Category: Press Releases

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 9,000 July 14, 2021 (Wednesday) July 15, 2021 (Thursday) 2 182 Days 4,000 3 364 Days 4,000   Total 17,000     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, July 14, 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, July 15, 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: 2021-2022/513

1. Reserve Bank of India – Liabilities and Assets* (₹ Crore) Item 2020 2021 Variation Jul. 3 Jun. 25 Jul. 2 Week Year 1 2 3 4 5 4 Loans and Advances           4.1 Central Government 573 – – – -573 4.2 State Governments 7004 6526 11251 4725 4247 * Data are provisional. 2. Foreign Exchange Reserves Item As on July 2, 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 4559356 610012 40104 1013 340404 33028 728359 96758 1.1 Foreign Currency Assets 4237769 566988 35811 748 313602 30294 705333 93725 1.2 Gold 271850 36372 2506 76 24127 2492 17944 2355 1.3 SDRs 11568 1548 449 49 704 62 763 100 1.4 Reserve Position in the IMF 38169 5105 1337 139 1971 180 4319 578 *Difference, if any, is due to rounding off 4. Scheduled Commercial Banks – Business in India (₹ Crore) Item Outstanding as on Jun. 18, 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 15298539 -14614 299635 185026 1374661 1431411 2.1a Growth (Per cent)   –0.1 2.2 1.2 11.0 10.3 2.1.1 Demand 1754133 23857 -164563 -107060 163612 301693 2.1.2 Time 13544405 -38471 464198 292086 1211049 1129718 2.2 Borrowings 249201 6726 -22570 5176 -70268 -37668 2.3 Other Demand and Time Liabilities 631791 41881 -84173 -24816 29216 112288 7 Bank Credit 10841866 -1559 -125183 -107643 596909 596188 7.1a Growth (Per cent)   –0.0 –1.2 –1.0 6.2 5.8 7a.1 Food Credit 86912 -3064 37525 25658 17870 -2377 7a.2 Non-food credit 10754953 1505 -162708 -133301 579040 598565 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 Jun. 18 Amount % Amount % Amount % Amount % Amount % 1 2 3 4 5 6 7 8 9 10 11 12 M3 18844594 19168056 -4359 0.0 519527 3.1 323462 1.7 1903387 12.3 1848565 10.7 1 Components (1.1.+1.2+1.3+1.4)                         1.1 Currency with the Public 2751828 2887414 10263 0.4 217332 9.2 135585 4.9 450404 21.3 320334 12.5 1.2 Demand Deposits with Banks 1995136 1889371 23617 1.3 -164718 -9.5 -105765 –5.3 169698 12.1 316398 20.1 1.3 Time Deposits with Banks 14050278 14341076 -38552 -0.3 466705 3.7 290797 2.1 1274253 10.7 1200355 9.1 1.4 ‘Other’ Deposits with Reserve Bank 47351 50194 314 0.6 209 0.5 2844 6.0 9032 30.4 11479 29.6 2 Sources (2.1+2.2+2.3+2.4-2.5)                         2.1 Net Bank Credit to Government 5850374 5919990 -105346 -1.7 539625 10.9 69616 1.2 910873 19.8 420003 7.6 2.1.1 Reserve Bank 1099686 1049521 -58800   131704   -50164   204200   -74375   2.1.2 Other Banks 4750689 4870469 -46546 -0.9 407921 10.3 119780 2.5 706673 19.3 494378 11.3 2.2 Bank Credit to Commercial Sector 11668469 11551981 -274 0.0 -136271 -1.2 -116488 –1.0 643980 6.3 649608 6.0 2.2.1 Reserve Bank 8709 5749 3785   -5979   -2960   -1256   -1438   2.2.2 Other Banks 11659760 11546232 -4059 0.0 -130292 -1.2 -113528 –1.0 645236 6.3 651046 6.0 8. Liquidity Operations by RBI (₹ Crore) Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabilisation Scheme OMO (Outright) Long Term Repo Operations & Targeted Long Term Repo Operations # 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 Jun. 28, 2021 – 375834 – – 0 – – – 160 – – – – -375674 Jun. 29, 2021 – 401344 – – 130 1537 – – – – – – – -399677 Jun. 30, 2021 – 484819 – – 15 – – – – – – – – -484804 Jul. 1, 2021 – 502074 – – 2 1865 – – – – – – – -500207 Jul. 2, 2021 – 466876 – 200018 121 9 – – – – – – 1942 -668706 Jul. 3, 2021 – 39103 – – 1202 – – – – – – – – -37901 Jul. 4, 2021 – 8623 – – 5 – – – – – – – – -8618 * 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: 2021-2022/512

The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹17,950 Cr. (Face Value).

Sr. No.	State/ UT	Amount to be raised (₹ Cr)	Additional Borrowing (Greenshoe) Option (₹ Cr)	Tenure (Yrs)	Type of Auction
1	Andhra Pradesh	1000	–	14	Yield
		750	–	15	Yield
2	Bihar	2000	–	7	Yield
3	Goa	100	–	10	Yield
4	Gujarat	1500	500	10	Yield
5	Madhya Pradesh	2000	–	10	Yield
6	Maharashtra	1000	250	10	Yield
7	Rajasthan	500	–	5	Yield
		600	–	10	Yield
8	Tamil Nadu	1000	–	10	Yield
		1000	–	Re-issue of 6.95% Tamil Nadu SDL 2031 issued on July 07, 2021	Price
9	Telangana	2000	–	30	Yield
10	Uttarakhand	500	–	10	Yield
11	Uttar Pradesh	2500	–	10	Yield
12	West Bengal	1500	–	10	Yield
	TOTAL	17,950.00

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 13, 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 July 13, 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 July 13, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on July 14, 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 January 14 and July 14 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: 2021-2022/511

The results of the auctions of 4.26% Government Stock 2023 (Re-Issue), New Government Stock 2031 (Issue), 6.76% Government Stock 2061 (Re-Issue) held on July 09, 2021 are: Auction Results 4.26 GS 2023 New GS 2031 6.76% GS 2061 I. Notified Amount ₹3000 Crore ₹14000 Crore ₹9000 Crore II. Underwriting Notified Amount ₹3000 Crore ₹14000 Crore ₹9000 Crore III. Competitive Bids Received       (i) Number 71 264 201 (ii) Amount ₹12016.074 Crore ₹28428 Crore ₹23246 Crore IV. Cut-off price / Yield 99.87   94.45 (YTM: 4.3312%) 6.10% (YTM: 7.1838%) V. Competitive Bids Accepted       (i) Number 14 142 72 (ii) Amount ₹2997.926 Crore ₹13980.616 Crore ₹8980.171 Crore VI. Partial Allotment Percentage of Competitive Bids 20.15% 87.26% 23.62% (3 Bids) (39 Bids) (2 Bids) VII. Weighted Average Price/Yield 99.87 100 94.53 (WAY: 4.3312%) (WAY: 6.1000%) (WAY: 7.1774%) VIII. Non-Competitive Bids Received       (i) Number 3 5 7 (ii) Amount ₹2.074 Crore ₹19.384 Crore ₹19.829 Crore IX. Non-Competitive Bids Accepted       (i) Number 3 5 7 (ii) Amount ₹ 2.074 Crore ₹ 19.384 Crore ₹ 19.829 Crore (iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids) X. Amount of Underwriting accepted from primary dealers ₹ 3000 Crore ₹ 14000 Crore ₹ 9000 Crore XI. Devolvement on Primary Dealers 0 0 0 Ajit Prasad Director    Press Release: 2021-2022/509

4.26% GS 2023 New GS 2031 6.76% GS 2061 I. Notified Amount ₹3,000 cr ₹14,000 cr ₹9,000 cr II. Cut off Price / Implicit Yield at cut-off 99.87/4.3312% 6.1000 94.45/7.1838% III. Amount accepted in the auction ₹3,000 cr ₹14,000 cr ₹9,000 cr IV. Devolvement on Primary Dealers NIL NIL NIL Ajit Prasad Director    Press Release: 2021-2022/508

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

Today on July 08, 2021, the Reserve Bank of India (RBI) issued an advisory to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR). The key steps to be taken in this regard include: Banks and financial institutions are encouraged to cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021. Banks and financial institutions are urged to incorporate robust fallback clauses in all financial contracts that reference LIBOR and the maturity of which is after the announced cessation date of the LIBOR settings. Banks and financial institutions are encouraged to ensure that new contracts entered into before December 31, 2021 that reference LIBOR and the maturity of which is after the date on which LIBOR ceases or becomes non-representative include fallback clauses. Banks have also been advised to cease using the Mumbai Interbank Forward Outright Rate (MIFOR), a benchmark which references the LIBOR, as soon as practicable and in any event by December 31, 2021. In this context, Financial Benchmarks India Pvt Ltd (FBIL) has started publishing daily adjusted MIFOR rates from June 15, 2021 and modified MIFOR rates from June 30, 2021 which can be used for legacy contracts and fresh contracts respectively. Contracts referencing LIBOR / MIFOR may generally be undertaken after December 31, 2021 only for the purpose of managing risks arising out of LIBOR / MIFOR referenced contracts undertaken on or before December 31, 2021. Reserve Bank will continue to monitor the evolving global and domestic situation with regard to the transition away from LIBOR and proactively take steps, as necessary, to mitigate associated risks in order to ensure a smooth transition. Background The Financial Conduct Authority (FCA), UK, in a press statement dated March 05, 2021 announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: Immediately after December 31, 2021, in the case of all Pound sterling, Euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and Immediately after June 30, 2023, in the case of the remaining US dollar settings. The transition away from LIBOR and the adoption of ARRs developed in various jurisdictions is a significant event which needs to be carefully prepared for in order to manage potential customer protection, reputational and litigation risks as well as avoid disruptions to the safety and resilience of financial institutions and overall financial stability of the economy. In August 2020, the Reserve Bank had advised banks and financial institutions to assess their LIBOR exposures which will mature after the cessation of the LIBOR as also frame a Board-approved plan for the steps to be taken to address the risks arising from the LIBOR transition. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/505

I. SUMMARY – PURCHASE RESULTS Aggregate Amount (Face Value) notified by RBI : ₹ 20,000 crore Total amount offered (Face Value) by participants : ₹ 80,835 crore Total amount accepted (Face Value) by RBI : ₹ 20,000 crore II. DETAILS OF PURCHASE ISSUE Security 8.24% GS 2027 7.17% GS 2028 7.59% GS 2029 7.88% GS 2030 7.57% GS 2033 No. of offers received 72 127 87 72 79 Total amount (face value) offered (₹ in crore) 8,151 25,546 14,103 9,954 23,081 No. of offers accepted 21 17 4 11 6 Total offer amount (face value) accepted by RBI (₹ in crore) 4,280 4,973 1,740 3,204 5,803 Cut off yield (%) 6.1714 6.3500 6.5266 6.5017 6.7503 Cut off price (₹) 109.66 104.31 106.34 109.03 106.64 Weighted average yield (%) 6.2058 6.3779 6.5331 6.5161 6.7585 Weighted average price (₹) 109.49 104.16 106.30 108.93 106.57 Partial allotment % of competitive offers at cut off price NA 53.93 NA NA NA Ajit Prasad Director    Press Release: 2021-2022/504