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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	New GOI FRB 2028 *	Oct 04, 2028	4,000	F.No.4(3)-B(W&M)/2021 dated September 27, 2021	October 01, 2021 (Friday)	October 04, 2021 (Monday)
2	6.10% GS 2031	July 12, 2031	13,000
3	6.76% GS 2061	Feb. 22, 2061	7,000
	Total		24,000
* The base rate for the coupon payment for the period October 04, 2021 to April 03, 2022 for New GOI FRB 2028 shall be 3.40 per cent per annum.

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 New GOI FRB 2028, 6.10% GS 2031 and multiple price method for 6.76% 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 October 01, 2021 (Friday). 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 October 04, 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 October 01, 2021 (Friday) 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 September 28, 2021 – October 01, 2021.

7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.

Ajit Prasad
Director   

Press Release: 2021-2022/940

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ANNEX

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).

To enable institutional and retail investors to plan their investments efficiently and provide transparency and stability to the Government securities market, an indicative calendar for issuance of Government dated securities for the second half of the fiscal year 2021-22 (October 01, 2021 to March 31, 2022) has been prepared in consultation with the Government of India.

The second half borrowing programme of the Government of India is expected to be completed by February 2022.

The issuance calendar is as under:

Calendar for Issuance of Government of India Dated Securities (October 01, 2021 to March 31, 2022)
Sr. No.	Auction Week	Amount in (₹ Crore)	Security-wise Allocation
1	September 27-October 01, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
2	October 04-08, 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
3	October 11-14, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
4	October 18-22, 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
5	October 25-29, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
6	November 08-12, 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
7	November 15-18, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
8	November 22-26, 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
9	November 29-December 03, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
10	December 06-10, 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
11	December 13-17, 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
12	December 20-24 2021	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
13	December 27-31 2021	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
14	January 03-07, 2022	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
15	January 10-14, 2022	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
16	January 17-21, 2022	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
17	January 24-28, 2022	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
18	January 31-February 04, 2022	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
19	February 07-11, 2022	24,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹7,000 crore
20	February 14-18, 2022	24,000	i) 02 Years for ₹2,000 crore
			ii) 05 Years for ₹6,000 crore
			iii) 14 Years for ₹9,000 crore
			iv) 30 Years for ₹7,000 crore
21	February 21-25, 2022	23,000	i) 10 Years for ₹13,000 crore
			ii) FRB ₹4,000 crore
			iii) 40 Years for ₹6,000 crore
Total		5,03,000

2. As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which 5 per cent of the notified amount will be reserved for the specified retail investors.

3. Like in the past, the Reserve Bank of India in consultation with the Government of India, will continue to have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturities, etc. and to issue different types of instruments, including instruments having non-standard maturity and floating rate bonds (FRBs), including CPI linked inflation linked bonds, depending upon the requirement of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. The calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays. Such changes shall be communicated through Press Releases.

4. The Reserve Bank of India in consultation with the Government of India, reserves the right to exercise the green-shoe option to retain additional subscription up to ₹2000 crore each against one or more security/ies indicated in the auction notification.

5. RBI will also be conducting switches of dated securities through auction on every third Monday of the month or at more frequent intervals. In case third Monday is a holiday, switch auction will be conducted on fourth Monday of the month.

6. The auction of dated securities will be subject to the terms and conditions specified in the General Notification No. F.4(2)-W&M/2018 dated March 27, 2018 issued by the Government of India, as amended from time to time.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/937

(For the Quarter ending December 2021) After reviewing the cash position of the Central Government, the Reserve Bank of India, in consultation with the Government of India, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending December 2021 as under: Notified Amount for Auction of Treasury Bills (October 01, 2021 to December 31, 2021) (₹ Crore) Date of Auction Issue Date 91 Days 182 Days 364 Days Total October 6, 2021 October 7, 2021 10,000 3,000 7,000 20,000 October 13, 2021 October 14, 2021 10,000 3,000 7,000 20,000 October 20, 2021 October 21, 2021 10,000 3,000 7,000 20,000 October 27, 2021 October 28, 2021 10,000 3,000 7,000 20,000 November 2, 2021 November 3, 2021 10,000 3,000 7,000 20,000 November 10, 2021 November 11, 2021 10,000 3,000 7,000 20,000 November 17, 2021 November 18, 2021 10,000 3,000 7,000 20,000 November 24, 2021 November 25, 2021 10,000 3,000 7,000 20,000 December 1, 2021 December 2, 2021 10,000 3,000 7,000 20,000 December 8, 2021 December 9, 2021 10,000 3,000 7,000 20,000 December 15, 2021 December 16, 2021 10,000 3,000 7,000 20,000 December 22, 2021 December 23, 2021 10,000 3,000 7,000 20,000 December 29, 2021 December 30, 2021 10,000 3,000 7,000 20,000 Total 1,30,000 39,000 91,000 2,60,000 2. Reserve Bank of India, in consultation with the Government of India, will have the flexibility to modify the notified amount and timing for auction of Treasury Bills, depending upon the requirements of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. Thus, the calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays. Such changes, if any, will be communicated through Press Releases. 3. The auction of Treasury Bills will be subject to the terms and conditions specified in the General Notification No. F.4(2)-W&M/2018 dated March 27, 2018 issued by the Government of India, as amended from time to time. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/938

It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the second half of the financial year 2021-22 (October 2021 to March 2022) be fixed at ₹50,000 crore. The Reserve Bank may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit. The Reserve Bank retains the flexibility to revise the limit at any time, in consultation with the Government of India, taking into consideration the prevailing circumstances. The interest rate on WMA/overdraft will be: WMA: Repo Rate Overdraft: Two percent above the Repo Rate (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/939

The Reserve Bank of India (RBI) has, by an order dated September 27, 2021, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on RBL Bank Limited (the bank) for contravention of section 28 (h) of the Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and for non-compliance with the provisions of clause (b) of sub-section (2) of section 10A of the Banking Regulation Act, 1949 (the Act). For the non-compliance with the provisions of section 10 A (2) (b) of the Act, penalty is also imposed for the period during which the contravention or default continued. 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) of the Act. 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 Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2019 (ISE 2019). The examination of the Risk Assessment Report and Inspection Report pertaining to ISE 2019, RBI letter dated October 27, 2020 and related correspondence in the matter, revealed, inter alia, contravention of the regulatory directions and non-compliance with the provisions of the Act, to the extent of (i) opening of five savings deposit accounts in the name of a co-operative bank and (ii) failure to comply with the provisions of section 10A(2)(b) of the Act relating to composition of Board of Directors. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of / non-compliance with the provisions of the directions/Act, as stated therein. After considering the bank’s reply to the show cause notice, oral submissions made during the personal hearing and examination of additional submissions made by the bank, RBI came to the conclusion that the aforesaid charge of contravention of / non-compliance with the directions /Act were substantiated and warranted imposition of monetary penalty on the bank. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/936