Tenor 1-day Notified Amount (in ₹ crore) 1,25,000 Total amount of bids received (in ₹ crore) 36,775 Amount allotted (in ₹ crore) 36,775

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

In order to meet the durable liquidity needs of the system, the Reserve Bank has decided to inject Rupee liquidity for longer duration through long-term USD/INR Buy/Sell swap. Accordingly, the Reserve Bank will be conducting a USD/INR Buy/Sell swap auction of USD 10 billion for a tenor of 3 years.

The fifty third meeting of the Monetary Policy Committee (MPC), constituted under Section 45ZB of the Reserve Bank of India Act, 1934, was held during February 5 to 7, 2025. 2. The meeting was chaired by Shri Sanjay Malhotra, Governor and was attended by all the members – Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi; Shri Saugata Bhattacharya, Economist, Mumbai; Professor Ram Singh, Director, Delhi School of Economics, Delhi; Dr. Rajiv Ranjan, Executive Director (the officer of the Reserve Bank nominated by the Central Board under Section 45ZB(2)(c) of the Reserve Bank of India Act, 1934), and Shri M Rajeshwar Rao, Deputy Governor in charge of monetary policy.

Tenor 45-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 57,951 Amount allotted (in ₹ crore) 57,951 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.28

Tenor 14-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 41,046 Amount allotted (in ₹ crore) 41,046 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

Tenor 3-day Notified Amount (in ₹ crore) 1,75,000 Total amount of bids received (in ₹ crore) 94,927 Amount allotted (in ₹ crore) 94,927 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 75,000 45 12:00 Noon to 12:30 PM April 07, 2025 (Monday)

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 75,000 14 11:00 AM to 11:30 AM March 07, 2025 (Friday)

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025 , the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

The Reserve Bank has today released data on Reserve Money for the week ended February 14, 2025 and Money Supply for the fortnight ended February 07, 2024.

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 32,916 Amount allotted (in ₹ crore) 32,916 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on February 20, 2025, Thursday, as under:

Tenor 1-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 1,33,829 Amount allotted (in ₹ crore) 1,00,022 Cut off Rate (%) 6.27 Weighted Average Rate (%) 6.28 Partial Allotment Percentage of bids received at cut off rate (%) 79.01

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025 , the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 2-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 71,773 Amount allotted (in ₹ crore) 71,773 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.26 Partial Allotment Percentage of bids received at cut off rate (%) N.A.

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 4-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 57,413 Amount allotted (in ₹ crore) 57,413 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) N.A.

Tenor 1-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 1,34,675 Amount allotted (in ₹ crore) 1,00,014 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) 43.37

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 17, 2025, Monday, as under:

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 49-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 99,692 Amount allotted (in ₹ crore) 75,003 Cut off Rate (%) 6.28 Weighted Average Rate (%) 6.32 Partial Allotment Percentage of bids received at cut off rate (%) 57.30

Tenor 3-day Notified Amount (in ₹ crore) 1,50,000 Total amount of bids received (in ₹ crore) 1,93,363 Amount allotted (in ₹ crore) 1,50,016 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) 46.98

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 2,75,000 Total amount of bids received (in ₹ crore) 2,35,619 Amount allotted (in ₹ crore) 2,35,619 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.26 Partial Allotment Percentage of bids received at cut off rate (%) N.A.

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

On a review of current and evolving liquidity conditions, the Reserve Bank has decided to conduct a 49-day Variable Rate Repo (VRR) auction on February 14, 2025, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 75,000 49 11:00 AM to 11:30 AM April 04, 2025 (Friday)

The Reserve Bank has today released data on Reserve Money for the week ended February 07, 2025.

Tenor 1-day Notified Amount (in ₹ crore) 2,50,000 Total amount of bids received (in ₹ crore) 1,93,865 Amount allotted (in ₹ crore) 1,93,865 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.26 Partial Allotment Percentage of bids received at cut off rate (%) N.A.

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 2,00,000 Total amount of bids received (in ₹ crore) 2,03,022 Amount allotted (in ₹ crore) 2,00,036 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) 97.01

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the &nbsp;Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions <span><span>on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 2,25,000 Total amount of bids received (in ₹ crore) 2,01,310 Amount allotted (in ₹ crore) 2,01,310 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) NA

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025 , the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 56-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 1,08,702 Amount allotted (in ₹ crore) 50,010 Cut off Rate (%) 6.31 Weighted Average Rate (%) 6.35 Partial Allotment Percentage of bids received at cut off rate (%) 89.08

Tenor 3-day Notified Amount (in ₹ crore) 1,50,000 Total amount of bids received (in ₹ crore) 1,33,013 Amount allotted (in ₹ crore) 1,33,013 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) NA

This  Statement sets out various developmental and regulatory policy measures  relating to (i) Financial Markets ; (ii) Cybersecurity ; and (iii) Payment  Systems. I. Financial  Markets 1. Introduction of forward contracts in Government  securities 

Over the past few years, the Reserve Bank has been expanding the suite of interest rate derivative products available to market participants to manage their interest rate risks. In addition to Interest Rate Swaps, products such as Interest Rate Options, Interest Rate Futures, Interest Rate Swaptions, Forward Rate Agreements, etc. are available to market participants. We have been receiving feedback about the need to allow forward contracts in Government securities to enable further market development.  Such forward contracts will enable long-term investors such as  insurance funds to manage their interest rate risk across interest rate cycles.  They will also enable efficient pricing of derivatives that use bonds as underlying instruments. Draft directions in this regard were issued in December 2023. The final directions, taking into account the public feedback, will be issued shortly.

The Monetary Policy Committee (MPC) met on 5th, 6th and 7th of this month. You are aware that the Governor’s Statement after the MPC meeting contains not only the resolution of the MPC with regard to the policy rate and stance but also other announcements and measures, which have a bearing on the monetary and regulatory policies. The MPC resolution is of course of interest to a large number of people from various walks of life, as it impacts the lives of virtually all citizens of the country. The resolution also provides the rationale and the thought process of the MPC, and is of relevance to businesses, economists, academicians and the finance world. Apart from these MPC related announcements, the Governor’s statement has become an important medium for the Reserve Bank to highlight its priorities on which it would like the regulated entities to focus their energies on. It is an opportunity to point out areas of concern and challenges for the stakeholders to address their attention to. It is an occasion for the Reserve Bank to articulate its views on critical areas of interest. I will continue with this practice of a detailed statement.

The Monetary Policy Committee (MPC) held its 53rd meeting from February 5 to 7, 2025 under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Rajiv Ranjan, and Shri M. Rajeshwar Rao attended the meeting. After assessing the current and evolving macroeconomic situation, the MPC unanimously decided to:

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 21,674 Amount allotted (in ₹ crore) 21,674 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.52 Partial Allotment Percentage of bids received at cut off rate (%) NA

As announced vide the Press Release 2024-2025/2013 dated January 27, 2025, the Reserve Bank will be conducting a 56-day Variable Rate Repo (VRR) on February 07, 2025, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 56 03:30 PM to 04:00 PM April 04, 2025 (Friday)

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

The Reserve Bank has today released data on Reserve Money for the week ended January 31, 2025 and Money Supply for the fortnight ended January 24, 2024.

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 21,180 Amount allotted (in ₹ crore) 21,180 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.52 Partial Allotment Percentage of bids received at cut off rate (%) NA

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 25,524 Amount allotted (in ₹ crore) 25,001 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.52 Partial Allotment Percentage of bids received at cut off rate (%) 80.25

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.

Tenor 1-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 48,785 Amount allotted (in ₹ crore) 48,785 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.52 Partial Allotment Percentage of bids received at cut off rate (%) NA

As announced vide the Press Release 2024-2025/1933 dated January 15, 2025, the Reserve Bank will be conducting daily Variable Rate Repo (VRR) auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice. 2. Based on assessment of the liquidity conditions, it is decided that the notified amount for the daily Variable Rate Repo (VRR) auction to be conducted on February 03, 2025, Monday, will be ₹75,000 crore.