The Government of India has been undertaking conversion or switch operations with market participants as well as with the Reserve Bank with the objective of smoothening the liability profile as well as for market development. As part of these operations, Government has done a conversion transaction with the Reserve Bank on January 28, 2022 for an amount of ₹1,19,701 crore (Face Value). The transaction involved buying back securities maturing in FY 2022-23, FY 2023-24 and FY 2024-25 from the Reserve Bank and issuing fresh securities for equivalent market value, to make the transaction cash neutral. The transactions were carried out using Financial Benchmarks India Pvt Ltd. (FBIL) prices as on January 28, 2022. The details are as below:
| Security bought back by the Government from RBI |
Amount (Face Value)
(₹ in crore) |
FBIL Price of the security bought back by Govt (₹) |
Security issued by the Government to RBI |
Amount (Face Value)
(₹ in crore) |
FBIL Price of the security issued by Govt (₹) |
| 8.35% GS 2022 |
905 |
101.23 |
7.26% GS 2029 |
885.579 |
103.45 |
| 8.15% GS 2022 |
11,207 |
101.47 |
7.26% GS 2029 |
10,992.501 |
103.45 |
| 8.08% GS 2022 |
10,661 |
101.83 |
8.60% GS 2028 |
9,849.479 |
110.22 |
| 5.87% GS 2022 |
51 |
100.91 |
8.60% GS 2028 |
46.692 |
110.22 |
| 8.13% GS 2022 |
11,815 |
102.39 |
8.60% GS 2028 |
10,975.665 |
110.22 |
| 6.84% GS 2022 |
29,009 |
102.04 |
7.59% GS 2029 |
28,084.234 |
105.40 |
| 8.20% OIL SPL 2023 |
13,989 |
104.88 |
7.88% GS 2030 |
13,668.402 |
107.34 |
| 8.01% OIL SPL 2023 |
1,255 |
104.74 |
7.88% GS 2030 |
1,224.601 |
107.34 |
| 8.20% OIL SPL 2024 |
320 |
105.38 |
7.88% GS 2030 |
314.156 |
107.34 |
| GOI FRB 2024 |
27,330 |
99.05 |
6.67% GS 2035 |
28,339.996 |
95.52 |
| 6.35% OIL SPL 2024 |
299 |
101.8 |
7.88% GS 2030 |
283.568 |
107.34 |
| 7.95% OIL SPL 2025 |
5,620 |
106.06 |
7.88% GS 2030 |
5,552.983 |
107.34 |
| 8.40% OIL SPL 2025 |
7,240 |
107.42 |
7.88% GS 2030 |
7,245.395 |
107.34 |
(Yogesh Dayal)
Chief General Manager
Press Release: 2021-2022/1635
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