RBI

Government Bond Auction Results 6.68% GS 2040 and 7.43% GS 2076

The Reserve Bank of India published full auction results for two government stock tranches: ₹17,000 crore of 6.68% GS 2040 and ₹12,000 crore of 7.43% GS 2076. Both auctions achieved 99.92% and 99.88% of notified amounts respectively. The 6.68% GS 2040 attracted 240 competitive bids totaling ₹32,591.30 crore with a cut-off yield of 7.5303%, while the 7.43% GS 2076 received 120 bids worth ₹26,999 crore at a cut-off yield of 7.8812%.

Q1 FY27 State Government Borrowing Calendar

The Reserve Bank of India published the indicative Q1 FY27 market borrowing calendar for State Governments and Union Territories totaling ₹2,54,509 crore. A Benchmark Issuance Strategy (BIS) pilot launches with nine States (Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh) to enhance transparency in market borrowings.

Treasury Bill Auction - 24000 Crore Rupees

The Reserve Bank of India announced an auction of Government of India Treasury Bills totaling ₹24,000 crore to be held on April 8, 2026. The auction includes ₹12,000 crore of 91-day bills, ₹6,000 crore of 182-day bills, and ₹6,000 crore of 364-day bills, with settlement on April 9, 2026.

Government Stock Auction Results: Cut-off Prices

The Reserve Bank of India conducted a government stock auction on April 2, 2026, successfully raising ₹29,000 crore through two tranches. The 6.68% GS 2040 tranche (₹17,000 crore) was accepted at a cut-off price of ₹92.63 (implicit yield 7.5303%), while the 7.43% GS 2076 tranche (₹12,000 crore) was accepted at a cut-off price of ₹94.38 (implicit yield 7.8812%). Devolvement on Primary Dealers was NIL for both tranches.

Master Direction on Currency Exchange Procedures for Banks

The Reserve Bank of India issued a Master Direction consolidating all existing guidelines on the Facility for Exchange of Notes and Coins. The direction covers procedures for exchanging soiled, mutilated, and imperfect notes; coin distribution; grievance redressal; and monitoring requirements. All previous circulars listed in Annex II and earlier Master Circulars on the subject stand withdrawn from the effective date.

Revised Risk Management Directions for Authorised Dealers on INR Derivatives

RBI issued Circular No. 03 under A.P. (DIR Series) restricting Authorised Dealers from offering non-deliverable derivative contracts involving INR to any users. Deliverable FX derivatives remain permitted only where users do not hold offsetting non-deliverable positions. Rebooking of cancelled INR derivatives and related party transactions involving INR derivatives are also prohibited. Instructions are effective immediately under FEMA 1999.

Master Direction on Currency Distribution Incentives and Penalties for Banks

The Reserve Bank of India has issued a Master Direction consolidating guidelines on incentives for currency distribution and exchange, along with penal provisions for bank branches and Currency Chests (CCs) deficient in customer service and reporting. The Direction references RBI/DCM/2026-27/393 and DCM (CC) No. G-3/03.06.001/2026-27. All previously issued circulars and Master Directions on this subject (listed in Annex III) are withdrawn with immediate effect.

Overseas Investment References - Decentralized Regional Office Processing

The Reserve Bank of India has decentralized the processing of overseas investment references from its Central Office to seven Regional Offices (Ahmedabad, Bengaluru, Mumbai, Kolkata, New Delhi, Hyderabad, Chennai), effective April 1, 2026. Authorised Dealer Category I banks must now submit references through the PRAVAAH portal to the designated regional office based on the UIN (Unique Identification Number) prefix of the foreign entity. This administrative change is being made to the Master Direction - Overseas Investment dated July 24, 2024.

Master Direction on Counterfeit Notes – Detection, Reporting and Monitoring

The Reserve Bank of India issued a Master Direction establishing consolidated requirements for banks on counterfeit currency note detection, reporting, and monitoring. The Direction codifies existing instructions and adds procedural requirements for branch-level detection, customer authentication protocols, and reporting timelines to RBI and law enforcement authorities. All banks regulated by RBI must comply with these detection and reporting standards.

One ISIL entry added to UN sanctions list

RBI issued notification RBI/2026-27/01 requiring regulated entities to implement updates to the UN Security Council ISIL (Da'esh) and Al-Qaida Sanctions List. One individual, Hamidah Nabagala (QDi.439), a Ugandan national born March 9, 1996, has been added to the list pursuant to UNSC resolutions 1267, 1989, and 2253. The individual is subject to assets freeze, travel ban, and arms embargo measures as set out in Security Council resolution 2734 (2024).