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PUBLIC DEBT MANAGEMENT
QUARTERLY REPORT
July - September, 2023
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
BUDGET DIVISION
www.dea.gov.inContents
Section 1: Macroeconomic Developments ..................................... 1
Section 2: Debt Management - Primary Market Operations ........... 4
Section 3: Cash Management ......................................................... 8
Section 4: Trends in Outstanding Debt ......................................... 10
Section 5: Secondary Market ........................................................ 15Introduction
Since April-June (Q1) 2010-11, the Public Debt Management Cell (PDMC),
Budget Division, Department of Economic Affairs (DEA), Ministry of
Finance (MoF) has been bringing out a quarterly report on public debt
management on a regular basis (https://dea.gov.in/public-debt-management).
This report pertains to the Q2 of the fiscal year 2023-24, viz., July-September
FY 2023-24.
The report gives an account of the public debt management and cash
management operations during the quarter and provides detailed information
on various aspects of debt management.
While all attempts have been made to provide authentic and accurate
information, it is possible that some errors might have crept in inadvertently.
Readers may inform us of such errors, if any, and provide their valuable
suggestions to improve the contents of this report at pdmc-dea@gov.in.
iLIST OF TABLES
Table 1. 1: Foreign Investment Inflows ................................................................................................................................ 3
Table 2. 1: Fiscal Outcome for 2023-24 ............................................................................................................................... 4
Table 2. 2: Issuance of Dated Securities ............................................................................................................................... 5
Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during 2021-22 to Q2 2023-24 ....................... 6
Table 2. 4: Issuance of Treasury Bills – Q2 2023-24 ........................................................................................................... 7
Table 3. 1: Issuance and Repayments of Treasury Bills during Jul-Sep 2023 ..................................................................... 9
Table 4. 1: Total Liabilities of Central Government (in crores) (#) .................................................................................... 10
Table 4. 2: Yield and Maturity of Dated Securities of Central Government ...................................................................... 12
Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government ...................................................... 13
Table 4. 4: Ownership Pattern of Government of India Dated Securities ........................................................................... 13
Table 4.5: Ownership Pattern of Treasury Bill……………………………………………….............................................14
Table 5. 1: Yield Spreads (bps) .......................................................................................................................................... 17
Table 5. 2: Yields on T-Bills of different tenors ................................................................................................................. 18
Table 5. 3: Comparative data during the quarter................................................................................................................. 19
Table 5. 4: Transactions in Government Securities (Volume in ₹ crore) ............................................................................ 20
Table 5. 5: Top-10 Traded Securities (in ₹ crore) ............................................................................................................... 21
Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ crore) ........................................................ 21
Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* ........................................................ 22
LIST OF CHARTS
Chart 1. 1: CPI and WPI Inflation ........................................................................................................................................ 2
Chart 3. 1: Outstanding Amount under LAF ........................................................................................................................ 8
Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market .............................................................................. 17
Chart 5. 2: Comparative G-Sec Yield Curves ..................................................................................................................... 17
Chart 5. 3: Comparative T-Bill Yield Curve....................................................................................................................... 18
Chart 5. 4: Comparative Chart of US 10-Yr Yield, GoI 10-Yr G -Sec, CPI data and Crude Oil price ............................... 19
Chart 5. 5: Outright Trading Volume in ₹ crore ................................................................................................................. 20
LIST OF STATEMENTS
Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2 2023-24 .................................. 23
Statement 2: Treasury Bills Issued during Q2 2023-24 ...................................................................................................... 25
Statement 3: G-Secs outstanding balance as on September 30, 2023 ................................................................................. 26
Statement 4: Maturity Profile of Government Securities as on end-September 2023......................................................... 28
Statement 5: Calendar for Auction of Treasury Bills October-December , 2023 ............................................................... 29
iiSection 1:
Macroeconomic Developments
1.1 Uncertainty to global growth have surged amid intensification of geopolitical strife and
rise in the commodity prices. On the backdrop of global economy signalling slowing
down with vast cross-country variation, India’s real GDP (constant prices) marked
second highest growth in the last five quarters by witnessing an impressive growth of 7.6
per cent year-on-year in the Q2: 2023-24. The GDP growth is significantly higher than
the 6.2 per cent growth in the same quarter of the preceding financial year. However, in
terms of momentum, real GDP growth moderated in comparison to the 7.8 per cent
growth registered in Q1: 2023-24. In value terms, real GDP reached to ₹ 41.7 lakh crore
in Q2: 2023-24 as against ₹ 38.8 lakh crore during the corresponding period of previous
year. Components of GDP indicates that investment has been a major driver that fuelled
the GDP growth during the quarter. The share of Gross fixed capital formation (GFCF)
in GDP rose to 35.3 per cent in Q2: 2023-24 relative to 34.2 per cent in Q1: 2023-24.
However, consumption demand remained relatively subdued and trade deficit also pulled
down the GDP (at 2011-12 prices) growth during the quarter. GDP at current prices in
Q2 2023-24 is estimated at ₹71.66 lakh crore, as against ₹65.67 lakh crore in Q2 2022-
23, showing a growth of 9.1 percent as compared to 17.2 percent in Q2 2022-23.
1.2 Retail inflation measured by Headline Consumer Price Index (CPI) moderated to 5.0 per
cent (year-on-year basis) in September 2023 relative to 4.9 per cent in June 2023. On
momentum basis inflation softened by 180 bps in September 2023 compared to August
2023 mirroring waning food and beverages prices and fuel prices on a month to month
basis. The Consumer Food Price Index (CFPI), which increased to as high as 11.5 per
cent in July 2023 before it declined to 6.6 per cent in September 2023, remains higher
than 4.5 per cent recorded in June 2023. However, the decline in inflation continued in
October, but increased in November. On the other hand, Wholesale Price Index (WPI)
continued the deflationary trend during Q2: 2023-24. Price deflation in the wholesale
market intensified to 0.52 per cent in October, compared to 0.26 per cent in September.
However, compared to June 2023 prices increased in September 2023. In November,
WPI inflation moved to positive territory after 7 months. Prices of mineral oil, non-food
1and electricity remained in contraction mode during Q2: 2023-24 which pulled the WPI
down.
Chart 1. 1: CPI and WPI Inflation
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
0 0 0 0 0 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
-rp
A
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-tc
O
CPI CFPI WPI
Source: MOSPI for CPI and Office of Economic Adviser for WPI
1.3 The index of industrial production (IIP) registered a growth and improved to 6.2 per cent
in September 2023 as compared to 4.0 per cent in June 2023. Steady production growth
in all the three sub sectors, i.e., mining, manufacturing and electricity pulled the
production growth up. Manufacturing sector grew by 4.9 per cent in September 2023
compared to 3.5 per cent in June 2023. Electricity registered a growth of 9.9 per cent in
September 2023 compared to 4.2 per cent in June 2023. Relative to June 2023, within
the use-based goods, all categories registered growth in September 2023. However,
during Q2: 2023-24 the growth rate varied with IIP registered growth of as high as 10.3
per cent in August 2023.
1.4 Organisation for Economic Co-operation and Development (OECD)1 in its recent report
flagged weak global trade growth during first half of 2023. Further, World Trade
1 Restoring Growth, OECD Economic Outlook, November 2023.
2Organisation (WTO)2 in its latest projections, downgraded world merchandise trade
volume forecast for 2023 to just 0.8 per cent and upward revised its projections to 3.4
per cent for 2024. India’s merchandise exports surged in Q2: 2023-24 to reach USD 107.4
billion relative to USD 104.0 billion in Q1:2023-24. On a sequential basis, India’s
petroleum export was the primary driver behind the surge in exports. India’s petroleum
products exports stood at USD 22.8 billion in Q2: 2023-24 compared to USD 19.0 billion
in Q1: 2022-23. On the other hand, India’s import payment too expanded and stood at
USD 166.9 billion in Q2:2023-24 relative to USD 160.0 billion in Q1: 2022-23. With
stronger momentum in imports than exports trade deficit widened to USD 59.6 billion in
Q2:2023-24 relative to USD 56.0 billion in Q1:2022-23.
1.5 The net foreign direct investment declined to USD 4544 million during April-September
2023 compared to USD 19601 million during the corresponding period a year ago
primarily due to a moderation in gross FDI and a rise in repatriation. On the financing
side, foreign portfolio investment (FPI) flows have remained buoyant during April-
September 2023 with net FPI inflow at USD 20257 million compared to outflow of 8098
million in the corresponding period last year.
Table 1. 1: Foreign Investment Inflows
(In USD Million)
Year Net FDI Net FPI
-8098
Apr-Sep 2022 19601
Apr-Sep 2023 4544 20257
Source: Monthly Bulletin, RBI
Note: Figures are on net basis
1.6 India’s foreign exchange reserves stood at USD 587.7 billion at end-September 2023,
increasing from USD 532.7 billion at end-September 2022. Between July 3, 2023 and
September 29, 2023, Indian Rupee (INR) depreciated by 1.46 per cent. The value of INR
against USD as on July 3, 2023 stood at 81.86 as against 83.06 as on September 29, 2023.
2 What are the prospects for global trade growth in 2023 and 2024? October 5, 2023.
3Section 2:
Debt Management - Primary Market Operations
A. Government Finances
2.1 As per provisional estimates of the Controller General of Accounts (CGA), Central
Government gross fiscal deficit till September 2023 was 39.3 per cent of the full year's
budgetary estimate. In absolute terms, actual deficit upto September, 2023 stood at ₹ 7.0 lakh
crore as against the budgeted estimate of ₹ 17.9 lakh crore for the financial year.
2.2 According to the provisional estimates of CGA, tax revenue and non-tax revenue reached
49.8% and 78.5% per cent of the budget estimates. While tax revenue was narrower than 52.3%
of budget estimate in the last fiscal year, non-tax revenue increased from 58.4% of budget
forecast in the same period last year. Main reason for increase in non-tax revenue relates to
spike in surplus transfer by the Reserve Bank of India of ₹87,416 crore. On the expenditure
side, Government expenditure upto September 2023 was ₹21.2 lakh crore, or 47.1% of the
annual goal, higher than 46.2% in the same period last year. Out of the total revenue
expenditure of ₹16.3 lakh crore , ₹ 4.8 lakh crore was on account of interest payments. The
details are given in Table 2.1.
Table 2. 1: Fiscal Outcome for 2023-24
(Amount in ₹ crore)
Budget Actual Upto Percentage of Actual to
Items Estimates September Budget Estimates
2023-24 2023 Current 2022-23 (Coppy)
Revenue Receipts 2632281 1397112 53.1% 53.1%
Tax Revenue (Net) 2330631 1160340 49.8% 52.3%
Non-Tax Revenue 301650 236772 78.5% 58.4%
Non-Debt Capital Receipts 84000 20166 24.0% 43.1%
Total Expenditure 4503097 2119139 47.1% 46.2%
Revenue Expenditure 3502724 1628511 46.5% 46.3%
Capital Expenditure 1000373 490628 49.0% 45.7%
Revenue Deficit 870443 231399 26.6% 31.4%
Primary Deficit 706845 217532 30.8% 25.4%
Fiscal Deficit 1786816 701861 39.3% 37.3%
Note- COPPY: Corresponding Period of the Previous Year
4B. Issuance Details
2.3 This section discusses the issuance details of market borrowings undertaken during Q2
of 2023-24 and its comparison over corresponding quarter of 2022-23.
2.4 Gross and net market borrowings have been budgeted at ₹15,43,000 crore and
₹11,80,911 crore (including switch auctions), respectively for 2023-24. Actual gross and net
market borrowing during 2022-23 and Q2 2023-24 & Q2 2022-23 are tabled below (Table
2.2).
Table 2. 2: Issuance of Dated Securities
(Amount in ₹ crore)
Q2 As % of
2023-24 During During
Item 2022-23 2023-24 2022-
BE Q2 2023-24 Q2 2022-23
(BE) 23
Gross Amount 1543000 480000 1421000 406000 31.1% 28.6%
Repayments 362089 0 312817 92371 0.0% 29.5%
Switches:
Borrowing 100000 24215 103066 32290 24.2% 31.3%
Repayment 100000 24726 105490 32902 24.7% 31.2%
Net 0 -511 -2424 -612
Buyback 0 0 0
Net Issuance 1180911 479489 1105759 313017 40.6% 28.3%
2.5 During Q2 2023-24, 13 weekly auctions of dated securities were held aggregating to
₹4,80,000 crore. The net amount raised through issuance of dated securities was ₹ 4,79,489
crore during this quarter as compared to ₹ 3,13,017 crore during Q2 2022-23 (including
switch). Like the previous year, it was decided to continue distributing total issuance amount
under securities of identified maturities in 2023-24. Government of India issued dated
securities across the curve, keeping in view the demand from market and its own maturity
preferences. The issuance was highest under 10-year benchmark security, which stood at 20.4
per cent of gross issuance followed by 14 and 40 -year G-Sec at 17.5 per cent of gross issuance
in Q2 2023-24.
5Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during 2021-22 to Q2 2023-24
(Amount in ₹ Crore)
Tenor-wise 2-Year 3-Year 5-Year 10-Year 14-Year 30-Year 40-Year FRB Total
2021-22 60752 185503 231865 225264 156023 179598 88376 1127381
% of Total 5.4 16.5 20.6 20.0 13.8 15.9 7.8 100
Q1: 2021-22 22752 57500 44865 74745 40282 52098 26250 318493
% of Total 7.1 18.1 14.1 23.5 12.7 16.4 8.2 100
Q2: 2021-22 19500 80003 70000 78519 51216 58500 26126 383863
% of Total 5.1 20.8 18.2 20.5 13.3 15.2 6.8 100
Tenor-wise 2-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total
2022-23 88000 195000 151000 297000 245000 202000 207000 36000 1421000
% of Total 6.2 13.7 10.6 20.9 17.2 14.2 14.6 2.5 100
Q1 : 2022-23 24000 54000 42000 78000 60000 54000 54000 24000 390000
% of Total 6.2 13.9 10.8 20.0 15.4 13.9 13.9 6.2 100
Q2 : 2022-23 24000 63000 42000 78000 75000 58000 54000 12000 406000
% of Total 5.9 15.5 10.3 19.2 18.5 14.3 13.3 3.0 100
Tenor-wise 3-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total
Q1 : 2023-24 24000 48000 42000 84000 72000 66000 72000 - 408000
% of Total 5.9 11.8 10.3 20.6 17.6 16.2 17.6 - 100.0
Q2 : 2023-24 32000 56000 49000 98000 84000 77000 84000 - 480000
% of Total 6.7 11.7 10.2 20.4 17.5 16.0 17.5 - 100.0
62.6 The tenor of new issuances of dated securities is a function of acceptable rollover risk
as well as market appetite for various maturity segments. During Q2 2023-24, the weighted
average yield (WAY) on new issuances hardened to 7.25 per cent while the weighted average
maturity (WAM) of issuances moderated to 17.57 years.
2.7 The gross amount raised through Treasury Bills (91-day, 182-day and 364-day Treasury
Bills) during Q2 2023-24 amounted to ₹3,89,888 crores while total repayments were ₹4,76,871
crore (Table 2.4). Net issuances during the quarter were at (-) ₹86,983 crores as compared to
₹1,01,848 crores in corresponding period of last FY. The details of issuance of Treasury Bills
during Q2 2023-24 are given in Table 2.4
Table 2. 4: Issuance of Treasury Bills – Q2 2023-24
(Amount in ₹crore)
Q2 as %
2023-24 During 2022-23 During Q2 as % of
Item of 2023-
(BE) Q2 2023-24 (RE) Q2 2022- 23 2022-23
24
364 DTB
Gross Amount 457518 98186 440990 87875 21.5 19.9
Repayment 443990 87875 407796 61255 19.8 15.0
Net Issuance 13529 10311 33193 26620 - -
182 DTB
Gross Amount 586029 116525 559193 113869 19.9 20.4
Repayment 562558 182198 496815 169937 32.4 34.2
Net Issuance 23471 -65673 62377 -56068 - -
91 DTB
Gross Amount 724661 175177 744178 168610 24.2 22.7
Repayment 711661 206798 739749 241010 29.1 32.6
Net Issuance 13000 -31621 4429 -72400 - -
All T-Bills
Gross Amount 1768209 389888 1744361 370354 22.0 21.2
Repayment 1718209 476871 1644361 472202 27.8 28.7
Net Issuance 50000 -86983 100000 -101848 - -
Note: Including amount raised through non-competitive bidding.
7Section 3:
Cash Management
3.1 Government’s cash account is maintained with the Reserve Bank of India (RBI). The
temporary cash flow mismatches, in case of deficit in the cash account of the Central
Government, are largely managed through a combination of issuance of Treasury Bills, Cash
Management Bills and access to the Ways and Means Advances facility from RBI. Surplus
cash balances in Government cash account are lent in market (through RBI) or may be used for
buy-back of securities from the market. Further, the RBI conducts purchase/ sale of G-Secs
under its Open Market Operations, whenever required, based on its assessment of prevailing
and evolving liquidity conditions.
3.2 During Q2 2023-24, the cash balance of the Central Government was in surplus and
Government didn’t resort to WMA.
3.3 The net average daily liquidity by the RBI under Liquidity Adjustment Facility (LAF)
including Marginal Standing Facility, Standing Deposit Facility and Special Liquidity Facility
tightened to (-) ₹87,455.3 crore during Q2 2023-24. Factors such as higher currency leakage
during the festive season, government cash balances and RBI’s market operation contributed
toward tightening of liquidity during the quarter.
Chart 3. 1: Outstanding Amount under LAF
200000
150000
100000
50000
0
-50000
₹ Crore
-100000
-150000
-200000
-250000
-300000
-350000
3 3 3 3 3 3 3 3 3 3
2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0
2 2 2 2 2 2 2 2 2 2
/1 /1 /2 /1 /1 /1 /0 /0 /9 /8
/1 3
/1
/3 /4 /5 3
/5
3
/6
3
/7
2
/8
2
/9
Outstanding: Net Liquidity Injected (Rs Crore)
Source: CEIC and Reserve Bank of India
83.4 Amid risk to global growth emanating from weak external demand, geopolitical
tensions, high level of global debt and global financial uncertainty, the RBI decided to keep
the policy repo rate unchanged at 6.50 per cent. Consequently, the Standing Deposit Facility
(SDF) was adjusted to 6.25 per cent and the marginal standing facility (MSF) rate to 6.75 per
cent. The MPC stated that its decisions were in consonance with the objective of achieving the
medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/-
2 per cent, while supporting growth.
3.5 The net amount mobilised through Treasury Bills (under competitive and non-competitive
bidding) stood (-) at ₹ 86,983 crore in Q2 2023-24. Details of issuances and redemptions of
treasury bills (tenor-wise) in Q2 2023-24 are given in Table 3.1
Table 3.1: Issuance and Repayments of Treasury Bills during Jul-Sep 2023
Amount in ₹ crore
Variation in
Issued
Issued amount Repayments amount
Date of Date Of
over
Auction Issue
Repayments
91 182 364 91 182
364 DTB
DTB DTB DTB DTB DTB
5-Jul-23 6-Jul-23 11500 8500 6106 12700 13000 5000 -4594
12-Jul-23 13-Jul-23 10610 8200 6007 17000 13025 5000 -10208
19-Jul-23 20-Jul-23 16500 9525 6000 21500 13700 6300 -9475
26-Jul-23 27-Jul-23 16443 10000 6149 12724 12000 5246 2622
2-Aug-23 3-Aug-23 15500 10950 6246 26600 12200 7675 -13779
9-Aug-23 10-Aug-23 11750 8500 8748 13000 12000 6613 -2615
17-Aug-23 18-Aug-23 17200 8000 7791 14000 12000 5811 1180
23-Aug-23 24-Aug-23 11000 9000 6985 16000 14000 6174 -9189
30-Aug-23 31-Aug-23 14724 8000 7395 13500 16128 9083 -8592
6-Sep-23 7-Sep-23 11000 9000 7651 13000 16000 7354 -8703
13-Sep-23 14-Sep-23 13450 9700 8462 15200 16000 10468 -10056
20-Sep-23 21-Sep-23 14500 8000 11769 17574 16145 7064 -6514
27-Sep-23 29-Sep-23 11000 9150 8877 14000 16000 6088 -7061
Total 175177 116525 98186 206798 182198 87875 -86983
Total Under Competitive Bidding
Q2 129552 103536 77774 155448 178481 64264
Total Under Non-competitive Bidding
Q2 45625 12989 20412 51350 3717 23611
9Section 4:
Trends in Outstanding Debt
4.1 Total gross liabilities3 of the Government, as per provisional data, increased marginally
to ₹1,63,33,136 crore at end-September 2023 from ₹1,59,53,703 crore at end-June 2023 (Table
4.1). This represented a quarter-on-quarter increase of 2.4 per cent in Q2 2023-24. Public debt
accounted for 90.0 per cent of total gross liabilities during the quarter.
Table 4. 1: Total Liabilities of Central Government (in ₹ crores) (#)
End September End June Variation Sep
Components 2023- 2023- 2023 over Jun
Provisional Revised 2023 (%)
A. Public Debt (A1+A2) 14703021 14273383 3.0
A1. Internal Debt (a+b) 13952957 13533852 3.1
a. Marketable Securities (i+ii+iii) 10819061 10426539 3.8
(i) Dated Securities 9893743 9414238 5.1
(ii) Treasury Bills 925317 1012301 -8.6
(iii) Cash Management Bills 0 0
b. Non-marketable Securities (i to vii) 3133896 3107313 0.9
(i) 14 Day Intermediate T-Bills 108617 172687 -37.1
(ii) Compensation & Other Bonds $ 135764 133830 1.4
(iii) Securities issued to Intl. Fin.
97388 97973 -0.6
Institutions
(iv) Securities against small savings 2480286 2390983 3.7
(v) Special Sec. against POLIF 20894 20894 0.0
(vi) Special Securities issued to PSB/
290948 290948 -
EXIM Bank/ IDBI Bank/ IIFCL
(vii) Ways & Means Advances 0 0 -
A2. External Debt (Current Rate of
750064 739531 1.4
Exchange - CR)
B. Public Account - Other Liabilities (a to
1799363 1735594 3.7
d)
(a) National Small Savings Fund 479023 461807 3.7
(b) State Provident Fund 258067 262771 -1.8
(c) Other Accounts 408765 409771 -0.2
(d)Reserve Funds and Deposit (i+ii) 653507 601245 8.7
(i) Bearing Interest 276615 270153 2.4
(ii) Not bearing interest 376892 331092 13.8
C. Pakistan pre-partition debt (approx) 300 300 -
3 Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates.
10End September End June Variation Sep
Components 2023- 2023- 2023 over Jun
Provisional Revised 2023 (%)
D. Total (net) Liabilities as reported in the
16260934 15764413 3.1
Union Budget (A1+B-C+E)
E. External Debt -Historical Rate of
508914 495267 2.8
Exchange (HR)
F. Extra-Budgetary Resources (EBRs) 139287 139287 0.0
G. Cash Balance 308235 194261 58.7
H. Gross Liabilities as per FRBM Act
16333136 15953703 2.4
(A+B-C+F-G)
Memo Items
I. Securities issued by States to NSSF 340981 347153 -1.8
II NSSF Loans to other Public Agencies 85000 85350 -0.4
III. Post Office Insurance Funds with Fund
116809 116809 -
Managers and Cash in hand
I. Net Adjusted Liabilities (H-I-II-III) 15790347 15404391 2.5
#: The numbers are provisional. Net Adjusted Liabilities includes External Debt at Current Exchange Rate
$: Includes Gold Monetisation Scheme and Sovereign Gold Bond
Note: EBR - Liabilities on account of Govt. Fully Serviced Bonds
Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market
Loans
4.2 During the quarter, the yield on Indian domestic bond remained volatile but mostly
surged across the term structure. The G-sec yields hardened in tandem with US treasury yields;
which surge on the back of stronger than expected US GDP data; the downgrade of US credit
rating by Fitch. Yield on G-Sec eased in the second half of August but firmed up again in first
half of September before softening in mid-September primarily taking cues from lower than
expected domestic CPI inflation. On the other hand, US treasury too registered ease in yield
compared to August, however, towards the end of the month yields hardened on the back of
strong expectation of prolonged period of elevated interest rate with resilient economic data
and higher inflation. The weighted average yield hardened to 7.25 % in Q2 2023-24 relative to
7.13 % in Q1 2023-24 on new issuance. Further, the weighted average maturity of issuances
of dated securities moderated to 17.57 years in Q2 2023-24 (17.58 years in Q1 2023-24). The
weighted average maturity of outstanding stock of dated securities increased to 12.22 years at
the end of Q2 of 2023-24 relative to 12.18 years at the end of Q1 of 2023-24.
11Table 4. 2: Yield and Maturity of Dated Securities of Central Government
Issues during the year/ Qtr Outstanding Stock*
Weighted
Weighted
Year Weighted Average Average Weighted Average
Average Yield
Maturity (years) Coupon Maturity (years)
(%)
(%)
1 2 3 4 5
2010-11 7.92 11.62 7.81 9.64
2011-12 8.52 12.66 7.88 9.60
2012-13 8.36 13.50 7.97 9.66
2013-14 8.48 14.28 7.98 10.00
2014-15 8.51 14.66 8.09 10.23
2015-16 7.89 16.07 8.08 10.50
2016-17 7.16 14.76 7.99 10.65
2017-18 6.98 14.13 7.85 10.62
2018-19 7.77 14.73 7.84 10.40
2019-20 6.84 16.15 7.71 10.72
2020-21 5.79 14.49 7.27 11.31
2021-22 6.28 16.99 7.12 11.71
2021-22 Q1 6.11 16.92 7.21 11.51
2021-22 Q2 6.26 16.51 7.15 12.31
2021-22 Q3 6.33 16.88 7.09 11.69
2021-22 Q4 6.66 17.56 7.12 11.71
2022-23 7.32 16.05 7.26 11.94
2022-23 Q1 7.23 15.69 7.12 11.87
2022-23 Q2 7.33 15.62 7.15 11.96
2022-23 Q3 7.38 16.56 7.23 12.03
2022-23 Q4 7.34 16.58 7.26 11.94
2023-24 Q1 7.13 17.58 7.28 12.18
2023-24 Q2 7.25 17.57 7.28 12.22
*: As at the end of period.
4.3 The maturity profile of outstanding Government debt as on end September 2023 mirrors
elongation of maturity profile of outstanding Government debt. The proportion of debt (dated
securities) maturing in less than one year stands at 4.6. per cent at end-September 2023 (3.0per
cent at end-June 2023). The proportion of debt maturing within 1-5 years at 21.3 per cent at
end-September 2023 was lower than its level of 23.6 per cent at end-June 2023. Debt maturing
in the next five years worked out to 25.9 per cent of total outstanding debt at end-September
2023 i.e.,5.2 per cent of outstanding stock, on an average, needs to be repaid every year over
the next five years. Thus, the roll-over risk in dated securities portfolio remains low (Table
4.3).
12Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government
(Amount in ₹ crore)
Maturity Buckets Quarter at the end-Sep 2023 Quarter at the end-Jun 2023
(Residual Maturity)
Less than 1 year 455518 (4.6) 281429 (3.0)
1-5 years 2279225 (23) 2224874 (23.6)
5-10 years 3105867 (31.4) 2827259 (30)
10-20 years 1945761 (19.7) 2097273 (22.3)
Above 20 years 21072927(21.3) 1983403 (21.1)
Total 9893727 9414238
Note: Figures in parentheses represent per cent of total
Ownership Pattern
4.4 The ownership pattern of Central Government securities indicates that the share of
commercial banks surged to 38.0 per cent at end-September 2023 highest since September
2020. Further, the share of insurance companies and FPIs moderated to 26.0 per cent and 1.6
per cent, respectively at end-September 2023. The share of RBI continued to decline to 13.1
per cent at the end of quarter September 2023 relative to 13.8 per cent at the end of quarter
June 2023 (Table 4.4).
4.5 Similar pattern was observed in case of treasury bills with majority holding of
commercial banks surged to 56.3 per cent at end September 2023. The ownership pattern
reflects that at end September 2023 the share of insurance companies increased to 5.3 per cent
and financial institutions declined to 4.1 per cent. (Table 4.5).
Table 4. 4: Ownership Pattern of Government of India Dated Securities
(Per cent of outstanding dated securities)
Jun. Sept. Dec. Sept.
Category Mar.23 Jun.23
22 22 22 23
1. Commercial Banks 36.2 36.4 36.1 36.6 36.6 38.0
2. Co-operative Banks 1.8 1.8 1.7 1.6 1.6 1.5
3. Non-Bank PDs 0.3 0.4 0.4 0.5 0.7 0.7
4. Insurance Companies 26.3 25.9 26.1 26 26.2 26.0
5. Mutual Funds 2.3 2.6 2.9 2.8 2.7 3.0
6. Provident Funds 4.8 4.7 4.7 4.7 4.6 4.4
7. Pension Funds 3.6 3.8 3.9 4 4.2 4.3
8. Financial Institutions 1.1 1 1.1 1 1.2 0.5
13Jun. Sept. Dec. Sept.
Category Mar.23 Jun.23
22 22 22 23
9. Corporates 1.5 1.6 1.6 1.6 1.2 1.2
10. Foreign Portfolio Investors 1.4 1.4 1.3 1.4 1.6 1.6
11. RBI 16.1 15.3 14.7 14.3 13.8 13.1
12. Others 4.6 5.1 5.5 5.6 5.7 5.6
Total 100 100 100 100 100 100.0
Table 4.5: Ownership Pattern of Treasury Bill
Jun. Sept. Dec. Sept.
Category Mar.23 Jun.23
22 22 22 23
1. Commercial Banks 51.4 50.9 49.2 53.9 47.6 56.3
2. Co-operative Banks 1.3 1.5 1.3 1.3 1.2 1.2
3. Non-Bank PDs 2.5 2.1 2.2 2.9 2 0.5
4. Insurance Companies 5.3 5.5 5.8 6.1 4.9 5.3
5. Mutual Funds 14.9 12 14.2 15.3 17 12.7
6. Provident Funds 1.7 3.2 1.4 0.1 1.5 1.5
7. Pension Funds 0.1 0 0 0.1 0 0.0
8. Financial Institutions 3.7 4.2 4.5 3.7 8 4.1
9. Corporates 4.3 3.9 3.6 5 4.4 4.0
10. Foreign Portfolio Investors 0.4 0.5 0.5 0.4 0.1 0.1
11. RBI 0 0 0 0 0 0
12. Others 14.5 16.3 17.4 11.3 13.2 14.2
Total 100 100 100 100 100 100.0
14Section 5:
Secondary Market
A. Government security yields
5.1 During July – September 2023 quarter, yields on government securities have hardened
across the curve due to rise in US treasury yields, firmness in crude oil prices as well as liquidity
measures taken by RBI in its monetary policy in August 2023.
The major factors which affected the secondary market during the quarter are as under:
(i) The RBI left the policy repo rate unchanged at 6.5% in its third bi-monthly policy
meeting of current financial year and maintained the LAF corridor at 50 bps. The
stance was maintained at ‘withdrawal of accommodation’ to ensure that inflation
progressively aligns with the target while supporting growth. The Central Bank also
re-emphasized its commitment towards ensuring price and financial stability with a
progressive movement towards the 4% within a band of +/-2% medium-term
inflation target. Further, it was decided that fortnight beginning August 12,
scheduled banks shall maintain an incremental cash reserve ratio (I-CRR) on the
increase of their net demand and time liabilities (NDTL) between May 19 and July
28, 2023. The liquidity tightening measure impacted the governments yields in the
secondary market.
(ii) On global front, US Treasury yields rose significantly during the quarter under
review. The 10-year yields hardened from 3.84% at the closing on 30th June, 2023
to 4.58 % as on 29th September, 2023, thus higher by 74 bps during the quarter. The
US Federal Reserve Chairman also indicated that Federal Reserve is prepared to
raise interest rate higher and hold it there in order to bring down inflation. ECB also
reiterated its expectations of inflation remaining too high for too long, leaving the
door open for further tightening amidst growing risk of recession.
(iii) Brent crude prices also hardened during the quarter after Saudi Arabia extended its
voluntary oil production cuts of 1 million barrels per day until the end of December,
2023. In addition, Russia also extended voluntary reduction of oil export by 3 lakh
barrel per day until the end of the year. These measures led to hardening of Brent
15crude price from 75.10 $/bbl as on 30th June, 2023 to 92.07$/bbl as on 29th
September, 2023.
(iv) Because of these factors, the yields on government securities hardened during the
quarter across the yield curve. The yield on the 10-year benchmark security
hardened from 7.12% at the close of the quarter on 30th June, 2023 to 7.22% at the
close of 29th September, 2023, thus hardening by 10 bps during the quarter.
5.2 The other factors which affected secondary market during the quarter under the review
were as under:
a) Inflation: The headline retail (CPI) inflation for the month of July, August and
September 2023 was registered at 7.44%, 6.83% and 5.02% and reflecting the
gradual decline in inflation rate. The higher inflation in July, 2023 was due to rise
in food inflation in general and vegetable inflation in particular. Tomato prices was
most significant variable in pushing headline inflation above the 7% mark in July,
2023, however subsequently moderation in inflation was observed after the easing
in vegetable prices as well as cut in the LPG prices by ₹ 200 per cylinder at the end
of August, 2023.
b) Wholesale Price Index (WPI) inflation also remains in negative territory during the
quarter, however gradual increase in WPI was observed with a figure at (-) 1.36%
in July, (-) 0.52% in August and (-) 0.26% in September 2023.
5.3 The spread in yields between 10-1 year was at 20 bps as on 29th September, 2023 against
23 bps as on 30th June, 2023 showing more hardening of yields in shorter tenure securities due
to liquidity measures taken by RBI. Further, the yields spread in 30-10 year segment was 17
bps on 29th September, 2023 against 24 bps as on 30th June, 2023 reflecting more hardening of
yields in 10 years segment in comparison to 30-year segment mainly due to higher demand of
longer security by the insurance and pension funds (Table 5.1 and Chart 5.2).
16Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market
7.30
7.20
7.10
7.00
6.90
Table 5. 1: Yield Spreads (bps)
Yield spread between
30-06-2023 29-09-2023 30-09-2022
10-1 year 23 20 46
30-10 year 24 17 12
30-1 year
47 37 58
10-5 year 1 -2 5
(Source: FBIL)
5.4 Yields on government securities in all the tenure softened during the quarter due to
reasons as mentioned above.
Chart 5. 2: Comparative G-Sec Yield Curves
8.0
7.5
)
%
7.0
(
d
le
iY
6.5
6.0
50505050505050505050505050505050
25702570257025702570257025702570
.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9
111111112222222233333333
Tenor (Yrs)
YTM June 30 , 2023 YTM September 29 , 2023 YTM September 30, 2022
175.5 Tighter liquidity position was observed during the quarter, which had resulted in
hardening of T Bills yields. The yields of 3 months T-Bills were at 6.80 as on 29th September,
2023 against 6.71 as on 30th June, 2023, and the yields on 6-month and 12-month points were
at 7.03 per cent and 7.02 per cent on 29th September, 2023, hardened by 21 bps and 15 bps,
respectively, as compared to their closing levels on 30th June, 2023. The yields on 3-month, 6-
month and 12-month points on 29th September, 2023 were higher by 76 bps, 55 bps and 33 bps,
respectively over their corresponding levels as on 30th September, 2022 (Chart 5.3).
Chart 5. 3: Comparative T-Bill Yield Curve
8.00
7.50
7.00
6.50
6.00
5.50
5.00
s s h s s s s s s s s s s s
y
a
D
y
a
D
tn
o
h
tn
h
tn
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tn
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tn
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tn
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tn
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tn
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tn
7 4
M o
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o
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o
M
o
M
o
M
o
M
1 1
2 3 4 5 6 7 8 9 0 1 2
1 1 1
29-Sep-23 30-Jun-23 30-Sep-22
Source: FBIL
Table 5. 2: Yields on T-Bills of different tenors
Date 3 Months 6 Months 9 Months 12 Months
29th September 23 6.80 7.03 7.04 7.02
30th June 23 6.71 6.82 6.86 6.87
30th September 22 6.04 6.48 6.59 6.69
5.6 US treasury yields hardened during the quarter and mostly affected by Federal Reserve
action, inflation and employment data. 10-year US Yields hardened during the quarter. US 10-
year yields touched a high of 4.62% on 27th September, 2023 before closing at 4.58% at the
end of quarter on 29th September, 2023.
18Crude oil prices remained at higher level after the announcement of cut of 1 million barrels per
day until the end of December, 2023 by Saudi Arabia as well as cut in Russian export.
Crude oil prices closed at 92.07$ / bbl at the end of the quarter on 29th September, 2023 against
level of 75.10$ / bbl registered at the end of quarter on 30th June, 2023.
Table 5. 3: Comparative data during the quarter
Parameter Open High Low Close
10-year US Yield (In percentage) 3.84 4.62 3.75 4.58
10-year GOI bond (In Percentage) 7.12 7.24 7.06 7.22
Brent Crude per barrel (In US $) 75.10 94.52 74.88 92.07
Chart 5. 4: Comparative Chart of US 10-Yr Yield, GoI 10-Yr G -Sec, CPI data and
Crude Oil price
8 100
90
7
80
70 e
)6 c
% 60 ir
n i
e
ta
R5 45 00
p
lio
e
d
(4
30
u
r
c
20
3
10
2 0
3 3 3 3 3 3 3 3 3 3 3 3 3 3
2 2 2 2 2 2 2 2 2 2 2 2 2 2
/n
u J /0 3
/lu
J /7
/lu
J /4 1
/lu
J /1 2
/lu
J /8 2
/g
u A /4
/g
u A /1 1
/g
u A /8 1
/g
u A /5 2
/p
e S /1
/p
e S /8
/p
e S /5 1
/p
e S /2 2
/p
e S /9 2
US Yield 10 year Gsec CPI data Brent Crude Oil
B. Trading Pattern of Government Securities
5.7 The total outright volume of trading in G-Secs (including T-Bills and SDLs) at ₹ 34.87
lakh crore during Q2 2023-24, showed a y-o-y increase of 26.0 per cent compared to ₹ 27.67
lakh crore during Q2 of 2022-23 (Table 5.4). However, it is lower than ₹ 37.84 lakh crore
registered during previous quarter. The lower trading volume in Q2 of 2023-24, compared to
previous quarter may be mainly due to hardening in yields in domestic market.
5.8 The share of Central Government dated securities in the total outright volume of
transactions in Q2 2023-24, was registered higher at 85 percent. The share is higher than 82
percent registered in corresponding period of 2022-23. The share of Central Government
19securities in repo transactions increased to 75 per cent during Q2 2023-24, compared to 73 per
cent registered in Q1 2023-24. It is also higher than the level of 69 per cent registered in the
corresponding period of 2022-23.
5.9 The annualised outright turnover ratio for G-Secs (including T-Bills and SDLs) for Q2
2023-24, was slightly lower at 3.50 (3.93 during Q1 2023-24,). The annualised total turnover
ratio (outright plus repo transactions) also increased to 12.84 during Q2 of 2023-24, from 12.67
during Q2 of 2022-23.
Table 5. 4: Transactions in Government Securities (Volume in ₹ crore)
Period Outright Repo
G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total
Jul -Sept 22 22,67,520 3,71,207 1,28,634 27,67,361 58,61,001 12,27,826 14,26,430 85,15,257
Share (%) 82% 13% 5% 100% 69% 14% 17% 100%
Oct-Dec 22 17,76,519 2,53,944 1,12,516 21,42,979 62,26,902 11,63,781 13,39,187 87,29,870
Share (%) 83% 12% 5% 100% 72% 13% 15% 100%
Jan–Mar 23 20,71,119 3,66,402 1,96,012 26,33,533 62,26,016 15,12,681 16,18,410 93,57,107
Share (%) 79% 14% 7% 100% 67% 16% 17% 100%
Apr-June 23 29,90,928 5,98,463 1,95,032 37,84,423 78,94,751 9,38,828 19,89,040 1,08,22,619
Share (%) 79% 16% 5% 100% 73% 9% 18% 100%
Jul - Sept 23 29,50,866 4,30,180 1,05,793 34,86,839 70,07,932 4,06,986 18,86,992 93,01,910
Share (%) 85% 12% 3% 100% 75% 4% 20% 100%
Chart 5. 5: Outright Trading Volume in ₹ crore
G-Sec T-Bills SDL
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
July - Sept Oct - Dec 21 Jan - March Apr-June 22 July - Sept Oct - Dec 22 Jan - March Apr-June 23 July - Sept
21 22 22 23 23
205.10 The top-10 traded Central Government securities accounted for 84.31 per cent of the
total outright trading volume in secondary market during Q2 2023-24, (83.39 per cent during
Q1 2023-24,). The share of top-3 traded securities reduced and stood at 62.1 per cent of the
total outright trading volume in the secondary market during Q2 2023-24, reflecting minor
diversification of trading pattern in other securities (63.0 per cent during Q1 2023-24,). (Table
5.5).
Table 5. 5: Top-10 Traded Securities (in ₹ crore)
July – Sept 2023 April – June 2023 July – Sept 2022
Security Volume Security Volume Security Volume
7.26% GS 2033 13,02,331 7.26% GS 2033 11,18,666 6.54% GS 2032 10,63,293
7.18% GS 2033 3,12,482 7.26% GS 2032 3,98,253 7.54% GS 2036 3,58,097
7.18% GS 2037 2,17,376 7.41% GS 2036 3,68,769 7.26% GS 2032 1,92,401
7.41% GS 2036 1,73,740 7.38% GS 2027 2,36,840 7.38% GS 2027 1,81,032
7.06% GS 2028 1,53,114 7.06% GS 2028 1,10,364 7.10% GS 2029 69,711
7.38% GS 2027 1,21,620 7.10% GS 2029 68,281 5.74% GS 2026 48,150
7.17% GS 2030 82,621 7.17% GS 2030 64,589 6.99% GS 2051 30,522
7.30% GS 2053 47,216 6.54% GS 2032 48,383 5.63% GS 2026 22,066
7.26% GS 2032 39,765 7.54% GS 2036 44,543 6.67% GS 2035 21,781
7.25% GS 2063 37,657 7.36% GS 2052 35,552 8.15% GS 2026 14,097
Total 24,87,919 Total 24,94,239 Total 20,01,151
5.11 The trend in outright trading volumes in central G-Secs under different maturity buckets
is given in Table 5.6.
Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ crore)
Maturity July – Sept % share April – % July – Sept %
2023 June 2023 share 2022 share
Less than 3 years 1,54,666 5.24 2,07,829 6.95 78,849 3.48
3-7 years 4,48,326 15.19 5,43,051 18.16 4,13,523 18.24
7-10 years 17,14,701 58.11 16,22,103 54.23 12,73,167 56.15
Above 10 years 6,33,174 21.46 6,17,945 20.66 5,01,982 22.14
Total 29,50,867 100.00 29,90,928 100.00 22,67,521 100
215.12 The maturity distribution of secondary market transactions in Central G-Secs, as
presented above, shows that the trading activity was concentrated in 7-10-year maturity bucket
during Q2 2023-24, mainly because of more trading in 10-year benchmark security.
5.13 Private sector banks emerged as dominant trading segment in secondary market during
quarter under review with a share of 28.34 per cent in “Buy” deals and 28.00 per cent in “Sell”
deals in the total outright trading activity (Table 5.7), followed by foreign banks, primary
dealers, public sector banks and mutual fund. On a net basis, foreign banks and primary dealers
were net sellers while public sector banks, private sector banks, co-operative banks, insurance
companies, FIs, mutual funds and ‘Others’ were net buyers in the secondary market.
Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs*
July – Sept 2023 Apr – June 2023 July – Sept 2022
Category
Buy Sell Buy Sell Buy Sell
Co-operative Banks 2.12 1.96 2.31 2.17 3.54 3.34
Financial Institutions 0.75 0.02 0.74 0.04 0.50 0.02
Foreign Banks 16.40 16.43 17.02 16.53 21.69 22.06
Insurance Companies 3.33 2.01 2.64 1.78 3.11 2.37
Mutual Funds 10.10 8.96 10.06 7.47 11.23 8.87
Others 6.27 5.37 5.33 4.44 5.30 5.02
Primary Dealers 16.79 23.73 16.22 21.29 13.93 19.52
Private Sector Banks 28.34 28.00 31.35 30.77 25.00 24.86
Public Sector Banks 15.91 13.52 14.33 15.51 15.70 13.95
Total 100.0 100.0 100.0 100.0 100.0 100.0
*: Including T Bills and SDLs
22Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2 2023-24
(Amount in ₹ Crore)
Residual
Date of Notified Amount Devolvement Cut off Cut off Date of
Name of Stock Date of Issue Maturity
Auction Amount Raised on PDs price yield (%) Maturity
(Years)
7.06% GS 2028 30-Jun-2023 03-Jul-2023 8000 8000 99.94 7.07 10/Apr/28 4.8
7.26% GS 2033 30-Jun-2023 03-Jul-2023 14000 14000 101.05 7.11 06/Feb/33 9.6
7.30% GS 2053 30-Jun-2023 03-Jul-2023 11000 11000 99.18 7.37 19/Jun/53 30.0
6.99% GS 2026 07-Jul-2023 10-Jul-2023 8000 8000 99.69 7.11 17/Apr/26 2.8
7.17% GS 2030 07-Jul-2023 10-Jul-2023 7000 7000 100.04 7.16 17/Apr/30 6.8
7.25% GS 2063 07-Jul-2023 10-Jul-2023 12000 12000 97.89 7.41 19/Dec/36 39.9
7.41% GS 2036 07-Jul-2023 10-Jul-2023 12000 12000 101.33 7.25 12/Jun/63 13.4
7.06% GS 2028 14-Jul-2023 17-Jul-2023 8000 8000 99.97 7.06 10/Apr/28 4.7
7.26% GS 2033 14-Jul-2023 17-Jul-2023 14000 14000 101.15 7.09 06/Feb/33 9.6
7.30% GS 2053 14-Jul-2023 17-Jul-2023 11000 11000 99.55 7.34 19/Jun/53 29.9
7.17% GS 2030 21-Jul-2023 24-Jul-2023 7000 7000 100.36 7.10 17/Apr/30 6.7
7.18% GS 2037 21-Jul-2023 24-Jul-2023 12000 12000 100.00 7.18 24/Jul/37 14.0
7.25% GS 2063 21-Jul-2023 24-Jul-2023 12000 12000 99.41 7.29 12/Jun/63 39.9
7.06% GS 2028 28-Jul-2023 31-Jul-2023 8000 8000 99.60 7.16 10/Apr/28 4.7
7.26% GS 2033 28-Jul-2023 31-Jul-2023 14000 14000 100.53 7.18 06/Feb/33 9.5
7.30% GS 2053 28-Jul-2023 31-Jul-2023 11000 11000 99.02 7.38 19/Jun/53 29.9
6.99% GS 2026 04-Aug-2023 07-Aug-2023 8000 8000 99.54 7.17 17/Apr/26 2.7
7.17% GS 2030 04-Aug-2023 07-Aug-2023 7000 7000 99.80 7.21 17/Apr/30 6.7
7.18% GS 2037 04-Aug-2023 07-Aug-2023 12000 12000 99.05 7.29 24/Jul/37 14.0
7.25% GS 2063 04-Aug-2023 07-Aug-2023 12000 12000 97.92 7.41 12/Jun/63 39.8
7.06% GS 2028 11-Aug-2023 14-Aug-2023 8000 8000 99.94 7.07 10/Apr/28 4.7
7.18% GS 2033 11-Aug-2023 14-Aug-2023 14000 14000 101.05 7.11 14/Aug/33 10.0
7.30% GS 2053 11-Aug-2023 14-Aug-2023 11000 11000 99.18 7.37 19/Jun/53 29.8
7.17% GS 2030 18-Aug-2023 21-Aug-2023 7000 7000 99.69 7.11 17/Apr/30 6.7
7.18% GS 2037 18-Aug-2023 21-Aug-2023 12000 12000 100.04 7.16 24/Jul/37 13.9
7.25% GS 2063 18-Aug-2023 21-Aug-2023 12000 12000 97.89 7.41 12/Jun/63 39.8
7.06% GS 2028 25-Aug-2023 28-Aug-2023 8000 8000 99.50 7.18 10/Apr/28 4.6
23Residual
Date of Notified Amount Devolvement Cut off Cut off Date of
Name of Stock Date of Issue Maturity
Auction Amount Raised on PDs price yield (%) Maturity
(Years)
7.18% GS 2033 25-Aug-2023 28-Aug-2023 14000 14000 100.00 7.18 14/Aug/33 10.0
7.30% GS 2053 25-Aug-2023 28-Aug-2023 11000 11000 98.85 7.39 19/Jun/53 29.8
6.99% GS 2026 01-Sep-2023 04-Sep-2023 8000 8000 99.63 7.24 17/Apr/26 2.6
7.17% GS 2030 01-Sep-2023 04-Sep-2023 7000 7000 98.91 7.31 17/Apr/30 6.6
7.18% GS 2037 01-Sep-2023 04-Sep-2023 12000 12000 97.86 7.42 24/Jul/37 13.9
7.25% GS 2063 01-Sep-2023 04-Sep-2023 12000 12000 99.47 7.19 12/Jun/63 39.8
7.06% GS 2028 08-Sep-2023 11-Sep-2023 8000 8000 100.03 7.18 10/Apr/28 4.6
7.18% GS 2033 08-Sep-2023 11-Sep-2023 14000 14000 99.17 7.37 14/Aug/33 9.9
7.30% GS 2053 08-Sep-2023 11-Sep-2023 11000 11000 99.58 7.16 19/Jun/53 29.8
7.17% GS 2030 15-Sep-2023 18-Sep-2023 7000 7000 99.99 7.17 17/Apr/30 6.6
7.18% GS 2037 15-Sep-2023 18-Sep-2023 12000 12000 99.52 7.23 24/Jul/37 13.9
7.25% GS 2063 15-Sep-2023 18-Sep-2023 12000 12000 98.90 7.33 12/Jun/63 39.7
7.06% GS 2028 22-Sep-2023 25-Sep-2023 8000 8000 99.50 7.19 10/Apr/28 4.5
7.18% GS 2033 22-Sep-2023 25-Sep-2023 14000 14000 100.15 7.16 14/Aug/33 9.9
7.30% GS 2053 22-Sep-2023 25-Sep-2023 11000 11000 99.48 7.34 19/Jun/53 29.7
6.99% GS 2026 28-Sep-2023 29-Sep-2023 8000 8000 100.10 7.15 17/Apr/26 2.6
7.17% GS 2030 28-Sep-2023 29-Sep-2023 7000 7000 99.36 7.25 17/Apr/30 6.6
7.18% GS 2037 28-Sep-2023 29-Sep-2023 12000 12000 99.04 7.32 24/Jul/37 13.8
7.25% GS 2063 28-Sep-2023 29-Sep-2023 12000 12000 99.54 7.18 12/Jun/63 39.7
Total 480000 480000
Weighted Average Yield % 7.25
24Statement 2: Treasury Bills Issued during Q2 2023-24
Cut off
Date of
Security Issue Date Accepted Amount (₹ Crore) Yield
Auction
(%)
Non-
Competitive Total
Competitive
364-Day 27-Sep-2023 29-Sep-2023 5982 2894 8877 7.08
364-Day 20-Sep-2023 21-Sep-2023 5991 5778 11769 7.09
364-Day 13-Sep-2023 14-Sep-2023 5979 2482 8462 7.06
364-Day 06-Sep-2023 07-Sep-2023 5983 1668 7651 7.03
364-Day 30-Aug-2023 31-Aug-2023 5981 1414 7395 7.03
364-Day 23-Aug-2023 24-Aug-2023 5984 1000 6985 7.05
364-Day 17-Aug-2023 18-Aug-2023 5983 1808 7791 7.07
364-Day 09-Aug-2023 10-Aug-2023 5984 2764 8748 6.96
364-Day 02-Aug-2023 03-Aug-2023 5982 264 6246 6.93
364-Day 26-Jul-2023 27-Jul-2023 5983 166 6149 6.89
364-Day 19-Jul-2023 20-Jul-2023 5984 16 6000 6.89
364-Day 12-Jul-2023 13-Jul-2023 5990 16 6007 6.88
364-Day 05-Jul-2023 06-Jul-2023 5967 139 6106 6.85
182-Day 27-Sep-2023 29-Sep-2023 7960 1190 9150 7.08
182-Day 20-Sep-2023 21-Sep-2023 7978 22 8000 7.07
182-Day 13-Sep-2023 14-Sep-2023 7914 1786 9700 7.05
182-Day 06-Sep-2023 07-Sep-2023 7976 1024 9000 7.02
182-Day 30-Aug-2023 31-Aug-2023 7955 45 8000 7.02
182-Day 23-Aug-2023 24-Aug-2023 7940 1060 9000 7.04
182-Day 17-Aug-2023 18-Aug-2023 7984 16 8000 7.04
182-Day 09-Aug-2023 10-Aug-2023 7952 548 8500 6.91
182-Day 02-Aug-2023 03-Aug-2023 7971 2979 10950 6.87
182-Day 26-Jul-2023 27-Jul-2023 7975 2025 10000 6.86
182-Day 19-Jul-2023 20-Jul-2023 7978 1547 9525 6.86
182-Day 12-Jul-2023 13-Jul-2023 7974 226 8200 6.87
182-Day 05-Jul-2023 06-Jul-2023 7980 520 8500 6.83
91-Day 27-Sep-2023 29-Sep-2023 9966 1034 11000 6.86
91-Day 20-Sep-2023 21-Sep-2023 9978 4522 14500 6.85
91-Day 13-Sep-2023 14-Sep-2023 9968 3482 13450 6.85
91-Day 06-Sep-2023 07-Sep-2023 9960 1040 11000 6.80
91-Day 30-Aug-2023 31-Aug-2023 9973 4751 14724 6.82
91-Day 23-Aug-2023 24-Aug-2023 9959 1041 11000 6.86
91-Day 17-Aug-2023 18-Aug-2023 9971 7229 17200 6.88
91-Day 09-Aug-2023 10-Aug-2023 9950 1800 11750 6.75
91-Day 02-Aug-2023 03-Aug-2023 9968 5532 15500 6.72
91-Day 26-Jul-2023 27-Jul-2023 9969 6474 16443 6.72
91-Day 19-Jul-2023 20-Jul-2023 9956 6544 16500 6.71
91-Day 12-Jul-2023 13-Jul-2023 9966 644 10610 6.74
91-Day 05-Jul-2023 06-Jul-2023 9968 1532 11500 6.72
Total 310863 79025 389888
25Statement 3: G-Secs outstanding balance as on September 30, 2023
Sl. Coupon Amount
Name of security Date of issue Maturity date
No. rate % in ₹Crore
1 4.48% GS 2023 4.48 2-Nov-2020 2-Nov-2023 53925
2 8.83% GS 2023 8.83 25-Nov-2013 25-Nov-2023 56573
3 4.56% GS 2023 4.56 29-Nov-2021 29-Nov-2023 32500
4 7.68% GS 2023 7.68 27-Apr-2015 15-Dec-2023 78834
5 7.32% GS 2024 7.32 28-Jan-2019 28-Jan-2024 59533
6 7.35% GS 2024 7.35 22-Jun-2009 22-Jun-2024 51838
7 6.69% GS 2024 6.69 27-Jun-2022 27-Jun-2024 56000
8 8.40% GS 2024 8.40 28-Jul-2014 28-Jul-2024 66315
9 6.18% GS 2024 6.18 4-Nov-2019 4-Nov-2024 79480
10 FRB 2024 6.97 7-Nov-2016 7-Nov-2024 45885
11 9.15% GS 2024 9.15 14-Nov-2011 14-Nov-2024 78013
12 6.89% GS 2025 6.89 16-Jan-2023 16-Jan-2025 12000
13 7.72% GS 2025 7.72 25-May-2015 25-May-2025 76835
14 5.22% GS 2025 5.22 15-Jun-2020 15-Jun-2025 118000
15 8.20% GS 2025 8.20 24-Sep-2012 24-Sep-2025 82325
16 5.97% GS 2025 (Conv) 5.97 25-Sep-2003 25-Sep-2025 16688
17 5.15% GS 2025 5.15 9-Nov-2020 9-Nov-2025 116465
18 7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 117892
19 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 60249
20 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 149503
21 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 56000
22 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 85920
23 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 89743
24 10.18% GS 2026 10.10 11-Sep-2001 11-Sep-2026 15000
25 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 74300
26 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 81964
27 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 110556
28 6.79% GS 2027 6.79 15-May-2017 15-May-2027 121000
29 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 142000
30 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 97727
31 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 91866
32 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000
33 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 115584
34 7.10% GOI SGrB 2028 7.10 27-Jan-2023 27-Jan-2028 8000
35 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 104000
36 8.60% GS 2028 8.60 2-Jun-2014 2-Jun-2028 106230
37 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000
38 FRB 2028 7.88 4-Oct-2021 4-Oct-2028 52816
39 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 132854
40 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 130709
41 7.10% GS 2029 7.10 18-Apr-2022 18-Apr-2029 158598
42 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840
43 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830
44 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714
45 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 91000
46 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989
47 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619
48 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000
49 9.20% GS 2030 9.20 30-Sep-2013 30-Sep-2030 62807
50 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832
26Sl. Coupon Amount
Name of security Date of issue Maturity date
No. rate % in ₹Crore
51 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 92747
52 6.10% GS 2031 6.10 12-Jul-2021 12-Jul-2031 148086
53 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 113083
54 FRB 2031 7.90 7-May-2018 7-Dec-2031 139916
55 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000
56 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 123793
57 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 96833
58 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000
59 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 140506
60 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522
61 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000
62 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000
63 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 133292
64 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 56000
65 FRB 2033 8.25 22-Jun-2020 22-Sep-2033 149482
66 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 101475
67 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 95960
68 7.50% GS 2034 7.50 10-Aug-2004 10-Aug-2034 102680
69 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 127701
70 FRB 2034 7.93 30-Aug-2021 30-Oct-2034 54800
71 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 105363
72 FRB, 2035 6.58 25-Jan-2005 25-Jan-2035 350
73 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 113756
74 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 146431
75 7.40% GS 2035 7.40 9-Sep-2005 9-Sep-2035 106693
76 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 153550
77 7.54% GS 2036 7.54 23-May-2022 23-May-2036 149000
78 8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 86000
79 7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 150000
80 7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 72000
81 6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 13000
82 7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 38151
83 8.30% GS 2040 8.3 2-Jul-2010 2-Jul-2040 93016
84 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771
85 8.30% GS 2042 8.3 31-Dec-2012 31-Dec-2042 105700
86 7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38364
87 9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472
88 8.17% GS 2044 8.17 1-Dec-2014 1-Dec-2044 97000
89 8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000
90 7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 101592
91 7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84000
92 7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 99798
93 6.67% GS 2050 6.67 2-Nov-2020 17-Dec-2050 149162
94 6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 55000
95 6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 146835
96 7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161000
97 7.30% GS 2053 7.30 19-Jun-2023 19-Jun-2053 88000
98 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969
99 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462
100 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381
101 6.80% GS 2060 6.80 31-Aug-2020 15-Dec-2060 101756
102 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 148754
103 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 149560
104 7.40% GS 2062 7.40 19-Sep-2022 19-Sep-2062 156549
27Sl. Coupon Amount
Name of security Date of issue Maturity date
No. rate % in ₹Crore
105 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 108000
106 IINSS -Cumulative 1.5% GS 2023 1.50 25-Dec-13 25-Dec-23 64
Total 9893 727
Statement 4: Maturity Profile of Government Securities as on end-September 2023
Year of Maturity Amount in ₹ Crore
2023-2024 281429
2024-2025 389531
2025-2026 528205
2026-2027 723235
2027-2028 591177
2028-2029 537609
2029-2030 521982
2030-2031 702993
2031-2032 680878
2032-2033 544861
2033-2034 536210
2034-2035 504650
2035-2036 406674
2036-2037 385000
2037-2038 72000
2038-2039 13000
2039-2040 38151
2040-2041 93016
2041-2042 91771
2042-2043 105700
2043-2044 117836
2044-2045 97000
2045-2046 98000
2046-2047 101592
2049-2050 84000
2050-2051 248961
2051-2052 201835
2052-2053 161000
2053-2054 88000
2055-2056 100969
2059-2060 83462
2060-2061 348891
2061-2062 149560
2062-2063 156549
2063-2064 108000
Total 9893727
28Statement 5: Calendar for Auction of Treasury Bills October-December, 2023
Amount in ₹ Crore
Date of Auction Issue Date 91 Days 182 Days 364 Days Total
October 4, 2023 October 5, 2023 7,000 8,000 9,000 24,000
October 11, 2023 October 12, 2023 7,000 8,000 9,000 24,000
October 18, 2023 October 19, 2023 7,000 8,000 9,000 24,000
October 25, 2023 October 26, 2023 7,000 8,000 9,000 24,000
November 1, 2023 November 2, 2023 7,000 8,000 9,000 24,000
November 8, 2023 November 9, 2023 7,000 8,000 9,000 24,000
November 15, 2023 November 16, 2023 7,000 8,000 9,000 24,000
November 22, 2023 November 23, 2023 7,000 8,000 9,000 24,000
November 29, 2023 November 30, 2023 7,000 8,000 9,000 24,000
December 6, 2023 December 7, 2023 7,000 8,000 9,000 24,000
December 13, 2023 December 14, 2023 7,000 8,000 9,000 24,000
December 20, 2023 December 21, 2023 7,000 8,000 9,000 24,000
December 27, 2023 December 28, 2023 7,000 8,000 9,000 24,000
Total 91,000 104,000 117,000 312,000
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