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) 572,900.67 6.60 5.10-7.10 I. Call Money 15,333.45 6.71 5.10-6.85 II. Triparty Repo 388,662.95 6.57 6.24-6.65 III. Market Repo 167,989.27 6.64 5.50-6.79 IV. Repo in Corporate Bond 915.00 6.88 6.85-7.10

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 - -

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@  Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 554,253.73 6.68 5.10-6.90 I. Call Money 13,107.90 6.70 5.10-6.82 II. Triparty Repo 375,406.85 6.68 6.25-6.75 III. Market Repo 164,913.98 6.69 6.00-6.85 IV. Repo in Corporate Bond 825.00 6.90 6.90-6.90

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No. Treasury Bill Notified Amount (in ₹ Crore) Auction Date Settlement Date 1 91 Days 4,000 June 26,2024 (Wednesday) June 27,2024 (Thursday) 2 182 Days 4,000 3 364 Days 4,000 Total 12,000

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹17,071 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Additional Borrowing (Greenshoe) Option (₹ Crore) Tenure (Year) Type of Auction 1 Andhra Pradesh 1000 - 11 Yield 1000 - 20 Yield 2 Haryana 1500 - 12 Yield 3 Jammu and Kashmir 500 - 30 Yield

The forty ninth meeting of the Monetary Policy Committee (MPC), constituted under Section 45ZB of the Reserve Bank of India Act, 1934, was held during June 5 to 7, 2024. 2. The meeting was attended by all the members – Dr. Shashanka Bhide, Honorary Senior Advisor, National Council of Applied Economic Research, Delhi; Dr. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai; Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad; 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); Dr. Michael Debabrata Patra, Deputy Governor in charge of monetary policy – and was chaired by Shri Shaktikanta Das, Governor. 

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2023 2024 Variation Jun. 16 Jun. 7 Jun. 14 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 7480 28204 7994 -20209 514 * Data are provisional; difference, if any, is due to rounding off.  

Auction Results 7.04% GS 2029 7.46% GS 2073 I. Notified Amount ₹12,000 Crore ₹11,000 Crore II. Underwriting Notified Amount ₹12,000 Crore ₹11,000 Crore III. Competitive Bids Received  (i)  Number 260 277 (ii) Amount ₹42442.840 Crore ₹33702.000 Crore IV. Cut-off price / Yield 100.20 105.29 (YTM: 6.9899%) (YTM: 7.0724%) V. Competitive Bids Accepted  (i)  Number 51 15

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 547,815.36 6.55 5.10-7.05 I. Call Money 12,345.52 6.64 5.10-6.80 II. Triparty Repo 371,042.30 6.53 6.40-6.79 III. Market Repo 163,797.54 6.59 5.58-6.85 IV. Repo in Corporate Bond 630.00 6.77 6.75-7.05

The Reserve Bank of India has launched the 2023-24 round of its Survey on International Trade in Banking Services (ITBS). The survey, conducted annually since 2006-07, provides information on financial services rendered by branches/subsidiaries/joint ventures of Indian banks operating abroad and branches/subsidiaries of foreign banks operating in India, based on explicit / implicit fees / commission charged to customers. The survey schedule for the 2023-24 round is required to be filled in by the banks for branches/subsidiaries/joint venture of Indian banks operating abroad and branches/subsidiaries of foreign banks operating in India. The soft form of this survey schedule (both in Hindi and English – one of which can be used) is available on the RBI website under the head ‘Regulatory Reporting’-→ ‘List of Returns’-→ ‘ITBS – Survey Schedule’ [or under the head ‘Forms’ (available under the ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’]. Duly filled-in schedule can be emailed by July 31, 2024.

7.04% GS 2029 7.46% GS 2073 I. Notified Amount ₹12,000 crore ₹11,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.20/6.9899% 105.29/7.0724% III. Amount accepted in the auction ₹12,000 crore ₹11,000 crore IV. Devolvement on Primary Dealers NIL NIL