Press Releases

Government of India (GOI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹31,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (Rs. crore) GoI specific Notification Auction Date Settlement Date 1 7.10% GS 2034 Apr 08, 2034 20,000 F.No.4(3)-B(W&M)/2024 dated June 24, 2024 June 28, 2024 (Friday) July 01, 2024 (Monday) 2 7.34% GS 2064 Apr 22, 2064 11,000 Total 31,000

The Reserve Bank of India (RBI) has, by an order dated June 21, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on The Hirasugar Employees’ Co-operative Bank Limited, Belagavi, Karnataka (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions − UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated June 20, 2024, imposed a monetary penalty of ₹2,00,000/- (Rupees Two lakh only) on the National Insurance Employees’ Co-operative Credit & Banking Society Limited, Kolkata (the bank) for non-compliance with certain provisions of RBI directions on ‘Investments by Primary (Urban) Co-operative Banks’ and ‘Know your Customer (KYC) Direction, 2016’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

Today, the Reserve Bank of India released balance of payments (BoP) data for the fourth quarter (Q4), i.e., January-March 2023-24 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during 2023-24 are detailed below in Table 1. Table 1: Sources of Variation in Foreign Exchange Reserves* (US$ billion) Items 2022-23 2023-24 I. Current Account Balance -67.1 -23.3 II. Capital Account (net) (a to f) 57.9 87.0 a. Foreign Investment (i+ii) 22.8 53.9 (i) Foreign Direct Investment (FDI) 28.0 9.8 (ii)Portfolio Investment -5.2 44.1 

Preliminary data on India’s balance of payments (BoP) for the fourth quarter (Q4), i.e., January-March 2023-24, are presented in Statements I and II. Key Features of India’s BoP in Q4:2023-24 India’s current account balance recorded a surplus of US$ 5.7 billion (0.6 per cent of GDP) in Q4:2023-24 as against a deficit of US$ 8.7 billion (1.0 per cent of GDP) in Q3:2023-24 and US$ 1.3 billion (0.2 per cent of GDP) a year ago [i.e., Q4:2022-23] . The merchandise trade deficit at US$ 50.9 billion in Q4:2023-24 was lower than US$ 52.6 billion a year ago. Preliminary data on India’s balance of payments (BoP) for the fourth quarter (Q4), i.e., January-March 2023-24, are presented in Statements I and II. Key Features of India’s BoP in Q4:2023-24 India’s current account balance recorded a surplus of US$ 5.7 billion (0.6 per cent of GDP) in Q4:2023-24 as against a deficit of US$ 8.7 billion (1.0 per cent of GDP) in Q3:2023-24 and US$ 1.3 billion (0.2 per cent of GDP) a year ago [i.e., Q4:2022-23] . The merchandise trade deficit at US$ 50.9 billion in Q4:2023-24 was lower than US$ 52.6 billion a year ago.

A. Source Security 5.22% GS 2025 8.20% GS 2025 8.20% GS 2025 7.59% GS 2026 7.27% GS 2026 8.33% GS 2026 B. Notified Amount (amount in ₹ cr) 3,500 2,000 3,500 2,000 1,000 3,500 Destination Security 7.40% GS 2035 6.10% GS 2031 7.41% GS 2036 7.73% GS 2034 6.83% GS 2039 7.41% GS 2036 C. i. No. of offers received 12 2 8 5 0 12 ii. Total amount of Source Security offered (Face value in ₹ cr) 3,582.000 2,035.000 3,710.00 3,139.800 0.000 4,095.000 iii. No of offers accepted 5 1 4 4 0 8 iv. Total amount of source security accepted (Face value in ₹ cr) 1,300.00 2,000.000 2,000.000 2,000.000 0 3,135.000 v. Total amount of destination security issued (Face value in ₹ cr) 1,242.667 2,136.325 1,965.206 1,921.452 0 3,114.437 vi. Cut-off price (₹) / yield (%) for destination security 102.92/ 7.0173 94.92/ 7.0255 103.17/ 7.0242 104.98/ 7.0497 NA 103.17/ 7.0242

Tenor 4-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 38,890 Amount allotted (in ₹ crore) 25,005 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.53 Partial Allotment Percentage of bids received at cut off rate (%) 15.82

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on June 24, 2024, Monday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 25,000 4 12:00 Noon to 12:30 PM June 28, 2024 (Friday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 0.00 - - I. Call Money 0.00 - - II. Triparty Repo 0.00 - - III. Market Repo 0.00 - - IV. Repo in Corporate Bond 0.00 - -

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 0.00 - - I. Call Money 0.00 - - II. Triparty Repo 0.00 - - III. Market Repo 0.00 - - IV. Repo in Corporate Bond 0.00 - -