to manage year-end requirements. The next variable rate reverse repo auction will be held on the next reporting Friday, i.e., on April 9, 2021.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1300

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