Banking updates

India's trade ministry proposes delaying retaliatory tariffs on US goods

The revenue department falls within the finance ministry, and the two ministries need to consult over any decision to delay the tariffs.

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ED officer probing Nirav Modi case relieved; HQ jumps in to overturn order

The order divesting joint director Satyabrat Kumar of the charge of Mumbai zonal unit-I of the ED was issued by its top officer in the western zone, Special Director Vineet Agarwal, on Friday when Kumar was in London with regard to Modi's bail hearing in the extradition case.

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PW engine issue: IndiGo flight diverts to Kuwait

The Directorate General of Civil Aviation (DGCA) is probing this latest trouble in the snag-prone PW engines of A320/321 new engine option (Neo) aircraft. Comments from IndiGo and PW were sought at the time of filing this story, which will be updated once they do so.

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Banking

The debt contract in itself has moral essence with the equity holder and the businessman keeps all the goods and repays the obligations to the banks.

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Debtors need to honour contracts, says chief economic advisor

364-day Treasury Bills auction announcement: ₹ 4,000 crore under Regular Auction

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182-day Treasury Bills auction announcement: ₹ 7,000 crore under Regular Auction

The Reserve Bank of India has announced the auction of 182 day Government of India Treasury Bills for notified amount of ₹ 7,000 crore. The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be conducted on April 03, 2019 using “Multiple Price Auction” method. The competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10.30 a.m. and 12.00 noon on Wednesday, April 03, 2019. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. Results will be announced on the same day. Payment by successful bidders will be on Thursday, April 04, 2019.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595414, 022-27595666). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2327

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91-day Treasury Bills auction announcement: ₹ 9,000 crore under Regular Auction

The Reserve Bank of India has announced the auction of 91 day Government of India Treasury Bills for notified amount of ₹ 9,000 crore. The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/2326

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Trade deficit pushes CAD to 2.5 per cent of GDP in Q3

In absolute terms, the CAD, or the gap between inflow and outflow of foreign exchange in the current account, was USD 16.9 billion in the October-December 2018 period.

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