RBI to conduct auction for GoI securities conversion on June 21

IANSUpdated: Thursday, June 17, 2021, 11:22 PM IST
article-image
RBI | File photo

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)."

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Auto sales up by 91% in September buoyed by chip supplies and festive spirit

Auto sales up by 91% in September buoyed by chip supplies and festive spirit

Implementation of excise duty on petrol without ethanol pushed by a month

Implementation of excise duty on petrol without ethanol pushed by a month

October is set to have 21 bank holidays, so plan your bank visits and big transfers accordingly

October is set to have 21 bank holidays, so plan your bank visits and big transfers accordingly

Oracle slapped with $23 million fine for bribing officials of Indian Railways-owned firm

Oracle slapped with $23 million fine for bribing officials of Indian Railways-owned firm

Watch: Elon Musk’s humanoid robot has finally arrived, but is it worth the hype?

Watch: Elon Musk’s humanoid robot has finally arrived, but is it worth the hype?