Banking & FinanceFinanceFinanceInFocus

RBI to Conduct Auction for GoI Securities on June 21

Sharing is caring!

The Reserve Bank of India will conduct the conversion or switch of Government of India (GoI) securities, through auction, on June 21.

The RBI has, from April 22, 2019, started conducting the auction for conversion of GoI securities on third Monday of every month.

As per the method, bidding in the auction implies that the market participants agree to sell the source security or securities to the GoI and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.

“The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of Rs 10,000 crore (face value),” RBI said in a statement.

According to the statement, market participants are required to place their bids in ‘e-Kuber’ giving the amount of the source security and the price of the source and destination security expressed up to two decimal places.

“The auction would be a multiple-price based auction….”

“Bids for the auction should be submitted in electronic format on the ‘Reserve Bank of India Core Banking Solution’ (e-Kuber) system on June 21, 2021 between 10.30 a.m. to 11.30 a.m.

“The result of the auction will be announced on the same day and settlement will take place on June 22, 2021 (Tuesday).”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: