Category: Press Releases

(Amount in ₹ crore, Rate in Per cent)   Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 3,97,809.44 3.20 0.01-5.30      I. Call Money 11,786.64 3.24 1.90-3.50      II. Triparty Repo 2,82,333.10 3.24 3.01-3.39      III. Market Repo 1,01,334.70 3.07 0.01-3.40      IV. Repo in Corporate Bond 2,355.00 3.46 3.40-5.30 B. Term Segment            I. Notice Money** 251.75 3.16 2.50-3.50      II. Term Money@@ 358.00 – 3.15-3.60      III. Triparty Repo 0.00 – –      IV. Market Repo 285.00 2.89 2.85-3.00      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 Wed, 10/03/2021 2 Fri, 12/03/2021 4,53,691.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo – – – – – 3. MSF Wed, 10/03/2021 2 Fri, 12/03/2021 0.00 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 (-)]*       -4,53,691.00   II. Outstanding Operations 1. Fixed Rate                (i) Repo                (ii) Reverse Repo           2. Variable Rate&             (I) Main Operation                (a) Reverse Repo Fri, 26/02/2021 14 Fri, 12/03/2021 2,00,010.00 3.50   (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 D. Standing Liquidity Facility (SLF) Availed from RBI$       32,867.06   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,060.94   F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -5,43,751.94   G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 10/03/2021 4,81,993.42        (ii) Average daily cash reserve requirement for the fortnight ending 12/03/2021 4,49,720.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 10/03/2021 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 12/02/2021 8,49,099.00   @ 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. 2014-2015/1971 dated March 19, 2015. Ajit Prasad Director    Press Release : 2020-2021/1229

The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹15,000 crore (face value). The security-wise details of the conversion/switch are given as under:

Date of Auction	Source Securities	Notified Amount(FV) of Source Securities	Destination Security
March 15, 2021	7.80% GS 2021 (Maturing on April 11, 2021)	₹2,000 crore	FRB 2033 (maturing on Sep 22, 2033)
	7.94% GS 2021 (Maturing on May 24, 2021)	₹2,000 crore	FRB 2033 (maturing on Sep 22, 2033)
	6.17% GS 2021 (Maturing on July 15, 2021)	₹2,000 crore	6.68% GS 2031 (maturing on Sep 17, 2031)
	8.79% GS 2021 (Maturing on Nov 08, 2021)	₹2,000 crore	6.68% GS 2031 (maturing on Sep 17, 2031)
	5.87% GS 2022 (Maturing on Aug 28, 2022)	₹3,000 crore	6.76% GS 2061 (maturing on Feb 22, 2061)
	7.16% GS 2023 (Maturing on May 20, 2023)	₹2,000 crore	6.76% GS 2061 (maturing on Feb 22, 2061)
	8.83% GS 2023 (Maturing on Nov 25, 2023)	₹2,000 crore	6.76% GS 2061 (maturing on Feb 22, 2061)
	Total	₹15,000 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 March 15, 2021 (Monday) between 10.30 a.m. and 11.30 a.m. The result of the auction will be announced on the same day and settlement will take place on March 16, 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: 2020-2021/1228

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Annex

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:

1. Amount of the source security (Face Value) that the participants are willing to sell.

2. Price of the source security (expressed up to two decimal places).

3. 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).

A. I. SUMMARY – OMO PURCHASE RESULTS Aggregate Amount (Face value) notified by RBI : ₹ 20,000 crore Total amount offered (Face value) by participants : ₹ 80,767 crore Total amount accepted (Face value) by RBI : ₹ 20,000 crore A. II. DETAILS OF OMO PURCHASE ISSUE Security 5.15% GS 2025 7.17% GS 2028 5.85% GS 2030 7.57% GS 2033 No. of offers received 189 145 199 85 Total amount (face value) offered (₹ in crore) 14,792 31,521 18,214 16,240 No. of offers accepted 33 20 89 12 Total offer amount (face value) accepted by RBI (₹ in crore) 4,161 6,054 6,468 3,317 Cut off yield (%) 5.8231 6.5130 6.1778 6.8141 Cut off price (₹) 97.28 103.56 97.62 106.20 Weighted average yield (%) 5.8307 6.5310 6.1891 6.8258 Weighted average price (₹) 97.25 103.46 97.54 106.10 Partial allotment % of competitive offers at cut off price NA 96.99 NA NA B. I. SUMMARY – OMO SALE RESULTS Aggregate Amount (Face value) notified by RBI : ₹ 15,000 crore Total amount bid (Face value) by participants : ₹ 24,250 crore Total amount accepted (Face value) by RBI : ₹ 10,895 crore B. II. DETAILS OF OMO SALE ISSUE Security 8.79% GS 2021 8.20% GS 2022 8.35% GS 2022 No. of bids received 31 41 14 Total bid amount (face value) (₹ in crore) 7,350 12,995 3,905 No. of bids accepted 16 25 4 Total bid amount (face value) accepted by RBI (₹ in crore) 3,400 6,295 1,200 Cut off yield (%) 3.8635 4.0236 4.1907 Cut off price (₹) 103.15 103.75 104.70 Weighted average yield (%) 3.8483 3.9805 4.1652 Weighted average price (₹) 103.16 103.79 104.73 Partial allotment % of competitive bids at cut off price 53.85 NA NA Ajit Prasad Director    Press Release: 2020-2021/1227

The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs): Sr. No. Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation 1. RiddiSiddhi Bullions Limited Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mumbai – 400 003 71/2014 dated May 15, 2014 Setting up, owning and operating White Label ATMs 04.03.2021 Non-compliance with regulatory requirements 2. AGS Transact Technologies Limited 601-602, B-Wing, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013 73/2014 dated June 30, 2014 Setting up, owning and operating White Label ATMs 04.03.2021 Non-compliance with regulatory requirements (Yogesh Dayal)      Chief General Manager Press Release: 2020-2021/1226

Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on March 12, 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 4.48% GS 2023 4,000 96 96 GoI FRB 2033 4,000 96 96 6.22% GS 2035 11,000 262 262 The underwriting auction will be conducted through multiple price-based method on March 12, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. and 9.30 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: 2020-2021/1225

The performance of IDBI Bank Limited, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision (BFS) in its meeting held on February 18, 2021. It was noted that as per published results for the quarter ending December 31, 2020 the bank is not in breach of the PCA parameters on regulatory capital, Net NPA and Leverage ratio. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments. Taking all the above into consideration, it has been decided that IDBI Bank Limited be taken out of the PCA framework, subject to certain conditions and continuous monitoring. (Yogesh Dayal)      Chief General Manager Press Release: 2020-2021/1223

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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On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of Government securities under Open Market Operations (OMO) for an aggregate amount of ₹10,000 crore each on March 18, 2021.

2. Accordingly, the details of securities for the simultaneous purchase and sale of Government securities under Open Market Operations (OMOs) are as under:

Purchase

The Reserve Bank will purchase the following securities using the multiple price auction method:

Sr. No	ISIN	Security	Date of Maturity	Aggregate Amount
1	IN0020200278	5.15% GS 2025	09-Nov-2025	₹10,000 crore (There is no security-wise notified amount)
2	IN0020200294	5.85% GS 2030	01-Dec-2030
3	IN0020020106	7.95% GS 2032	28-Aug-2032

Sale

The Reserve Bank will simultaneously sell the following securities using the multiple price auction method:

Sr. No	ISIN	Security	Date of Maturity	Aggregate Amount
1	IN0020020072	8.35% GS 2022	14-May-2022	₹10,000 crore (There is no security-wise notified amount)
2	IN0020120013	8.15% GS 2022	11-Jun-2022

3. The Reserve Bank reserves the right to:

• decide on the quantum of purchase/sale of individual securities.

• accept bids/offers for less than the aggregate amount.

• purchase/sell marginally higher/lower than the aggregate amount due to rounding-off.

• accept or reject any or all the bid/offers either wholly or partially without assigning any reasons.

4. Eligible participants should submit their bids/offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on March 18, 2021. Only in the event of system failure, physical bids/offers would be accepted. Such physical bid/offer should be submitted to Financial Markets Operations Department (email; Phone no: 022-22630982) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before 11:00 am.

5. The result of the auctions will be announced on the same day and successful participants should ensure availability of funds/securities in their Current account/SGL account, as the case may be, by 12 noon on March 19, 2021.

6. The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1222

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

Next

Auction Results 91 days 182 days 364 days I. Notified Amount ₹ 4000 crore ₹ 7000 crore ₹ 8000 crore II. Competitive Bids Received       (i) Number 73 80 64 (ii) Amount ₹ 22705.1 crore ₹ 24225.5 crore ₹ 13294 crore III. Cut-off price / Yield 99.1966 98.2940 96.3025 (YTM: 3.2485%) (YTM: 3.4808%) (YTM: 3.8500%) IV. Competitive Bids Accepted       (i) Number 13 26 52 (ii) Amount ₹ 3998.628 crore ₹ 6999.964 crore ₹ 7999.833 crore V. Partial Allotment Percentage of Competitive Bids 66.51% 85.35% 13.71% (1 Bid) (1 Bid) (1 Bid) VI. Weighted Average Price/Yield ₹ 99.2018 ₹ 98.3002 ₹ 96.3824 (WAY: 3.2273%) (WAY: 3.4679%) (WAY: 3.7637%) VII. Non-Competitive Bids Received       (i) Number 4 1 1 (ii) Amount ₹ 1805.372 crore ₹ 0.036 crore ₹ 0.167 crore VIII. Non-Competitive Bids Accepted       (i) Number 4 1 1 (ii) Amount ₹ 1805.372 crore ₹ 0.036 crore ₹ 0.167 crore (iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids) Ajit Prasad Director    Press Release: 2020-2021/1220