RBI hikes IMPS daily transaction limit to ₹5 lakh

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The Reserve Bank of India on Friday announced a proposal to increase the per-transaction limit for the Immediate Payment Service (IMPS) from ₹2 lakh to ₹5 lakh for channels other than SMS and IVRS.

“This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh,” RBI Governor Shaktikanta Das said.

The per-transaction limit for SMS and IVRS (interactive voice response) channels is ₹5,000.

Experts said this will help corporates and MSMEs, and push use of digital payments.

Also see: UPI records 365 crore transactions worth ₹6.54-lakh cr in September

“It will help large corporates and MSMEs bring in greater flexibility and obvious cost efficiency by eliminating manual efforts and errors accompanying these processes. Add to it the real gains from this move that will be seen in increased working capital management, enhanced transactional speed across the supply chain, as well as improved cash flow,” said Narayan ‘Naru’ Ramamoorthy, Chief Revenue Officer, Global PayEX.

Geotagging of touchpoints

The RBI also unveiled a slew of other measures related to payment and settlement systems including geotagging of payment system touchpoints.

It has proposed to lay down a framework for geotagging (capturing geographical coordinates through latitude and longitude) of physical payment acceptance infrastructure, point of sale terminals and quick response (QR) codes used by merchants.

Improve acceptance infra

This would complement the Payment Infrastructure Development Fund framework through better deployment of acceptance infrastructure and wider access to digital payments.

“To ensure a balanced spread of acceptance infrastructure across the length and breadth of the country, it is essential to ascertain location information of existing payment acceptance infrastructure. In this regard, geotagging technology, by providing location information on an ongoing basis, can be useful in targeting areas with deficient infrastructure for focussed policy action,” the RBI said.

Also see: ‘We want to have more ‘buy now, pay later’ customers than any card company’

It has also proposed that the topic for the Fourth Cohort would be ‘Prevention and Mitigation of Financial Frauds’.

“The focus would be on using technology to reduce the lag between the occurrence and detection of frauds, strengthening the fraud governance structure and minimising response time to frauds,” the RBI said, adding that the application window for this cohort would be opened in due course.

In addition, based on the experience gained and the feedback received from stakeholders, it has proposed to facilitate ‘On Tap’ application for themes of cohorts earlier closed.

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Reserve Bank of India – Press Releases

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Today, the Reserve Bank released the web publication ‘Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India – March 2021’1 on its Database on Indian Economy (DBIE) portal (web-link: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications#!19). The publication provides information on various characteristics of bank credit, based on data submitted by SCBs (including Regional Rural Banks) under the annual Basic Statistical Return (BSR) – 1 system, which collects information on type of account, organisation, occupation/activity and category of the borrower, district and population group of the place of utilisation of credit, rate of interest, credit limit and amount outstanding2.

Main Findings:

  • Bank branches in urban, semi-urban and rural areas recorded double-digit credit growth during 2020-21 whereas metropolitan branches, which accounted for 61.2 per cent of total bank credit, recorded 1.4 per cent growth.

  • Personal loans continued to grow at robust pace over the last decade and their share in outstanding bank credit increased to 25.9 per cent in March 2021 from 16.4 per cent ten years ago – it recorded double-digit growth in all the years during the interregnum.

  • Industrial loan growth, which has been decelerating during the last decade, turned negative for the first time during 2020-21 as economic activity slowed down in the aftermath of the COVID-19 pandemic; working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21.

  • The number of loan accounts with SCBs increased by 9.5 per cent during 2020-21 to 29.8 crore in March 2021; household sector3 accounted for 96.6 per cent of these accounts and held 53.7 per cent of the outstanding credit amount.

  • Private sector banks recorded higher loan growth when compared to other bank groups: their share in total credit has steadily increased to 35.4 per cent in March 2021 from 20.8 per cent in March 2015 at the cost of public sector banks, whose share has come down from 71.6 per cent to 56.5 per cent over the same period.

  • As the number of small-sized loan accounts with banks has been increasing over the years to meet personal loan and other requirements of smaller borrowers, the average size of bank loan account has gradually declined to ₹3.7 lakhs in March 2021 from ₹4.8 lakhs in March 2015; the decline in the average loan size in metropolitan branches of banks has been sharper from ₹13.5 lakhs to ₹7.7 lakhs over the same period.

  • Interest rates on bank loans declined further during 2020-21; the share of loans bearing less than 9 per cent interest rate was 60.7 per cent in March 2021 vis-a-vis 42.1 per cent in March 2020 and only 16.4 per cent in March 2019.

  • Credit utilisation in southern region of the country has been rising continuously and its share in total credit increased to 30.1 per cent in March 2021 from 27.5 per cent five years earlier; it surpassed the western region, whose credit share declined from 32.4 per cent to 28.8 per cent over this period.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1013

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1 Luggage And 1 Auto Ancillaries Stock To Buy For Upto 20% Upside By HDFC Securities

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1. Minda Industries:

HDFC Securities recommends to buy the auto ancillaries firm for a target price of Rs. 890 i.e. an upside of 14 percent from the last closing price of Rs. 781.05. The scrip is recommended to be bought for a 3 months duration and the suggested stop loss is Rs. 723.

Technical observations:

Minda Industries is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.

After consolidating in a range between the 700-758 levels for the last several sessions, the stock has broken out of this range on Thursday on the back of above average volumes.

Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA.

Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue. “With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy”, says the brokerage firm.

2. VIP Industries:

2. VIP Industries:

The luggage firm is given a buy for a target price of Rs. 650 that given the last closing price of Rs. 539.7 implies an upside of over 20%.

Technical observations:

Stock price has broken out on the daily chart with higher volumes.

Stock price is forming bullish higher top higher bottom formation on the daily and weekly chart.

Short term trend of the Stock is positive where it is trading above its 5 and 20 day EMA

RSI oscillator is placed above 60 and rising upwards, indicating strength in the current uptrend

Plus, DI is trading above -DI while ADX line is placed above 25, Indicating momentum in the current uptrend.

Considering the Technical evidences discussed above, we recommend buying VIP IND at CMP of 518.5 and average at 485 for the upside targets of 585 and 650, keeping a stop-loss at 460.

Disclaimer:

Disclaimer:

The above listed stocks to buy are picked from the brokerage report. Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. Neither the author, nor Greynium Information technologies Pvt Ltd would be responsible for losses incurred based on a decision made from this article.



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Reserve Bank of India – Press Releases

Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Oct. 2 Sep. 24 Oct. 1 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government – – – – –
4.2 State Governments 13169 7976 14498 6522 1329
* Data are provisional.

2. Foreign Exchange Reserves
Item As on October 1, 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 4723970 637477 14954 -1169 505017 60493 733129 91839
1.1 Foreign Currency Assets 4264251 575451 11742 -1280 340083 38757 585039 72405
1.2 Gold 278316 37558 2329 128 30593 3678 11465 1072
1.3 SDRs 142576 19240 -313 -138 131713 17755 131783 17765
1.4 Reserve Position in the IMF 38826 5228 1196 122 2628 303 4843 597
*Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Sep. 24, 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 15595037 20349 694911 481525 1355943 1332634
2.1a Growth (Per cent)   0.1 5.1 3.2 10.5 9.3
2.1.1 Demand 1822972 69390 -40943 -38221 167175 246911
2.1.2 Time 13772065 -49040 735854 519746 1188768 1085722
2.2 Borrowings 245898 2498 -53222 1873 -84812 -10319
2.3 Other Demand and Time Liabilities 591509 -25164 -52619 -65098 18646 40452
7 Bank Credit 10956792 44087 -99280 7283 502727 685211
7.1a Growth (Per cent)   0.4 –1.0 0.1 5.1 6.7
7a.1 Food Credit 62342 -7396 14663 1087 6342 -4085
7a.2 Non-food credit 10894450 51483 -113943 6196 496385 689296

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. 24 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 18844578 19392124 -8597 0.0 939801 5.6 547546 2.9 1925597 12.2 1652360 9.3
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2751828 2814931 -28334 -1.0 235494 10.0 63103 2.3 496045 23.7 229689 8.9
1.2 Demand Deposits with Banks 1995120 1957469 69218 3.7 -40782 -2.3 -37651 –1.9 171683 11.3 260559 15.4
1.3 Time Deposits with Banks 14050278 14572824 -49660 -0.3 740775 5.8 522545 3.7 1247028 10.2 1158034 8.6
1.4 ‘Other’ Deposits with Reserve Bank 47351 46900 178 0.4 4314 11.2 -451 –1.0 10841 33.9 4078 9.5
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 5850374 6075924 -179121 -2.9 557955 11.2 225550 3.9 681183 14.1 557606 10.1
2.1.1 Reserve Bank 1099686 1118511 -133314   -155762   18825   -100459   282081  
2.1.2 Other Banks 4750689 4957413 -45807 -0.9 713717 18.0 206724 4.4 781642 20.0 275525 5.9
2.2 Bank Credit to Commercial Sector 11668466 11665987 42396 0.4 -104738 -0.9 -2479 –0.0 554960 5.3 732081 6.7
2.2.1 Reserve Bank 8709 5796 -1204   1574   -2913   6637   -8944  
2.2.2 Other Banks 11659757 11660191 43600 0.4 -106312 -1.0 433 0.0 548323 5.3 741025 6.8

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabilisation Scheme OMO (Outright) Long Term Repo Opera tions& 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
Sep. 27, 2021 – 327354 – – 439 – – – – – 600 – – -326315
Sep. 28, 2021 – 303230 – 197123 450 – – – – – – – – -499903
Sep. 29, 2021 – 289707 – – 902 – – – – – – – – -288805
Sep. 30, 2021 – 363114 – – 217 500 – – – – – – – -362397
Oct. 1, 2021 – 392929 – – 150 – – 15000 15000 – – – – -392779
Oct. 2, 2021 – 14729 – – 434 – – – – – – – – -14295
Oct. 3, 2021 – 3090 – – 4 – – – – – – – – -3086
* 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: 2021-2022/1011

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Reserve Bank of India – Press Releases

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The limits for financial accommodation through Ways and Means Advances (WMA), Special Drawing Facility (SDF) and Overdraft (OD) schemes of States and Union Territories (UTs) have been reviewed. It has been decided as under:

Ways and Means Advances

As recommended by the Advisory Committee (Chairman: Shri Sudhir Shrivastava) to review the WMA limits for State Governments/UTs, the enhanced interim WMA limits totalling ₹51,560 crore were extended by the Reserve Bank up to September 30, 2021 to help States/UTs to tide over the difficulties faced by them during the pandemic. Considering the uncertainties related to ongoing pandemic, it has been decided that the existing WMA limit of ₹51,560 crore for all States shall be extended by further six months i.e. up to March 31, 2022 (State/ UT-wise WMA limits are given in the Annex). The Reserve Bank will review the WMA limits thereafter, depending on the course of the pandemic and its impact on the economy.

Special Drawing Facility

SDF availed by State Governments/ UTs shall continue to be linked to the quantum of their investments in marketable securities issued by the Government of India, including the Auction Treasury Bills (ATBs). The net annual incremental investments in Consolidated Sinking Fund (CSF) and Guarantee Redemption Fund (GRF) shall continue to be eligible for availing of SDF, without any upper limit. A uniform hair cut of 5 per cent shall be applied on the market value of securities, for determining the operating limit of SDF on a daily basis.

Overdraft

It has been decided to extend the relaxations provided for Overdraft facility for a period of six months, i.e. up to March 31, 2022 to provide greater flexibility to States to tide over their mismatches in cash flows. The details are given below:

  1. Increase in the number of consecutive days on which a State Government/UTs can avail overdraft from 14 days to 21 days; and

  2. Increase in the maximum number of days in a quarter on which the State Government/UTs can be in overdraft from 36 days to 50 days.

Interest Rates on SDF, WMA and OD

Interest rate on SDF, WMA and OD shall continue to be linked to the policy rate of the Reserve Bank i.e., the Repo Rate. Interest will be charged for all the days the advance remains outstanding.

The prevailing rates are retained as given below:

Scheme Limit Rate of Interest
SDF If availed against net annual incremental investment in CSF and GRF Repo rate minus 2 per cent
If availed against investment in G-sec/ ATBs Repo rate minus 1 per cent
WMA If outstanding up to 3 months from the date of making the advance Repo rate
If outstanding beyond three months from the date of making the advance Repo rate plus 1 per cent
OD If availed up to 100 per cent of WMA limit Repo rate plus 2 per cent
If exceeds 100 per cent of WMA limit Repo rate plus 5 per cent

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1015

Annex: WMA Limit of State Governments and UTs

(Amount in ₹ crore)
Sl. No State/UTs WMA Limit valid up to March 31, 2022
1 2 3
1 Andhra Pradesh 2,416.00
2 Arunachal Pradesh 312.00
3 Assam 1,504.00
4 Bihar 2,272.00
5 Chhattisgarh 1,056.00
6 Goa 272.00
7 Gujarat 3,064.00
8 Haryana 1,464.00
9 Himachal Pradesh 880.00
10 Jammu and Kashmir 1,408.00
11 Jharkhand 1,152.00
12 Karnataka 3,176.00
13 Kerala 1,944.00
14 Madhya Pradesh 2,560.00
15 Maharashtra 5,416.00
16 Manipur 312.00
17 Meghalaya 280.00
18 Mizoram 256.00
19 Nagaland 328.00
20 Odisha 1,576.00
21 Punjab 1,480.00
22 Rajasthan 2,608.00
23 Tamil Nadu 3,960.00
24 Telangana 1,728.00
25 Tripura 408.00
26 Uttar Pradesh 5,680.00
27 Uttarakhand 808.00
28 West Bengal 3,032.00
29 Puducherry 208.00
  Total (All States/UTs) 51,560.00

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Bharti Airtel Rs. 6000 Cashback Offer: Know About It

Personal Finance

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Planning

oi-Roshni Agarwal

|

The multinational telecom company Bharti Airtel to take on its rival Jio has come up with “Mera Pehla Smartphone Program’. As part of the program, the company will be offering several benefits on buying a new smartphone.

The cashback under the offer is of Rs. 6000 and it will be available to customers who buy a new smarphone of up to Rs. 12000. So, customers can enjoy this benefit on the purchase of any of the 150 smartphones that are eligible for the offer.

Bharti Airtel Rs. 6000 Cashback Offer: Know About It

Bharti Airtel Rs. 6000 Cashback Offer: Know About It

For getting the benefit, customers need to recharge their phones for a minimum of Rs. 249 prepaid plan or above on a continuous basis for 36 months or 3 years time. This cashback benefit as per the company shall be available in 2 installments one after the term of 18 months of Rs. 2000 and the remaining after the completion of 36 months of the balance Rs. 4000.

Other than the cashback offer, there is a free screen replacement offer for 1 year that comes clubbed with the plan. The cashback will be credited in Airtel Payments Bank.

For more details on the offer, interested customers can login to the company site airtel.in
Note the offer is to compete with Jio’s JioPhone Next that is due to be unveiled in November before Diwali.

GoodReturns.in

Story first published: Friday, October 8, 2021, 20:03 [IST]



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RBI proposes framework for offline digital retail payments

Banking & Finance

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In a move that will further popularise the use of digital payments, the Reserve Bank of India has proposed to introduce a framework for carrying out retail digital payments in offline mode across the country.

The Statement on Developmental and Regulatory Policies on August 6, 2020 had announced a scheme to conduct pilot tests of innovative technology that enables retail digital payments even in situations where internet connectivity is low or not available (offline mode). “Three pilots were successfully conducted under the scheme in different parts of the country during the period from September 2020 to June 2021 involving small-value transactions covering a volume of 2.41 lakh for value ₹1.16 crore,” said RBI Governor Shaktikanta Das on Friday, adding that the learnings indicate that there is a scope to introduce such solutions, especially in remote areas.

Also read: UPI records 365 crore transactions worth ₹6.54-lakh cr in September

This would enable users who do not have internet connectivity at all times, to be be able to use digital payment modes.

The RBI has also proposed to increase the per-transaction limit for IMPS from ₹2 lakh to ₹5 lakh for channels other than SMS and IVRS. “This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh,” Das said.

The limit for an IMPS transaction through SMS and IVRS channels is ₹ 5,000.

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RBI Gov hints on ‘gradual’ unwinding of exceptional liquidity measures

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Reserve Bank of India Governor Shaktikanta Das on Friday dropped ample hints on unwinding of the exceptional liquidity measures announced over the last one-and-a-half years, stating that the process has to be gradual, calibrated and non-disruptive, while remaining supportive of the economic recovery.

Given the liquidity overhang of more than ₹13-lakh crore, Das underscored that the RBI will continue to absorb surplus liquidity via the 14-day variable rate reverse repo (VRRR) auction.

Further, the Central bank will discontinue the Government Security Acquisition Programme (G-SAP) operation, which is aimed at providing liquidity to banks so that they subscribe to Government Securities at primary auctions and yields are kept under check. The Governor said, “As we approach the shore, we don’t want to rock the boat. We want to go beyond the shore.”

Das said as the economy shows signs of emerging from the Covid-19 inflicted ravages, a near consensus view emerging among market participants and policy makers is that the liquidity conditions emanating from the exceptional measures instituted during the crisis would need to evolve in sync with the macroeconomic developments to preserve financial stability

Keeping in view the market feedback, it is proposed to undertake the 14-day VRRR auctions on a fortnightly basis in the following manner: ₹4-lakh crore today as already notified; ₹4.5-lakh crore on October 22; ₹5-lakh crore on November 3; ₹5.5-lakh crore on November 18; and ₹6-lakh crore on December 3.

Further, depending upon the evolving liquidity conditions – especially the quantum of capital flows, pace of government expenditure and credit offtake – the RBI may also consider complementing the 14-day VRRR auctions with 28-day VRRR auctions in a similar calibrated fashion.

“Let me reiterate and re-emphasise that the VRRR auctions are primarily a tool for rebalancing liquidity as part of our liquidity management operations and should not be interpreted as a reversal of the accommodative policy stance. The RBI will ensure that there is adequate liquidity to support the process of economic recovery. The Reserve Bank will continue to support the market in ensuring an orderly completion of the borrowing programme of the government,” Das said. Further, RBI’s focus on orderly evolution of the yield curve as a public good also continues.

G-SAP

Das emphasised that given the existing liquidity overhang, the absence of a need for additional borrowing for GST compensation and the expected expansion of liquidity in the system as government spending increases in line with budget estimates, the need for undertaking further G-SAP operations at this juncture does not arise.

The Reserve Bank, however, would remain in readiness to undertake G-SAP as and when warranted by liquidity conditions and also continue to flexibly conduct other liquidity management operations including Operation Twist (OT) and regular open market operations (OMOs), he added.

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Reserve Bank of India – Press Releases

Press Releases

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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹13,229 Cr. (Face Value).

Sr. No. State Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1 Andhra Pradesh 1000 – 15 Yield
1000 – 20 Yield
2 Gujarat 2500 500 8 Yield
3 Karnataka 1000 – 10 Yield
1000 – 11 Yield
4 Manipur 140 – 10 Yield
5 Nagaland 89 – 10 Yield
6 Punjab 750 – Re-issue of 6.84% Punjab SDL 2031 Issued on September 29, 2021 Price
250 – Re-issue of 6.98% Punjab SDL 2033 Issued on September 29, 2021 Price
7 Rajasthan 1000 – 10 Yield
8 Tamil Nadu 2000 – 10 Yield
9 Uttar Pradesh 2500 – 10 Yield
  TOTAL 13229  

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 12, 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 October 12, 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 October 12, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on October 13, 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 April 13 and October 13 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: 2021-2022/1012

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Sensex scales 60k after RBI retains accommodative stance, BFSI News, ET BFSI

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Mumbai, Oct 8 (PTI) The Sensex soared past the 60,000-level while the Nifty finished at an all-time high on Friday after the Reserve Bank kept the key interest rates unchanged but maintained its accommodative stance to bolster economic recovery. Market heavyweight Reliance Industries led the gains, while IT stocks too saw heavy buying ahead of TCS’ results.

The 30-share BSE Sensex jumped 381.23 points or 0.64 per cent to close at 60,059.06, just shy of its lifetime high.

The NSE Nifty rose 104.85 points or 0.59 per cent to its fresh closing peak of 17,895.20.

Reliance Industries was the top gainer in the Sensex pack, rallying 3.84 per cent, followed by Infosys, Tech Mahindra, HCL Tech, TCS, Tata Steel and L&T.

In contrast, HUL, NTPC, Kotak Bank, Maruti Suzuki, Dr Reddy’s and Titan were among the laggards, shedding up to 1.16 per cent.

Rate-sensitive banking and realty indices ended in the red, but auto closed with gains.

On a weekly basis, the Sensex rallied 1,293.48 points or 2.20 per cent, and the Nifty soared 363.15 points or 2.07 per cent.

The Reserve Bank of India (RBI) expectedly kept interest rates unchanged at a record low but signalled the start of tapering pandemic-era stimulus measures on economic recovery taking root.

The six-member Monetary Policy Committee (MPC) kept the key lending rate or the repo rate unchanged at 4 per cent while the reverse repo rate or the borrowing rate was maintained at 3.35 per cent.

It voted 5-1 to retain the accommodative stance, RBI Governor Shaktikanta Das said.

The GSAP programme to purchase government securities from the market has been stopped for now to ensure that there is no further infusion of liquidity, he said, but stressed that the step is not a reversal of its accommodative policy stance and RBI will be ready to resume bond purchases if needed.

“With the RBI continuing with its accommodative policy, indices remained firmly bullish through the day led by the IT index as the street awaits TCS earnings and guidance,” said S Ranganathan, Head of Research at LKP Securities.

Reliance led from the front with the broader markets seeing action across pockets, he added.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic indices traded higher with optimism underpinned by dovish RBI policy and mixed global cues due to US jobs data awaited later in the day. RBI kept rates unchanged and maintained the status quo on accommodative stance.”

“FY22 GDP growth was maintained at 9.5 per cent while trimming inflation worries by lowering CPI forecast from 5.7 per cent to 5.3 per cent, provided the push to the market. On the sectoral front, the IT sector was in focus ahead of the result releases of sectoral majors while realty and FMCG succumbed to profit booking,” he added.

Sectorally, BSE energy, IT, teck, industrials, oil and gas, auto and basic materials indices spurted up to 2.69 per cent, while realty, power, FMCG and utilities closed lower.

Broader BSE midcap and smallcap indices climbed up to 0.83 per cent.

Asian stocks mustered gains, led by Chinese markets which returned from a week-long holiday. Bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.

Stock exchanges in Europe were largely trading on a negative note in the afternoon session.

Meanwhile, international oil benchmark Brent crude rose 0.83 per cent to USD 82.63 per barrel.

The rupee tumbled 20 paise to close at 74.99 against the US dollar on Friday, as rising crude oil prices weighed on investor sentiment.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 1,764.25 crore, as per exchange data. PTI ANS ABM ABM



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