Government securities auction re-issues offered via price-based, multiple-price method with electronic competitive and non-competitive bidding.
Auctions of three Government stocks are being offered by price-based, multiple-price re-issue; the issuer may retain additional subscriptions. Up to a reserved portion of each notified amount will be allotted under the Non-Competitive Bidding Facility. Both competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within specified time windows; auction results and payment dates are prescribed. The securities will be eligible for When Issued trading under RBI guidelines.

Contingency risk buffer maintained, while the central bank approved surplus transfer and annual accounts amid COVID-19 measures.
The Central Board reviewed the Bank's monetary and regulatory measures addressing COVID-19, approved the Annual Report and accounts for 2019-20, authorised transfer of surplus to the Central Government for that year, and decided to maintain the Contingency Risk Buffer at 5.5%.

Government securities auction: re-issue offered by price-based auction with non-competitive allocation and E-Kuber electronic bidding.
Announcement of re-issuance auctions for four central government stocks to be offered through price based auction using the multiple price method, with the issuer retaining an option to accept additional subscriptions against each security. Up to five percent of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility. Bids must be submitted electronically on the central bank's E-Kuber system within prescribed time windows for non-competitive and competitive bids, and the stocks are eligible for "When Issued" trading under central bank guidelines.

Accommodative monetary stance preserved to support economic recovery while maintaining focus on inflation targeting and data vigilance.
The Monetary Policy Committee kept the policy repo rate unchanged and retained an accommodative stance to support recovery from COVID-19 while pursuing the medium-term CPI inflation target of 4 percent +/-2 percent. The MPC noted a fragile global outlook, tentative domestic recovery with agriculture outperforming and continued contraction in industry and services, abundant systemic liquidity from Reserve Bank measures, improved transmission to lending rates, and uncertain inflation dynamics driven by food supply disruptions and cost-push pressures. The MPC emphasised judicious use of available policy space and remained watchful of incoming data.

Monetary accommodation maintained to support recovery, paired with targeted liquidity, restructuring window, and payment system safeguards.
The MPC maintained the policy repo rate and an accommodative monetary stance to support recovery while monitoring inflation; the RBI announced targeted liquidity and regulatory measures including an Additional Special Liquidity Facility to NHB and NABARD, a limited resolution window under the Prudential Framework to treat certain restructured exposures as standard subject to safeguards and independent validation, restructuring eligibility for stressed MSMEs standard as of March 1, 2020, a temporary raise in LTV for gold loans, harmonisation of capital treatment for bank holdings via MFs/ETFs, Priority Sector Lending revisions, and payment system and innovation enhancements.

Strategic sector PSU cap announced; consolidation and targeted privatisation to reshape public sector presence across economy.
Announcement of a public sector enterprises policy to notify strategic sectors with a capped number of public sector enterprises, using consolidation measures such as mergers to achieve that cap; central public sector enterprises in non strategic sectors will be considered for privatisation based on feasibility. The policy intends to open sectors to private participation while retaining PSEs in defined areas and will be taken to Cabinet, with the IDBI privatisation proposal noted as the only bank proposal cleared so far.

Sovereign Gold Bond issue price reduced for online digital payments during the Series V subscription window, with specified settlement arrangements.
Sovereign Gold Bonds 2020-21 (Series V) are open for a defined subscription window with a specified settlement date and a fixed issue price per gram as published by the RBI. A discount applies to investors who apply online and pay via digital modes, resulting in a reduced issue price for such digitally paid subscriptions.

Auction of Government Securities: re-issues offered via price-based multiple-price auction with non-competitive quota and RBI e-Kuber bidding.
The Government announced re-issue auctions of three dated Government Stocks via price based multiple-price auctions conducted by the RBI on E-Kuber, allowing both competitive and Non-Competitive Bidding Facility bids with up to five percent of each issue allotted to eligible individuals and institutions; the issuer may retain additional subscription up to a specified cap and the stocks are eligible for When Issued trading under RBI guidelines.

Union government receipts and expenditure reveal reduced devolution to states and substantial interest and subsidy outgo.
Consolidation of June 2020 monthly accounts shows central receipts comprised of tax revenue (net), non tax revenue and non debt capital receipts, with a substantial portion of tax proceeds transferred to states under devolution; the devolved amount is lower than the prior year. Expenditure is dominated by revenue spending, with interest payments and major subsidies as principal components, reflecting debt servicing and subsidy burdens that constrain the Centre's fiscal space for the period.

Loan restructuring: government coordinating with central bank to address industry and hospitality relief; banks must extend emergency credit.
Government engagement with the central bank on loan restructuring is the primary policy response to COVID-19 impacts on industry, including consideration of moratoriums for hospitality and establishment of a Development Finance Institution to meet emerging credit needs. Banks are directed not to refuse credit under the Emergency Credit Guarantee facility to eligible MSMEs, with refusals to be reported. Reciprocity in trade negotiations is emphasised, and GST rate changes will be decided by the GST Council.

Infrastructure financing: urging expanded instruments and private capital mobilisation to fund social and climate resilient recovery projects.
The Finance Minister highlighted the AIIB's rapid pandemic-era financial support and described India's complementary emergency and stimulus measures, urging the Bank to expand financing instruments, mobilise private capital, fund social and climate-resilient infrastructure aligned with sustainable development goals, and consider establishing a regional presence to improve project management and partnership with India's National Infrastructure Pipeline.

Government securities auction procedures announced; competitive and non competitive electronic bids via E Kuber with reserved non competitive quota.
Announcement of auctions for multiple Government of India securities with specified auction methods and notified amounts, an option to accept additional subscriptions up to a stated cap per security, and a reservation of up to five percent for eligible participants under the Non-Competitive Bidding Facility. The Reserve Bank of India will conduct the auctions via the E-Kuber electronic platform using the multiple price method, with prescribed time windows for non-competitive and competitive bid submission, scheduled result and payment dates, and eligibility for When Issued trading under RBI guidelines.

Special Liquidity Scheme expands short-term funding access for NBFCs and HFCs through SPV purchases of eligible debt.
The Special Liquidity Scheme enables a Special Purpose Vehicle to purchase primary and secondary debt of eligible NBFCs and HFCs to provide short-term liquidity and exit options for holders of standard investments with short residual maturities, operated through SLS Trust with a time-limited subscription period and subject to registration and compliance conditions.

QR code payments should adopt interoperable standards, simplified merchant onboarding and stronger security and controlled interchange incentives.
The Committee recommends promoting open, interoperable QR standards (Bharat QR and UPI QR) while phasing out proprietary closed loop QR systems; simplifying merchant onboarding by accepting existing bank account KYC with acquiring banks retaining onboarding responsibility and risk based KYC strengthening; enabling technical standards such as signed and dynamic QR codes, backend merchant resolution via a common registry, multiple UPI IDs per recipient, offline dynamic QR for low value use cases, and third party security testing; and replacing zero MDR with a controlled interchange plus incentives to sustain the payments ecosystem.

Government securities auction: re-issue offered via price-based multiple-price method with non-competitive facility and when-issued trading eligibility.
The Government of India announced re-issue auctions of three Government Stocks via price-based auctions conducted by the Reserve Bank of India using the multiple price method; the Government may accept additional subscriptions up to a specified limit for each issue, and up to five percent of each notified amount is reserved for eligible holders under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI's E-Kuber within the prescribed non-competitive and competitive windows, results are announced on the auction day with payment on the stated settlement date, and the stocks are eligible for When Issued trading under RBI guidelines.

Government securities auction: re-issue of dated and floating bonds via multiple-price auction with competitive and non-competitive bids.
Announcement of multiple re-issues of central government securities via price-based auctions using the multiple price method, with notified nominal amounts and a government option to retain additional subscription. Up to five percent of each notified amount is reserved under the Non-Competitive Bidding Facility. Both competitive and non-competitive bids must be submitted electronically through the designated core banking auction system within prescribed time windows. Result declaration, payment schedule, and eligibility of the stocks for When Issued trading under existing guidelines are specified.

Monetary policy and regulatory measures bolster financial stability while requiring banks and NBFCs to stress test and plan capital.
The Reserve Bank of India deployed monetary easing, large liquidity injections and supervisory reforms to preserve financial stability and ensure credit flow during the COVID-19 shock. It enhanced off site surveillance, reorganised supervisory functions, strengthened oversight of NBFCs and UCBs, and required banks and NBFCs to conduct forward looking stress testing with contingency capital and liquidity planning. The approach prioritises addressing causes of institutional weakness-business models, governance and assurance functions-while enabling non disruptive resolution of stressed entities and maintaining continuity of financial market infrastructure.

Government securities auction announced for re-issue stocks, with price-based multiple-price bidding and non-competitive allotment option.
Re-issue auctions of three Central Government stocks are announced under a price-based multiple-price auction, with electronic submission of competitive and non-competitive bids on the core banking system within specified windows, same-day announcement of results and scheduled settlement. Up to five percent of each issue is reserved for eligible individuals and institutions through the Non-Competitive Bidding Facility, and the government may retain additional subscriptions up to a stated cap against any one or more securities. The stocks are eligible for when-issued trading under applicable when-issued transaction guidelines.

Sovereign Gold Bond issue price set with a digital payment discount for online applicants during the subscription period.
Sovereign Gold Bond 2020-21 (Series IV) fixes a base issue price for the subscription window and provides a per gram discount to investors who both apply online and make payment through digital mode during that subscription period; the discount applies only to applicants meeting both conditions and operates for the announced tranche under the enabling government notification.

Special Liquidity Scheme for NBFCs and HFCs provides government guaranteed short term funding to repay existing liabilities.
Special Liquidity Scheme establishes a government guaranteed facility through an SLS Trust to provide short term funding by purchasing up to 90 day commercial paper and NCDs of eligible NBFCs and HFCs; eligibility requires registration with the appropriate regulator, compliance with capital adequacy, specified asset quality and profitability conditions, an investment grade rating, and absence of certain categorized slippages, and proceeds must be used only to repay existing liabilities.