Category: Press Releases

Reserve Bank of India – Press Releases

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In terms of GOI Notification F.No. 4(16)-W&M/2016 dated October 20, 2016 (SGB 2016-17, Series III- Issue date November 17, 2016) of Sovereign Gold Bond (SGB) Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Therefore, the forthcoming due date of premature redemption of the above tranche shall be November 17, 2021. Further, the redemption price of SGB shall be 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.

2. Accordingly, the redemption price for the premature redemption due on November 17, 2021 shall be ₹4860/- (Rupees Four thousand Eight hundred Sixty only) per unit of SGB based on the simple average of closing gold price for the week November 08-12, 2021.

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1204

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The Result of the auction of State Development Loans for 06 State Governments held on November 16, 2021.

Table
(Amount in ₹ crore)
  KARNATAKA 2031 KARNATAKA 2023 MADHYA PRADESH 2041 TAMILNADU 2029
Notified Amount 1000 1000 2000 1000
Tenure 10 2 20 8
Competitive Bids Received        
(i) No. 175 35 88 122
(ii) Amount 11351 6580 7910.25 8480
Cut-off Yield (%) 6.9 4.74 6.99 6.71
Competitive Bids Accepted        
(i) No. 6 4 5 7
(ii) Amount 900 989.807 1948.992 963.88
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 81.25 44.9839 61.7815 42.5371
(ii) No. (5 bids) (2 bids) (4 bids) (2 bids)
Non-Competitive Bids Received        
(i) No. 13 4 3 7
(ii) Amount 114.003 10.193 51.008 36.12
Non-Competitive Price (₹) 100.02 100.01 100.01 100.09
Non-Competitive Bids Accepted        
(i) No. 13 4 3 7
(ii) Amount 100 10.193 51.008 36.12
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage 87.717 – – –
(ii) No. (13 bids) – – –
Weighted Average Yield (%) 6.8972 4.7334 6.9887 6.6953
Total Allotment Amount 1000 1000 2000 1000

  TELANGANA 2043 UTTAR PRADESH 2031 WEST BENGAL 2037 Total
Notified Amount 1000 2500 1500 10000
Tenure 22 10 16  
Competitive Bids Received        
(i) No. 65 156 98 739
(ii) Amount 4700 11475.5 7175 57671.75
Cut-off Yield (%) 6.99 6.93 6.98  
Competitive Bids Accepted        
(i) No. 2 21 7 52
(ii) Amount 951.729 2287.795 1437.97 9480.173
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 63.4486 36.8126 89.754  
(ii) No. (2 bids) (12 bids) (6 bids)  
Non-Competitive Bids Received        
(i) No. 4 14 8 53
(ii) Amount 48.271 212.205 62.03 533.83
Non-Competitive Price (₹) 100 100.06 100.01  
Non-Competitive Bids Accepted        
(i) No. 4 14 8 53
(ii) Amount 48.271 212.205 62.03 519.827
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – –  
(ii) No. – – –  
Weighted Average Yield (%) 6.99 6.9215 6.979  
Total Allotment Amount 1000 2500 1500 10000

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1203

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The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate this process. The RRA has also constituted an Advisory Group representing the REs under the chairmanship of Shri Swaminathan J., Managing Director, State Bank of India.

2. RRA has been engaging in extensive consultations with both – internal as well as external stakeholders, on review of the regulatory and supervisory instructions for their simplification and ease of implementation. Based on these consultations and the suggestions of the Advisory Group, the RRA has recommended withdrawal of 150 circulars in the first tranche of recommendations.

3. The notifications containing the list of specific instructions recommended for withdrawal is being issued separately.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1202

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Sr. No. State Amount to be raised
(₹ Cr)		 Amount Accepted
(₹ Cr)		 Cut off Yield
(%)		 Tenure
(Yrs)
1 Karnataka 1000 1000 4.74 2
1000 1000 6.90 10
2 Madhya Pradesh 2000 2000 6.99 20
3 Tamil Nadu 1000 1000 6.71 8
4 Telangana 1000 1000 6.99 22
5 Uttar Pradesh 2500 2500 6.93 10
6 West Bengal 1500 1500 6.98 16
  TOTAL 10000 10000    

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1201

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Tenor 7-day
Notified Amount (in ₹ crore) 2,00,000
Total amount of offers received (in ₹ crore) 2,72,865
Amount accepted (in ₹ crore) 2,00,010
Cut off Rate (%) 3.94
Weighted Average Rate (%) 3.91
Partial Acceptance Percentage of offers received at cut off rate 8.50

Ajit Prasad          
Director (Communications)

Press Release: 2021-2022/1200

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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) 473,119.56 3.27 1.00-5.20
     I. Call Money 7,224.43 3.19 2.00-3.40
     II. Triparty Repo 362,640.40 3.27 3.22-3.75
     III. Market Repo 103,224.73 3.30 1.00-3.40
     IV. Repo in Corporate Bond 30.00 5.20 5.20-5.20
B. Term Segment      
     I. Notice Money** 576.20 3.23 2.50-3.40
     II. Term Money@@ 289.50 – 3.25-3.65
     III. Triparty Repo 560.00 3.29 3.25-3.30
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 76.00 5.35 5.35-5.35
  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 Mon, 15/11/2021 1 Tue, 16/11/2021 250,255.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Mon, 15/11/2021 1 Tue, 16/11/2021 0.00 4.25
4. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
5. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
6. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -249,900.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Wed, 03/11/2021 15 Thu, 18/11/2021 1,158.00 3.75
    (iv) Special Reverse Repoψ Wed, 03/11/2021 15 Thu, 18/11/2021 291.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Wed, 03/11/2021 15 Thu, 18/11/2021 434,492.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 09/11/2021 7 Tue, 16/11/2021 200,015.00 3.95
  Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
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
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 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
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -578,625.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -828,525.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 15/11/2021 608,039.08  
     (ii) Average daily cash reserve requirement for the fortnight ending 19/11/2021 634,320.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 15/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 22/10/2021 1,179,109.00  
@ 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, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 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 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad            
Director (Communications)
Press Release: 2021-2022/1199

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As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated October 8, 2021, the Reserve Bank, in exercise of the powers conferred under Section 45 (L) read with 45 (M) of the Reserve Bank of India Act, 1934, has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism within a period of six months from the date of issue of the direction, except for certain type of NBFCs as mentioned in para 2. The direction covers, inter-alia, the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the IO. All complaints that are partly or wholly rejected by the NBFC will be reviewed by the IO before the final decision of the NBFC is conveyed to the complainant. The IO will not entertain any complainants directly from members of public.

2. NBFCs not having public customer interface and certain types of NBFCs, viz., stand-alone Primary Dealers (PDs), NBFC – Infrastructure Finance Companies (NBFC-IFCs), Core Investment Companies (CICs), Infrastructure Debt Fund – Non-Banking Financial Companies (IDF-NBFCs), Non-Banking Financial Company – Account Aggregators (NBFC-AAs), NBFCs under Corporate Insolvency Resolution Process, NBFCs in liquidation and NBFCs having only captive customers have been excluded from the requirement to appoint IOs.

3. The implementation of the IO mechanism will be monitored by the NBFC’s internal audit system apart from regulatory oversight by RBI.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1198

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The Reserve Bank of India today released the November 2021 issue of its monthly Bulletin. The Bulletin includes five speeches, four articles and current statistics.

The four articles are: I. State of the Economy; II. Is the Phillips Curve in India Dead, Inert and Stirring to Life or Alive and Well?; III. Uncertainty and Disagreement among Professional Macroeconomic Forecasters; and IV. Changing Tides in the Indian Money Market.

I. State of the Economy

The global economic outlook remains shrouded in uncertainty with headwinds from multiple fronts. In India, the recovery gained strength though the speed and pace of improvement remains uneven across different sectors of the economy. Indicators of aggregate demand posit a brighter near-term outlook than before. On the supply side, the Rabi season has set in early on a positive note on the back of a record Kharif harvest and manufacturing is showing improvement in overall operating conditions, while services are in strong expansion mode. Overall monetary and credit conditions stay conducive for a durable economic recovery to take root.

II. Is the Phillips Curve in India Dead, Inert and Stirring to Life or Alive and Well?

The post-Global Financial Crisis period has seen a plethora of literature on the “health” of the most cited macroeconomic relationship –the Phillips Curve. Adding more essence to this heated global debate, this article examines the existence of the Phillips Curve in India by examining its time-variation and convexity. The findings from this paper confirm the existence of a convex Philips Curve relationship in India, though alive but stirring to life and convalescing from a period of flattening, which lasted for more than six years.

III. Uncertainty and Disagreement among Professional Macroeconomic Forecasters

This article analyses the responses received in the Reserve Bank’s bimonthly survey of professional forecasters (SPF) on major macroeconomic variables. The forecasts of output growth and inflation, particularly for 2020-21, were characterised by high uncertainty in the wake of the Covid-19 pandemic. The article dives into the fluctuations in short-term forecasts during the pandemic.

Highlights

  • The pandemic led to massive disruption in global as well as domestic economy causing uncertainty as reflected in large swings in forecasts of growth and inflation for 2020-21.

  • The pandemic induced lockdowns led to significant downward revision in the growth forecast for 2020-21 and subsequent gradual opening up of the economy led to improvement in the growth outlook.

  • Disagreement among the forecasters was high at the onset of the pandemic and generally moderated subsequently. Uncertainty of forecasts exhibited similar pattern as disagreement and declined with shorter forecast horizon.

  • The analysis portrays the existence of a significant association between uncertainty and disagreement; however, disagreement may not be a good proxy for uncertainty.

IV. Changing Tides in the Indian Money Market

Money market provides short-term capital to a wide class of financial entities and plays a key role in the transmission of monetary policy. This article reviews the important segments of the Indian money market in terms of volume, rate, microstructure, and dispersion of rates for the period from January-2016 to March-2021.

Highlights

  • The overnight money market volatility, in terms of volume-weighted rates, increased after the declaration of Covid-19 pandemic, and peaked in March-2020. The volatility declined subsequently. A shift away from the unsecured segment to secured segments was also witnessed after the declaration of the Covid-19 pandemic.

  • A study of the intraday market activity and network structure of the call money segment suggests increased portfolio diversification after the onset of the pandemic.

  • The constructed dispersion index (covering six segments of the money market), that serves as an empirical gauge of pass-through efficiency, suggests a frictionless market with efficient pass-through for the period from January-2020 to February-2020.

The dispersion index that peaked in March-2020 showed a decreasing trend at the end of the sample period considered. The sector-specific, institution-specific and instrument-specific liquidity measures undertaken by the Reserve Bank in the recent times have resulted in the stabilisation of the money market with the market adapting to the new normal.

Ajit Prasad           
Director, (Communications)

Press Release: 2021-2022/1197

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on November 16, 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 November 23, 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 (Communications)

Press Release: 2021-2022/1195

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