Category: Press Releases

The Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹24,000 crore as per the following details:

Sr No	Security	Date of Repayment	Notified Amount (₹ crore)	GoI specific Notification	Auction Date	Settlement Date
1	4.26% GS 2023	May 17, 2023	2,000	F.No.4(3)-B(W&M)/2021 dated October 04, 2021	October 08, 2021 (Friday)	October 11, 2021 (Monday)
2	5.63% GS 2026	Apr. 12, 2026	6,000
3	6.67% GS 2035	Dec 15, 2035	9,000
4	6.67% GS 2050	Dec. 17, 2050	7,000
	Total		24,000

2. GoI will have the option to retain additional subscription up to ₹2,000 crore each against one or more security/ies mentioned above.

3. The securities will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001. The sale will be subject to the terms and conditions spelt out in the ‘Specific Notification’ mentioned above and the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018.

4. The auction will be conducted using uniform price method for 4.26% GS 2023, 5.63% GS 2026, 6.67% GS 2035 and multiple price method for 6.67% GS 2050. 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 October 08, 2021 (Friday). The non-competitive bids should be submitted between 12.30 p.m. and 01.00 p.m. and the competitive bids should be submitted between 12.30 p.m. and 01.30 p.m. The result will be announced on the same day and payment by successful bidders will have to be made on October 11, 2021 (Monday).

5. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 10.30 a.m. up to 11.00 a.m. on October 08, 2021 (Friday) on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

6. The Stocks will be eligible for “When Issued” trading for a period commencing from October 05, 2021 – October 08, 2021.

7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.

Ajit Prasad
Director   

Press Release: 2021-2022/983

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ANNEX

Type of Auction

1. For multiple price-based auction, successful bids will get accepted at the respective quoted yield/price for the security. For uniform price-based auction, bids will get accepted at the cut off yield/price accepted in the auction.

2. The auction will be yield based for new security and price based for securities which are re-issued.

3. In case of a Floating Rate Bonds (FRB), the auction will be spread-based for new security and price based for securities which are reissued. At the time of placing bids for new FRB, the spread should be quoted in percentage terms.

Minimum Bid Size

4. The Stocks will be issued for a minimum amount of ₹10,000/- (nominal) and in multiples of ₹10,000/- thereafter.

Non-Competitive Segment

5. In all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.

6. Each bank or Primary Dealer (PD) on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

7. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price of the successful bids that will emerge in the auction on the basis of the competitive bidding.

Submission of Bids

8. 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.

9. Bids in physical form will not be accepted except in extraordinary circumstances.

Business Continuity Plan (BCP)-IT failure

10. Only in the event of system failure, physical bids will be accepted. Such physical bids should be submitted to the Public Debt Office, Mumbai through (email; Phone no: 022-22632527, 022-22701299) in the prescribed form which can be obtained from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

11. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516).

12. For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Multiple Bids

13. An investor can submit more than one competitive bid in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

14. However, the aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of auction.

Decision Making Process

15. On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions.

16. Bids quoted at rates lower than the minimum price determined by the Reserve Bank of India will be rejected.

17. Reserve Bank of India will have the full discretion to accept or reject any or all bids either wholly or partially without assigning any reason.

Issue of Securities

18. Issue of securities to the successful bidders will be by credit to Subsidiary General Ledger Account (SGL) of parties maintaining such account with Reserve Bank of India or in the form of Stock Certificate.

Periodicity of Interest Payment

19. Interest on the Government Stock will generally be paid half-yearly other than in case of securities with non-standard maturities. The exact periodicity of coupon payment is invariably mentioned in the specific notification for the issue of security.

Underwriting of the Government Securities

20. The underwriting of the Government Securities under auctions by the ‘Primary Dealers’ will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support” announced by the Reserve Bank vide circular RBI/2007-08/186 dated November 14, 2007 as amended from time to time.

Eligibility for Repurchase Transactions (Repo)

21. The Stocks will eligible for Repurchase Transactions (Repo) as per the conditions mentioned in Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 (Reserve Bank) Directions, 2018 as amended from time to time.

Eligibility for ‘When Issued’ Trading

22. The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Investment by Non-Residents

23. Investments by Non-Residents are subject to the guidelines on ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities and Investment by Foreign Portfolio Investors (FPI) in Government Securities: Medium Term Framework (MTF).

In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations. Shri Rajneesh Sharma, Ex- Chief General Manager, Bank of Baroda has been appointed as the Administrator of the aforesaid companies under Section 45-IE (2) of the RBI Act. The Reserve Bank also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/981

The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on October 05, 2021, Tuesday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 2,00,000 7 10:30 AM to 11:00 AM October 12, 2021 (Tuesday) 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. Ajit Prasad Director    Press Release: 2021-2022/980

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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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

The value of exports and imports of services during the month of August 2021 is given in the following Table: Table: International Trade in Services (US$ Million) Month Receipts (Exports) Payments (Imports) April – 2021 18,056 (17.4) 9,620 (15.3) May – 2021 17,861 (13.9) 9,948 (11.6) June – 2021 20,299 (27.7) 10,836 (21.3) July – 2021 18,524 (10.9) 11,057 (14.2) August – 2021 19,574 (21.4) 11,520 (24.5) Note: (i) Data for July-August are provisional while those for April-June are revised on pro-rata basis using balance of payments data of Q1:2021-22 released on September 30, 2021; and (ii) Figures in brackets are growth rates over corresponding month’s data which have been revised on the basis of balance of payments statistics released on September 30, 2021. Monthly data on services are provisional and are likely undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis. Ajit Prasad Director    Press Release: 2021-2022/976

The Reserve Bank of India (RBl) has imposed, by an order dated October 01, 2021, a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms and Statutory/ Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Background The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/977

1. Reserve Bank of India – Liabilities and Assets* (₹ Crore) Item 2020 2021 Variation Sep. 25 Sep. 17 Sep. 24 Week Year 1 2 3 4 5 4 Loans and Advances           4.1 Central Government – – – – – 4.2 State Governments 10516 13300 7976 -5324 -2540 * Data are provisional. 2. Foreign Exchange Reserves Item As on September 24, 2021 Variation over 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 4709016 638646 7749 -997 490063 61662 719447 96625 1.1 Foreign Currency Assets 4252509 576731 4401 -1255 328341 40038 572719 76790 1.2 Gold 275988 37430 3288 327 28265 3550 11016 1430 1.3 SDRs 142889 19379 50 -55 132025 17893 132053 17907 1.4 Reserve Position in the IMF 37630 5106 9 -13 1432 182 3658 499 *Difference, if any, is due to rounding off 4. Scheduled Commercial Banks – Business in India (₹ Crore) Item Outstanding as on Sep. 10, 2021 Variation over Fortnight Financial year so far Year-on-year 2020-21 2021-22 2020 2021 1 2 3 4 5 6 2 Liabilities to Others             2.1 Aggregate Deposits 15574660 57609 679793 461147 1524428 1327374 2.1a Growth (Per cent)   0.4 5.0 3.1 12.0 9.3 2.1.1 Demand 1753571 -37425 -104106 -107621 200688 240674 2.1.2 Time 13821088 95034 783899 568769 1323741 1086700 2.2 Borrowings 243400 5319 -50882 -625 -75652 -15157 2.3 Other Demand and Time Liabilities 616597 60398 -55224 -40010 -76697 68146 7 Bank Credit 10912042 14441 -143931 -37467 513272 685112 7.1a Growth (Per cent)   0.1 –1.4 –0.3 5.3 6.7 7a.1 Food Credit 69738 938 12090 8484 -882 5884 7a.2 Non-food credit 10842304 13503 -156021 -45951 514154 679228 6. Money Stock: Components and Sources (₹ Crore) Item Outstanding as on Variation over 2021 Fortnight Financial Year so far Year-on-Year 2020-21 2021-22 2020 2021 Mar. 31 Sep. 10 Amount % Amount % Amount % Amount % Amount % 1 2 3 4 5 6 7 8 9 10 11 12 M3 18844578 19399596 71088 0.4 938401 5.6 555019 2.9 2089959 13.4 1661232 9.4 1 Components (1.1.+1.2+1.3+1.4)                         1.1 Currency with the Public 2751828 2843296 12376 0.4 250494 10.7 91468 3.3 492082 23.3 243054 9.3 1.2 Demand Deposits with Banks 1995120 1888130 -37949 -2.0 -103074 -5.9 -106990 –5.4 206233 14.4 253512 15.5 1.3 Time Deposits with Banks 14050278 14621448 96095 0.7 787425 6.2 571170 4.1 1380144 11.4 1160008 8.6 1.4 ‘Other’ Deposits with Reserve Bank 47351 46722 566 1.2 3556 9.2 -629 –1.3 11500 37.6 4659 11.1 2 Sources (2.1+2.2+2.3+2.4-2.5)                         2.1 Net Bank Credit to Government 5850374 6246310 169968 2.8 657473 13.3 395936 6.8 848473 17.8 628475 11.2 2.1.1 Reserve Bank 1099686 1251825 60593   -15193   152139   15835   274826   2.1.2 Other Banks 4750689 4994485 109375 2.2 672666 17.0 243797 5.1 832638 21.9 353649 7.6 2.2 Bank Credit to Commercial Sector 11668466 11621791 13310 0.1 -149126 -1.4 -46675 –0.4 563532 5.5 732273 6.7 2.2.1 Reserve Bank 8709 7000 -1616   678   -1709   6207   -6844   2.2.2 Other Banks 11659757 11614790 14926 0.1 -149804 -1.4 -44967 –0.4 557325 5.4 739116 6.8 8. Liquidity Operations by RBI (₹ Crore) Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabi lisation Scheme OMO (Outright) Long Term Repo Ope rations& Targeted Long Term Repo Ope rations# 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 Sale Purchase 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Sep. 20, 2021 – 323779 – – 77 – – – – – – – – -323702 Sep. 21, 2021 – 277396 – 150007 0 – – – – – – – – -427403 Sep. 22, 2021 – 286041 – – 70 –1300 – – – – – – – -287271 Sep. 23, 2021 – 342644 – – 103 – – – – – – – – -342541 Sep. 24, 2021 – 338748 – 394516 152 – – 15000 15001 – – – 9711 -742822 Sep. 25, 2021 – 12350 – – 348 – – – – – – – – -12002 Sep. 26, 2021 – 3470 – – 428 – – – – – – – – -3042 * 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    Press Release: 2021-2022/974

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No Treasury Bill Notified Amount (in ₹ crore) Auction Date Settlement Date 1 91 Days 10,000 October 06, 2021 (Wednesday) October 07, 2021 (Thursday) 2 182 Days 3,000 3 364 Days 7,000   Total 20,000     The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 06, 2021, during the below given timings: Category Timing Competitive bids 10:30 am – 11:30 am Non-Competitive bids 10:30 am – 11:00 am Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, October 07, 2021. 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. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125). Ajit Prasad Director    Press Release: 2021-2022/975