Category: Press Releases

The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹20,000 crore (face value). The security-wise details of the conversion/switch are given as under:

Date of Auction	Source Securities	Amount (FV) of Source Securities	Destination Securities
May 17, 2021	8.08% GS 2022 (Maturing on Aug 02, 2022)	₹2,000 crore	6.76% GS 2061 (maturing on Feb 22, 2061)
	6.84% GS 2022 (Maturing on Dec 19, 2022)	₹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)
	7.68% GS 2023 (Maturing on Dec 15, 2023)	₹2,000 crore	6.76% GS 2061 (maturing on Feb 22, 2061)
	5.09% GS 2022 (Maturing on Apr 13, 2022)	₹2,000 crore	GoI FRB 2033 (maturing on Sep 22, 2033)
	7.32% GS 2024 (Maturing on Jan 28, 2024)	₹2,000 crore	GoI FRB 2033 (maturing on Sep 22, 2033)
	8.15% GS 2022 (Maturing on Jun 11, 2022)	₹2,000 crore	6.64% GS 2035 (maturing on Jun16, 2035)
	8.08% GS 2022 (Maturing on Aug 02, 2022)	₹2,000 crore	6.64% GS 2035 (maturing on Jun16, 2035)
	7.37% GS 2023 (Maturing on April 16, 2023)	₹2,000 crore	6.64% GS 2035 (maturing on Jun16, 2035)
	8.83% GS 2023 (Maturing on Nov 25, 2023)	₹2,000 crore	6.64% GS 2035 (maturing on Jun16, 2035)
	Total	₹20,000 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 May 17, 2021 (Monday) between 10:30 AM to 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on May 18, 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: 2021-2022/202

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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).

The Reserve Bank of India has today released the 36th half-yearly report on management of foreign exchange reserves with reference to end-March 2021. The position of foreign exchange reserves as on April 30, 2021 is as under: US $ Billion Foreign Exchange Reserves (i+ii+iii+iv) 588.0 i. Foreign Currency Assets (FCA) 546.1 ii. Gold 35.5 iii. Special Drawing Rights (SDR) 1.5 iv. Reserve Tranche Position (RTP) 5.0 * Difference, if any, is due to rounding-off. It may be recalled that in February 2004, the Reserve Bank had started a process of compiling half yearly reports and placing them in the public domain for bringing about more transparency and enhancing the level of disclosure in relation to management of the country’s foreign exchange reserves. Rupambara Director    Press Release: 2021-2022/201

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

As announced in Governor’s statement of May 05, 2021, the Reserve Bank will conduct the second tranche of open market purchase of government securities of ₹35,000 crore under the G-sec Acquisition Programme (G-SAP 1.0) on May 20, 2021. 2. Accordingly, the Reserve Bank will purchase the following Government securities through a multi-security auction using the multiple price method: Sr. No ISIN Security Date of Maturity Aggregate Amount 1 IN0020190396 6.18% GS 2024 04-Nov-2024 ₹35,000 crore (There is no security-wise notified amount) 2 IN0020150093 7.59% GS 2026 11-Jan-2026 3 IN0020170026 6.79% GS 2027 15-May-2027 4 IN0020170174 7.17% GS 2028 08-Jan-2028 5 IN0020200294 5.85% GS 2030 01-Dec-2030 6 IN0020020106 7.95% GS 2032 28-Aug-2032 7 IN0020200245 6.22% GS 2035 16-Mar-2035 3. The Reserve Bank reserves the right to: decide on the quantum of purchase of individual securities. accept bids for less than the aggregate amount. purchase marginally higher/lower than the aggregate amount due to rounding-off. accept or reject any or all the bids either wholly or partially without assigning any reasons. 4. Eligible participants should submit their bids in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on May 20, 2021. Only in the event of system failure, physical bids would be accepted. Such physical bid 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 securities in their SGL account by 12 noon on May 21, 2021. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/199

Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on May 14 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 New GS 2023 3,000 72 72 5.85% GS 2030 14,000 334 334 6.76% GS 2061 9,000 215 215 The underwriting auction will be conducted through multiple price-based method on May 14, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 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. Rupambara Director    Press Release: 2021-2022/198

Auction Results 91 days 182 days 364 days I. Notified Amount ₹15000 Crore ₹15000 Crore ₹6000 Crore II. Competitive Bids Received (i) Number (ii) Amount 85 ₹44905 Crore 153 ₹46678.655 Crore 106 ₹26887 Crore III. Cut-off price / Yield 99.1670 (YTM: 3.3692%) 98.2510 (YTM: 3.5701%) 96.4229 (YTM: 3.7200%) IV. Competitive Bids Accepted (i) Number (ii) Amount 28 ₹14992.196 Crore 61 ₹14991.604 Crore 21 ₹5997.68 Crore V. Partial Allotment Percentage of Competitive Bids 13.72% (1 Bid) 24.11% (10 Bids) 12.13% (1 Bid) VI. Weighted Average Price/Yield ₹99.1697 (WAY: 3.3582%) ₹98.2569 (WAY: 3.5578%) ₹96.4324 (WAY: 3.7098%) VII. Non-Competitive Bids Received (i) Number (ii) Amount 4 ₹3307.804 Crore 2 ₹8.396 Crore 2 ₹2.32 Crore VIII. Non-Competitive Bids Accepted (i) Number (ii) Amount (iii) Partial Allotment Percentage 4 ₹3307.804 Crore 100% (0 Bids) 2 ₹8.396 Crore 100% (0 Bids) 2 ₹2.32 Crore 100% (0 Bids) Rupambara Director     Press Release: 2021-2022/197

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

(Amount in ₹ crore, Rate in Per cent)   Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 383,821.98 3.27 0.01-5.30      I. Call Money 11,625.86 3.21 1.90-3.50      II. Triparty Repo 259,614.30 3.26 3.00-3.27      III. Market Repo 108,118.82 3.29 0.01-3.45      IV. Repo in Corporate Bond 4,463.00 3.56 3.42-5.30 B. Term Segment            I. Notice Money** 267.30 3.34 2.65-3.40      II. Term Money@@ 585.00 – 3.05-3.55      III. Triparty Repo 550.00 3.23 3.20-3.24      IV. Market Repo 105.00 3.45 3.45-3.45      V. Repo in Corporate Bond 225.00 3.55 3.55-3.55

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 Tue, 11/05/2021 1 Wed, 12/05/2021 390,733.00 3.35 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo – – – – – 3. MSF Tue, 11/05/2021 1 Wed, 12/05/2021 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 (-)]*       -390,733.00   II. Outstanding Operations 1. Fixed Rate                (i) Repo                (ii) Reverse Repo           2. Variable Rate&             (I) Main Operation                (a) Reverse Repo Fri, 07/05/2021 14 Fri, 21/05/2021 200,020.00 3.46   (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 7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00 D. Standing Liquidity Facility (SLF) Availed from RBI$       5,573.71   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -112,364.29   F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -503,097.29   G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 11/05/2021 511,353.09        (ii) Average daily cash reserve requirement for the fortnight ending 21/05/2021 534,650.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 11/05/2021 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 23/04/2021 726,433.00   @ 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 and Press Release No. 2020-2021/1057 dated February 05, 2021. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. Rupambara Director    Press Release: 2021-2022/195

The Result of the auction of State Development Loans for Seven State Governments held on May 11, 2021. Table (₹ in crore)   ANDHRA PRADESH 2037 ANDHRA PRADESH 2038 HARYANA 2031 MAHARASHTRA 2032 Notified Amount 1000 1000 1000 1500 Underwriting Notified Amount NIL NIL NIL NIL Tenure 16 17 10 11 Competitive Bids Received         (i) No. 56 43 110 176 (ii) Amount 3724.6 3538 5524 6982 Cut-off Yield (%) 6.94 6.94 6.79 6.84 Competitive Bids Accepted         (i) No. 12 5 21 48 (ii) Amount 947.998 939.803 900 1355.364 Partial Allotment Percentage of Competitive Bids         (i) Percentage 42.6341 46.6236 25.3521 42.3242 (ii) No. (6 bids) (4 bids) (9 bids) (15 bids) Non – Competitive Bids Received         (i) No. 3 5 13 13 (ii) Amount 52.002 60.197 149.403 144.636 Non-Competitive Price 100.01 100 100.13 100.1 Non-Competitive Bids Accepted         (i) No. 3 5 13 13 (ii) Amount 52.002 60.197 100 144.636 Partial Allotment Percentage of Non-Competitive Bids         (i) Percentage – – 66.9331 – (ii) No. – – (13 bids) – Weighted Average Yield (%) 6.9385 6.9399 6.7724 6.827 Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL Devolvement on Primary Dealers NIL NIL NIL NIL Total Allotment Amount 1000 1000 1000 1500   MAHARASHTRA 2033 MIZORAM 2033 RAJASTHAN 2031 RAJASTHAN 2026 Notified Amount 1500 150 500 500 Underwriting Notified Amount NIL NIL NIL NIL Tenure 12 12 10 5 Competitive Bids Received         (i) No. 169 31 87 86 (ii) Amount 5770 956 3640 6575 Cut-off Yield (%) 6.88 6.9 6.77 6.13 Competitive Bids Accepted         (i) No. 60 5 9 7 (ii) Amount 1350 148.495 450 474.918 Partial Allotment Percentage of Competitive Bids         (i) Percentage 20 63.0528 91.4894 43.2787 (ii) No. (23 bids) (3 bids) (4 bids) (2 bids) Non – Competitive Bids Received         (i) No. 10 2 11 4 (ii) Amount 150.123 1.505 95.688 25.082 Non-Competitive Price 100.15 100.02 100.07 100.08 Non-Competitive Bids Accepted         (i) No. 10 2 11 4 (ii) Amount 150 1.505 50 25.082 Partial Allotment Percentage of Non-Competitive Bids         (i) Percentage 99.9181 – 52.2532 – (ii) No. (10 bids) – (11 bids) – Weighted Average Yield (%) 6.8613 6.8976 6.7602 6.1108 Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL Devolvement on Primary Dealers NIL NIL NIL NIL Total Allotment Amount 1500 150 500 500   TAMILNADU 2055 TAMILNADU 2050 WEST BENGAL 2031 Total Notified Amount 1500 1500 2000 12150 Underwriting Notified Amount NIL NIL NIL   Tenure Re-issue of 6.63% Tamil Nadu SDL 2055 issued on July 08, 2020 Re-issue of 6.49% Tamil Nadu SDL 2050 issued on July 22, 2020 10   Competitive Bids Received         (i) No. 30 51 139 978 (ii) Amount 5758 6598 6632 55697.6 Cut-off Yield (%) 6.9301 6.9297 6.83   Competitive Bids Accepted         (i) No. 1 1 56 225 (ii) Amount 1484.842 1474.986 1800 11326.406 Partial Allotment Percentage of Competitive Bids         (i) Percentage 98.9895 98.3324 91.3979   (ii) No. (1 bid) (1 bid) (12 bids)   Non – Competitive Bids Received         (i) No. 3 3 13 80 (ii) Amount 15.158 25.014 262.216 981.024 Non-Competitive Price 96.08 94.51 100.15   Non-Competitive Bids Accepted         (i) No. 3 3 13 80 (ii) Amount 15.158 25.014 200 823.594 Partial Allotment Percentage of Non-Competitive Bids         (i) Percentage – – 76.273   (ii) No. – – (13 bids)   Weighted Average Yield (%) 6.9301 6.9297 6.8088   Amount of Underwriting accepted from Primary Dealers NIL NIL NIL   Devolvement on Primary Dealers NIL NIL NIL   Total Allotment Amount 1500 1500 2000 12150 Rupambara Director    Press Release: 2021-2022/194

The Reserve Bank of India (RBl) has imposed, by an order dated May 10, 2021, a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Siddheshwar Sahakari Bank Ltd., Latur, Maharashtra (the bank) for contravention of/non-compliance with the directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/ Other Restrictions and Income Recognition and Asset Classification (IRAC) norms. 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 the directions issued by RBI on Exposure Norms and Statutory/ Other Restrictions and IRAC norms. 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 replies and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/192