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

Auction Results 6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹12,000 crore ₹10,000 crore II. Underwriting Notified Amount ₹12,000 crore ₹10,000 crore III. Competitive Bids Received (i) Number 210 170 (ii) Amount ₹ 26570.500 Crore ₹ 22296.500 Crore IV. Cut-off price / Yield 100.57 100.56

6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹12,000 crore ₹10,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.57/6.8565% 100.56/7.0445% III. Amount accepted in the auction ₹12,000 crore ₹10,000 crore IV. Devolvement on Primary Dealers NIL NIL

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

In the underwriting auction conducted on February 07, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

As part of the ‘Statement on Developmental and Regulatory Policies’ dated February 07, 2025, the Reserve Bank announced the setting up of a Working Group to undertake a comprehensive review of trading and settlement timings of markets regulated by the Reserve Bank.

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:

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 5,62,738.64 6.29 3.50-8.00 I. Call Money 14,447.56 6.45 5.15-6.60 II. Triparty Repo 3,61,611.60 6.25 6.10-6.35 III. Market Repo 1,84,089.88 6.33 3.50-6.60 IV. Repo in Corporate Bond 2,589.60 6.94 6.45-8.00