RBI discusses global, domestic economic situation, challenges at board meeting

HYDERABAD(Telangana): The Central Board of Directors of the Reserve Bank of India (RBI) discussed the global and domestic economic situation and associated challenges at the 620th meeting held in Hyderabad under the Chairmanship of Governor Sanjay Malhotra.

“The Board discussed global and domestic economic situation and associated challenges. It approved the risk-based deposit insurance framework for banks. The Board also reviewed the activities of select Central Office Departments and the draft

Report on Trend and Progress of Banking in India, 2024-25,” the central bank said in a statement.

“The Board approved the risk-based deposit insurance framework for banks and also reviewed the activities of select Central Office Departments and the draft Report on Trend and Progress of Banking in India, 2024-25,” it added.

At the meeting, Deputy Governors T. Rabi Sankar, Swaminathan J., Dr. Poonam Gupta, Shirish Chandra Murmu and other Directors of the Central Board namely Nagaraju Maddirala, Secretary, Department of Financial Services; Satish K. Marathe, Revathy Iyer, Pankaj Ramanbhai Patel and Dr. Ravindra H. Dholakia attended the meeting.

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Meanwhile, the Reserve Bank of India on Tuesday announced the results of the yield/price-based auction of State Government Securities (SGS), in which states and Union Territories collectively raised Rs 15,330 crore against the notified amount of Rs 17,850 crore, according to an official press release issued by the central bank.

As per the auction results, Assam successfully raised Rs 900 crore through a 14-year security at a cut-off yield of 7.59 per cent. Chhattisgarh mobilised a total of Rs 2,000 crore through two securities. The first tranche of Rs 1,000 crore was raised through an eight-year security at a cut-off yield of 7.37 per cent, while the second tranche of Rs 1,000 crore was raised through the re-issue of 7.29 per cent Chhattisgarh State Government Security (SGS) 2030 at a cut-off price of 100.83, translating into a yield of 7.0694 per cent.

Goa raised Rs 100 crore through a 10-year security at a cut-off yield of 7.34 per cent. Gujarat raised Rs 1,000 crore through a nine-year security at a cut-off yield of 7.27 per cent, while it did not accept any amount in the 15-year security offered in the auction. (ANI)