Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1194 |
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Reserve Bank of India – Press Releases
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Reserve Bank of India – Press Releases
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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive DoS.Co.UCBs-West/S1910/12.07.005/2021-22 dated November 12, 2021, has issued certain Directions to The Laxmi Cooperative Bank Limited, Solapur, whereby, as from the close of business on November 12, 2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated November 12, 2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. In particular, a sum not exceeding ₹1000 (Rupees One Thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions. 2. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances. 3. These Directions shall remain in force for a period of six months from the close of business on November 12, 2021 and are subject to review. (Yogesh Dayal) Press Release: 2021-2022/1191 |
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Government of India (GOI) has announced the sale (issue/re-issue) of three 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 | 6.10% GS 2031 | July 12, 2031 | 13,000 | F.No.4(3)-B(W&M)/2021 dated November 12, 2021 |
November 18, 2021 (Thursday) |
November 22, 2021 (Monday) |
| 2 | GOI FRB 2034 | Oct 30, 2034 | 4,000 | |||
| 3 | New GS 2061 | Dec 16, 2061 | 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 6.10% GS 2031, GOI FRB 2034 and multiple yield method for New GS 2061. 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 November 18, 2021 (Thursday). 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. The result will be announced on the same day and payment by successful bidders will have to be made on November 22, 2021 (Monday).
5. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 9.00 a.m. up to 9.30 a.m. on November 18, 2021 (Thursday) 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 November 15, 2021 – November 18, 2021.
7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.
Ajit Prasad
Director (Communications)
Press Release: 2021-2022/1190
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).
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Reserve Bank of India – Press Releases
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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 Press Release: 2021-2022/1189 |
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Reserve Bank of India – Press Releases
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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
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, November 17, 2021, during the below given timings:
Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, November 18, 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 Press Release: 2021-2022/1188 |
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Ajit Prasad Press Release: 2021-2022/1187 |
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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹ 10,000 Cr. (Face Value).
| Sr. No. | State | Amount to be raised (₹ Cr) |
Additional Borrowing (Greenshoe) Option (₹ Cr) |
Tenure (Yrs) |
Type of Auction |
| 1 | Karnataka | 1000 | – | 2 | Yield |
| 1000 | – | 10 | Yield | ||
| 2 | Madhya Pradesh | 2000 | – | 20 | Yield |
| 3 | Tamil Nadu | 1000 | – | 8 | Yield |
| 4 | Telangana | 1000 | – | 22 | Yield |
| 5 | Uttar Pradesh | 2500 | – | 10 | Yield |
| 6 | West Bengal | 1500 | – | 16 | Yield |
| TOTAL | 10000 |
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 16, 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 November 16, 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 November 16, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on November 17, 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 May 17 and November 17 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 (Communications)
Press Release: 2021-2022/1186
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The Hon’ble Prime Minister, Shri Narendra Modi launched the following schemes of the Reserve Bank of India (RBI) in the presence of Hon’ble Finance Minister Smt. Nirmala Sitharaman and Governor, Reserve Bank of India in a virtual event today:
The event was attended by Hon’ble Ministers from the Government; Senior Government Officials including Secretaries to the Government of India; Members of the Central Board of RBI; Deputy Governors; Members of the Monetary Policy Committee; other financial sector regulators; Managing Directors and Chief Executive Officers of Banks and various regulated entities of RBI, financial market participants and other dignitaries. The details of the two schemes are available at the respective Press Releases of RBI-RD scheme and RB-IOS scheme. (Yogesh Dayal) Press Release: 2021-2022/1185 |
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