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RBI advances variable rate Repo auction scheduled for March 30, 2020 to March 26, 2020 and Temporarily enhances Standing Liquidity Facility for SPDs
March, 24th 2020

The Reserve Bank had announced two variable rate term repo auctions of 25,000 crore each vide press release 2030/2019-2020 dated March 06, 2020, to be conducted on March 30, 2020 and March 31, 2020, to address any additional demand for liquidity and to provide flexibility to the banking system in year-end liquidity management. As a special case, Standalone Primary Dealers (SPDs) were also allowed to participate in these auctions along with other eligible participants.

On a review of the rapidly evolving financial conditions and taking into account the impact of disruptions caused by COVID-19, it has been decided to advance the first auction scheduled for March 30, 2020 to March 26, 2020. The modified details of the auction to be conducted on March 26, 2020 are as under:

Sl. No. Date Notified Amount
( crore)
Tenor
(days)
Window Timing Date of Reversal
1 March 26, 2020 25,000 12 2.00 PM – 2.30 PM April 07, 2020

There is no change in the auction scheduled for March 31, 2020. All other terms and conditions as applicable to term Repo auctions will remain the same.

Furthermore, it has been decided to temporarily enhance liquidity available to SPDs under the Reserve Bank’s Standing Liquidity Facility (SLF) from 2800 crore to 10,000 crore with immediate effect, in order to facilitate year-end liquidity management by SPDs. This enhanced facility will be available till April 17, 2020.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2110

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