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TABLE-India cbank cuts govt bond borrowing to 600 bln rupees from Aug 18-Sept 30

Source : REUTERS
Last Updated: Thu, Aug 14, 2014 19:00 hrs

MUMBAI, Aug 14 (Reuters) - The Reserve Bank of India said on Thursday it had cut the amount of government bond borrowing by 100 billion rupees ($1.65 billion) during the period Aug. 18 to Sept. 30. India will borrow 600 billion rupees until the end of the fiscal year's first-half borrowing plan by September-end, down from the initially announced 700 billion rupees, according to the RBI's revised borrowing schedule out on Thursday. The decision follows a review of the government's cash position, the RBI said in its release. The government had an ambitious target to keep the fiscal deficit within 4.1 percent of the gross domestic product, but is also counting on proceeds from stake sales and tax returns to boost revenues. Bond traders had anticipated the cut after the RBI said last week it would transfer a cash balance of 526.79 billion rupees to the government, thus reducing the need to raise as much in bond sales as initially planned. The RBI manages debt on behalf of the government and periodically transfers back proceeds. The revised borrowing table is as follows: Calendar for Issuance of Government of India Dated Securities during August-September 2014 Sr. Week of Amount Security-wise allocation No. Auction (in bln rupees) 1 August 18-22, 120 i) 5-9 Years for 10-20 bln rupees 2014 ii) 10-14 Years for 40-60 bln rupees iii) 15-19 Years for 10-20 bln rupees iv) 20 Years & Above for 10-20 bln rupees 2 August 25-29, 120 i) 5-9 Years for 10-20 bln rupees 2014 ii) 10-14 Years for 40-60 bln rupees iii) 15-19 Years for 10-20 bln rupees iv) 20 Years & Above for 10-20 bln rupees 3 September 1-5, 120 i) 5-9 Years for 10-20 bln rupees 2014 ii) 10-14 Years for 40-60 bln rupees iii) 15-19 Years for 10-20 bln rupees iv) 20 Years & Above for 10-20 bln rupees 4 September i) 5-9 Years for 10-20 bln rupees 15-19, 2014 120 ii) 10-14 Years for 40-60 bln rupees iii) 15-19 Years for 10-20 bln rupees iv) 20 Years & Above for 10-20 bln rupees 5 September 120 i) 5-9 Years for 10-20 bln rupees 22-26, 2014 ii) 10-14 Years for 40-60 bln rupees iii) 15-19 Years for 10-20 bln rupees iv) 20 Years & Above for 10-20 bln rupees ($1 = 60.7600 rupees) (Reporting by Neha Dasgupta; Editing by Prateek Chatterjee)




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