Press Releases

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 547,802.76 6.34 1.00-6.65 I. Call Money 9,683.93 6.48 5.10-6.55 II. Triparty Repo 365,772.85 6.28 6.05-6.44 III. Market Repo 170,912.98 6.46 1.00-6.60 IV. Repo in Corporate Bond 1,433.00 6.59 6.55-6.65 B. Term Segment I. Notice Money** 444.11 6.35 5.85-6.55 II. Term Money@@ 994.00 - 6.70-7.33 III. Triparty Repo 700.00 6.45 6.40-6.48 IV. Market Repo 1,848.76 6.64 6.60-6.68 V. Repo in Corporate Bond 0.00 - -

The Reserve Bank of India today placed on its website the Report of the Committee on MIBOR Benchmark (Chairperson: Shri R. Subramanian). The Committee was set up to review the Rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR) and to examine the need for transition to new benchmarks.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on September 02, 2024. 

The result of the auction of State Government Securities held on October 01, 2024 is as under: (Amount in ₹Crore) ANDHRA PRADESH 2038 ANDHRA PRADESH 2044 ANDHRA PRADESH 2048 ASSAM 2039 Notified Amount 1000 1000 1000 750 Tenure 14 20 24 15 Competitive Bids Received (i) No. 80 44 30 34 (ii) Amount 5065 3575 3580 2830 Cut off Price (₹) / Yield (%) 7.11 7.14 7.14 7.13

Today, the Reserve Bank of India released on its website the DRG Study titled, “Monetary Policy Transmission and Labour Markets in India.” The study is co-authored by Chetan Ghate, Satadru Das, Debojyoti Mazumder, Sreerupa Sengupta, and Satyarth Singh.

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹) / Yield (%) Tenure (Year) 1 Andhra Pradesh 1000 1000 7.11 14 1000 1000 7.14 20 1000 1000 7.14 24 2 Assam 750 750 7.13 15 3 Bihar 2000 2000 7.11 9 4 Goa 100 100 7.12 11 5 Haryana 1500 1500 7.12 12

Tenor 3-day Notified Amount (in ₹ crore) 1,75,000 Total amount of offers received (in ₹ crore) 93,815 Amount accepted (in ₹ crore) 93,815 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 516,144.89 6.65 1.00-7.15 I. Call Money 6,770.59 6.68 5.10-6.90 II. Triparty Repo 348,881.75 6.64 6.52-6.95 III. Market Repo 158,994.55 6.66 1.00-6.90 IV. Repo in Corporate Bond 1,498.00 6.84 6.80-7.15

Government of India (GOI) has announced the sale (issue / re-issue) of three dated securities for a notified amount of ₹39,000 crore as per the following details: Sr No    Security    Date of Repayment    Notified Amount (₹ Crore)    GoI specific Notification    Auction Date    Settlement Date 1    7.02% GS 2027    May 27, 2027    7,000    F.No.4(3)-B(W&M)/2024 dated September 30, 2024 October 04, 2024 (Friday)    October 07, 2024 (Monday) 2    New GS 2034    Oct 07, 2034    22,000    3    7.46% GS 2073    Nov 06, 2073    10,000    Total    39,000    2. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. 

Today, the Reserve Bank of India releases Volume 44, No.2, 2023 of its Occasional Papers, a research journal containing contributions from its staff. This issue contains three articles and three book reviews. Articles: 1. Cross-border Capital Flows and Sudden Stops: Lessons from Emerging Market Economies

Today, the Reserve Bank released data relating to India’s International Investment Position for end-June 2024[1]. Key Features of India’s IIP in end-June 2024: Net claims of non-residents on India increased by US$ 6.7 billion during Q1:2024-25 to US$ 368.3 billion in June 2024. •    The rise in net claims of non-residents during the quarter was due to higher increase in foreign-owned assets in India (US$ 28.8 billion) vis-à-vis that in Indian residents’ overseas financial assets (US$ 22.1 billion) (Table 1). •    Inward direct investment was the largest contributor to the rise in foreign liabilities during April-June 2024 followed by currency and deposits, loans and trade credit. 

The Reserve Bank of India (RBI) has, by an order dated September 25, 2024, imposed a monetary penalty of ₹1.50 lakh /- (Rupees One Lakh Fifty Thousand only) on Jai Bhawani Sahakari Bank Ltd., Pune, Maharashtra (the bank) for contravention of the provisions of section 26 A read with section 56 of the Banking Regulation Act, 1949 (BR Act), non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’ and ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of September 2024 are set out in Tables 1 to 7. Highlights:

The value of exports and imports of services during August 2024 is given in the following table. International Trade in Services (US$ million) Month Receipts (Exports) Payments (Imports) April – 2024 30,179 (17.1) 16,749 (20.0) May – 2024 29,614 (9.7) 16,863 (6.2)

The stock of external debt at end-June 2024 as well as revised data for earlier quarters are set out in Statements I (IMF format ) and II (old format). The major developments relating to India’s external debt as at end-June 2024 are presented below. Highlights • At end-June 2024, India’s external debt was placed at US$ 682.3 billion, an increase of US$ 13.3 billion over its level at end-March 2024 (Table 1).

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 01, 2024, Tuesday, as under:

Data on sectoral deployment of bank credit for the month of August 2024 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

Today, the Reserve Bank of India released the balance of payments (BoP) data for the first quarter (Q1), i.e., April-June of 2024-25 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-June 2024 are detailed below in Table 1

Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1), i.e., April-June 2024-25, are presented in Statements I and II. Key Features of India’s BoP in Q1:2024-25 • India’s current account deficit (CAD) widened marginally to US$ 9.7 billion (1.1 per cent of GDP) in Q1:2024-25 from US$ 8.9 billion (1.0 per cent of GDP) in Q1:2023-24 and against a surplus of US$ 4.6 billion (0.5 per cent of GDP) in Q4:2023-24.

Tenor 4-day Notified Amount (in ₹ crore) 1,00,000 Total amount of offers received (in ₹ crore) 1,000 Amount accepted (in ₹ crore) 1,000 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA