PUBLIC DEBT MANAGEMENT

QUARTERLY REPORT

January-March, 2024

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
BUDGET DIVISION

www.dea.gov.in
 Contents

Section 1: Macroeconomic Developments ..................................... 1

Section 2: Debt Management - Primary Market Operations ........... 4
Section 3: Cash Management ......................................................... 8
Section 4: Trends in Outstanding Debt ......................................... 10
Section 5: Secondary Market ........................................................ 15
 Introduction

Since April-June (Q1) 2010-11, the Public Debt Management Cell (PDMC),
Budget Division, Department of Economic Affairs (DEA), Ministry of
Finance (MoF) has been bringing out a quarterly report on public debt
management on a regular basis (https://dea.gov.in/public-debt-management).
This report pertains to the Q4 of the fiscal year 2023-24, viz., January-March
FY 2023-24.

The report gives an account of the public debt management and cash
management operations during the quarter and provides detailed information
on various aspects of debt management.

While all attempts have been made to provide authentic and accurate
information, it is possible that some errors might have crept in inadvertently.
Readers may inform us of such errors, if any, and provide their valuable
suggestions to improve the contents of this report at [email protected].

i
 LIST OF TABLES

Table 1. 1: Foreign Investment Inflows ................................................................................................................................ 3

Table 2. 1: Fiscal Outcome for 2023-24 ............................................................................................................................... 4
Table 2. 2: Issuance of Dated Securities ............................................................................................................................... 5
Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during 2021-22 to Q4 2023-24 ....................... 6
Table 2. 4: Issuance of Treasury Bills – Q4 2023-24 ........................................................................................................... 7
Table 3.1: Issuance and Repayments of Treasury Bills during Jan-March 2024 ................................................................. 9
Table 4. 1: Total Liabilities of Central Government (in ₹ crores) ...................................................................................... 10
Table 4. 2: Yield and Maturity of Dated Securities of Central Government ...................................................................... 12
Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government ...................................................... 13
Table 4. 4: Ownership Pattern of Government of India Dated Securities ........................................................................... 13
Table 4.5: Ownership Pattern of Treasury Bill…………………………………………………………………………….14
Table 5. 1: Yield Spreads (bps) .......................................................................................................................................... 17
Table 5. 2: Yields on T-Bills of different tenors ................................................................................................................. 18
Table 5. 3: Comparative data during the quarter................................................................................................................. 19
Table 5. 4: Transactions in Government Securities (Volume in ₹ crore) ............................................................................ 20
Table 5. 5: Top-10 Traded Securities (in ₹ crore) ............................................................................................................... 21
Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ cr) ............................................................. 22
Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* ........................................................ 22

LIST OF CHARTS
Chart 1. 1: CPI and WPI Inflation ........................................................................................................................................ 2
Chart 3. 1: Outstanding Amount under LAF ........................................................................................................................ 8
Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market .............................................................................. 17
Chart 5. 2: Comparative G-Sec Yield Curves ..................................................................................................................... 17
Chart 5. 3: Comparative T-Bill Yield Curve....................................................................................................................... 18
Chart 5. 4: Comparative Chart of US 10-Yr Yield, GOI 10-Yr G -Sec, CPI data and Crude Oil price .............................. 19
Chart 5. 5: Outright Trading Volume in ₹ crore ................................................................................................................. 21

LIST OF STATEMENTS

Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q4 2023-24 .................................. 24
Statement 2: Treasury Bills Issued during Q4 2023-24 ...................................................................................................... 26
Statement 3: G-Secs outstanding balance as on March 31, 2024 ........................................................................................ 27
Statement 4: Maturity Profile of Government Securities as on end-March 2024 ............................................................... 29
Statement 5: Calendar for Auction of Treasury Bills April-June 2024 ............................................................................... 30

ii
 Section 1:

Macroeconomic Developments

1.1 Global economy has remained resilient with a stable outlook as inflation risk decreases
aftermath the supply-chain disruptions, Russia- Ukraine conflict, commodity price rise,
globally synchronized tightening of monetary policy. However, despite earlier
indications of economic resilience in 2023 and advancements in curbing headline
inflation, economic activity continued to generally lag behind pre-pandemic (January
2020) forecasts, particularly in emerging market and developing economies. Given the
backdrop, growth in case of India has remained strong for FY 2023-24 with real GDP at
8.2 per cent relative to 7.0 per cent in FY 2022-23 on the back of significant growth in
construction sector and manufacturing sector. The recent release on India’s GDP,
estimates real GDP at 7.8 per cent during the last quarter of 2023-24 which is stronger
than 6.2 per cent in the corresponding quarter of the previous financial year. Factors such
as stronger growth in manufacturing, construction, public administration, defence and
other services, continued to support the growth. In value terms, real GDP reached to ₹
₹173.8 lakh crore in FY 2023-24 as against the first revised estimates of ₹ 160.7 lakh
crore during the corresponding period of previous year. Components of GDP indicates
gross fixed capital formation (GFCF), government consumption expenditure, private
consumption has remained as a major contributor to GDP growth. Gross fixed capital
formation grew by 9.0 per cent with the share of GFCF in GDP (at current prices)
reaching at 30.8 per cent in FY 2023-24. GDP at current prices in FY 2023-24 is
estimated at ₹295.4 lakh crore, as against ₹269.5 lakh crore in first estimates of FY 2022-
23, showing a growth of 9.6 per cent percent as compared to 14.2 per cent in 2022-23.

1.2 Retail inflation measured by Headline Consumer Price Index (CPI) after peaking at 5.7
per cent (year-on-year basis) in December 2023, softened to 4.9 per cent in March 2024.
The decline in headline inflation was witnessed across categories including food
inflation, clothing, housing; fuel and lighting. The Consumer Food Price Index (CFPI),
softened to 8.5 per cent in March 2024 after a growth of 9.5 per cent in December 2023.
The cooling off inflation continued in the month of April 2024 with CPI reaching to 4.8
per cent marking the lowest level since May 2023. In line with the trend in CPI

1
 Wholesale Price Index (WPI) also reflects decline in inflation from 0.9 per cent in
December 2023 to 0.5 per cent in March 2024. However, with surge in wholesale price
inflation across categories WPI surged to 1.3 per cent in April 2024 compared to 0.5 per
cent in March 2024. The sharpest surge was in food articles, though other categories also
registered elevation in prices.

Chart 1. 1: CPI and WPI Inflation

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0
Jun-20

Jun-21

Jun-22

Jun-23
Oct-20

Oct-21

Oct-22

Oct-23
Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

Aug-23

Feb-24
Apr-20

Apr-21

Apr-22

Apr-23

Apr-24
Dec-20

Dec-21

Dec-22

Dec-23
CPI CFPI WPI

Source: MOSPI for CPI and Office of Economic Adviser for WPI

1.3 India’s industrial output, as measured by Index of Industrial Production (IIP), continued
to expand and reached to 4.9 per cent in March 2024 relative to 4.4 per cent in December
2023. However, in momentum terms compared to growth of 5.6 percent in February
2024, March IIP showed some deceleration. For the entire FY 2023-24, IIP accelerated
by 5.8 per cent. Steady production growth in mining, manufacturing sector pulled the
production growth up. Within the use-based goods, strong growth in the infrastructure,
intermediate, and consumer goods sectors supported growth. In terms of numbers, the
infrastructure goods sector, witnessed robust growth of 9.6 per cent in FY 2023-24,
relative to 8.4 per cent in FY 2022-23.

1.4 Amid with expectation of wider economic growth, OECD, IMF And the World Trade
Organisation expect uplift in the global trade. The OECD recent publication (April
2024)1, forecasts global trade in goods and services to grow by 2.3 per cent in 2024 and
3.3 per cent in 2025 which is more than double the 1 per cent growth registered in 2023.

1
OECD Economic Outlook (April 2024), Volume 2024, Issue 1.

2
 Despite the cautiously optimistic outlook expected by the IMF, OECD and WTO, world
trade is not out of the woods yet as the organisations highlighted risk emanating from
geopolitical tensions and trade fragmentation. India’s merchandise exports decreased by
3.1 per cent to USD 437.1 billion in FY 2023-24 relative to USD 451.1 billion in the last
fiscal. Exports of petroleum, gems and jewellery, as well as organic and inorganic
chemicals, have pulled the overall export growth down during the fiscal year. However,
on the other hand merchandise exports excluding petroleum and gems and jewellery have
demonstrated resilience, showing a steady increase over the past few months. India’s
merchandise import payment at USD 675.4 billion2 too contracted by 5.7 per cent in FY
2023-24 relative to USD 716.0 billion in FY 2022-23. The weakness in imports were also
reflected in non-oil-non gold imports in FY 2023-24, though imports of gold, electronic
goods reflected resilience. With imports contracting faster than exports trade deficit
narrowed to USD 238.3 billion in FY 2023-24 from USD 264.9 billion in FY2022-23
1.5 The net foreign direct investment declined to USD 10,587 million during FY 2023-24
compared to USD 27,986 million during the corresponding period a year ago, primarily
due to a rise in repatriation/disinvestment of equity capital. On the financing side, foreign
portfolio investment (FPI) flows have remained buoyant during FY 2023-24, with net
FPI inflow at USD 42,218 million compared to an outflow of 5152 million in the
corresponding period last year.

Table 1. 1: Foreign Investment Inflows

(In USD Million)
Year Net FDI Net FPI
Apr-Mar 2022-23 27986 -5152
Apr-Mar 2023-24(P) 10587 42218
Source: Monthly Bulletin, RBI
Note: Figures are on a net basis

1.6 India’s foreign exchange reserves stood at USD 645.6 billion at the end of March 2024,
increasing from USD 578.5 billion at the end of March 2023. Between January 1, 2024
and March 28, 2024, Indian Rupee (INR) appreciated by 0.2 per cent. The value of INR
against USD as on March 28, 2024 stood at 83.4 relative to 83.2 on January 1, 2024.

2
Export Import Data Bank

3
 Section 2:
Debt Management - Primary Market Operations
A. Government Finances
2.1 As per provisional estimates of the Controller General of Accounts (CGA), Central
Government gross fiscal deficit during FY 2023-24 stood at ₹16.5 lakh crore, which is 95.3 per
cent of revised estimate of ₹17.3 lakh crore. During the year, both revenue deficit and primary
deficit were lower than the levels projected at revised estimate in the recent interim budget.

2.2 According to the provisional estimates of CGA, tax revenue and non-tax revenue
surpassed the revised estimates and reached 100.1% respectively of the revised estimates. In
absolute terms, net tax revenue for 2023-24 stood at ₹23.3 lakh crore and non-tax revenues
came in at ₹4.0 lakh crore during FY 2023-24. Narrower fiscal deficit than the revised estimates
was also on the back of lower actual expenditure relative to the revised estimates. During FY
2023-24 in absolute terms, total expenditure was recorded at ₹44.4 lakh crore which is 98.9 per
cent of the revised estimates primarily due to curtailed revenue expenditure. Capital
expenditure was almost in line with the revised estimates as actual capital expenditure reached
99.9 per cent of the revised estimates for FY 2023-24. The details are given in Table 2.1.

Table 2. 1: Fiscal Outcome for 2023-24

(Amount in ₹ crore)
Percentage of Actual to Revised
Revised
Provisional Estimates
Items Estimates
2023-24 2022-23
2023-24 Current
(Coppy)**
Revenue Receipts 2699713 2728412 101.1% 101.5%
Tax Revenue (Net) 2323918 2326524 100.1% 100.5%
Non-Tax Revenue 375795 401888 106.9% 109.0%
Non-Debt Capital
56000 60460 108.0% 86.5%
Receipts
Total Expenditure 4490486 4442542 98.9% 100.1%
Revenue Expenditure 3540239 3494036 98.7% 99.8%
Capital Expenditure 950246 948506 99.9% 101.6%
Revenue Deficit 840527 765624 91.0% 96.3%
Primary Deficit 679346 589799 86.8% 99.3%
Fiscal Deficit 1734773 1653670 95.3% 99.0%
Note- COPPY: Corresponding Period of the Previous Year.
Figures for FY 2023-24 are unaudited and provisional.

4
B. Issuance Details

2.3 This section discusses the issuance details of market borrowings undertaken during Q4
of 2023-24 and its comparison over corresponding quarter of FY 2022-23.

2.4 Gross and net market borrowings have been budgeted at ₹15,43,000 crore and
₹11,80,456 crore (including switch auctions), respectively for FY 2023-24. Actual gross and
net market borrowing during FY 2022-23 and Q4 FY 2023-24 & Q4 FY 2022-23 are tabled
below (Table 2.2).

Table 2. 2: Issuance of Dated Securities

(Amount in ₹ crore)

Item 2023-24 Q4 2022-23 Q4 Q4 As % of

RE 2023-24 2022-23 2023-24 (RE) 2022-23
Gross Amount 1543000 270000 1421000 274000 17.5% 19.3%
Repayments 362544* 59533 312740 0 16.4% 0.0%
Switches:
Borrowing 100000 25136 103066 29053 25.1% 28.2%
Repayment 100000 26084 105490 30585 26.1% 29.0%
Net 0 -948 -2424 -1532
Buyback 0 0 0 0
Net Issuance 1180456 209519 1105836 272468 17.7% 24.6%
*Repayment is net of recovery from GST Compensation Fund.

2.5 During Q4 2023-24, 7 weekly auctions of dated securities were held aggregating to
₹2,37,000 crore (last auction of Q3 FY24 dated December 29, 2024 (₹ 33,000 crore) was also
settled in Q4 FY 24, hence, gross amount raised during Q4 FY24 was ₹2,70,000 crore). The
net amount raised through issuance of dated securities was ₹ 2,09,519 crore during this quarter
as compared to ₹ 2,72,468 crore during Q4 2022-23 (including switch). Like the previous year,
it was decided to continue distributing total issuance amount under securities of identified
maturities in FY 2023-24. Government of India issued dated securities across the curve,
keeping in view the demand from market and its own maturity preferences. The issuance was
highest under 10-year benchmark security, which stood at 23.7 per cent of gross issuance
followed by 40 and 14/30-year G-Sec at 17.8 per cent and 14.8 per cent of gross issuance in
Q4 2023-24.

5
Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during 2021-
22 to Q4 2023-24
(Amount in ₹ Crore)
Tenor-wise 2-Year 3-Year 5-Year 10-Year 14-Year 30-Year 40-Year FRB Total
FY 2021-22 60752 185503 231865 225264 156023 179598 88376 1127381
% of Total 5.4 16.5 20.6 20.0 13.8 15.9 7.8 100.0

FY 2021-22 H1 42252 0 137503 114865 153264 91498 110598 52376 702356

% of Total 6.0 0.0 19.6 16.4 21.8 13.0 15.7 7.5 100.0

FY 2021-22 H2 18500 0 48000 117000 72000 64525 69000 36000 425025

% of Total 4.4 0.0 11.3 27.5 16.9 15.2 16.2 8.5 100.0

Q4 FY 22 6500 12000 39000 18000 22525 27000 12000 137025

% of Total 5 9 28 13 16 20 9 100

Tenor-wise 2-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total
FY 2022-23 88000 195000 151000 297000 245000 202000 207000 36000 1421000
% of Total 6.2 13.7 10.6 20.9 17.2 14.2 14.6 2.5 100.0

FY 2022-23 H1 48000 117000 84000 156000 135000 112000 108000 36000 796000
% of Total 6.0 14.7 10.6 19.6 17.0 14.1 13.6 4.5 100.0

FY 2022-23 H2 40000 78000 67000 141000 110000 90000 99000 0 625000

% of Total 6.4 12.5 10.7 22.6 17.6 14.4 15.8 0.0 100.0

Q4 FY 23 16000 36000 30000 56000 55000 36000 45000 274000

% of Total 5.8 13.1 11.0 20.4 20.1 13.1 16.4 100.0

Tenor-wise 3-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year 50-Year Total
FY 2023-24 96000 179000 151000 332000 256000 223000 276000 30000 1543000
% of Total 6.2 11.6 9.8 21.5 16.6 14.5 17.9 1.9 100.0

FY 2023-24 H1 56000 104000 91000 182000 156000 143000 156000 0 888000

% of Total 6.3 11.7 10.2 20.5 17.6 16.1 17.6 0.0 100.0

FY 2023-24 H2 40000 75000 60000 150000 100000 80000 120000 30000 655000
6.1 11.5 9.2 22.9 15.3 12.2 18.3 4.6 100.0

Q4 FY 24 16000 28000 24000 64000 40000 40000 48000 10000 270000

% of Total 5.9 10.4 8.9 23.7 14.8 14.8 17.8 3.7 100.0

2.6 The tenor of new issuances of dated securities is a function of acceptable rollover risk
as well as market appetite for various maturity segments. During FY 2023-24, the weighted
average yield (WAY) on new issuances softened to 7.24 per cent while the weighted average
maturity (WAM) of issuances elongated to 18.09 years.

2.7 The gross amount raised through Treasury Bills (91-day, 182-day and 364-day Treasury
Bills) during Q4 2023-24 amounted to ₹4,25,819 crores while total repayments were ₹4,03,307
crore (Table 2.4). Net issuances during the quarter were at ₹22,511 crores as compared to (-)
₹16,618 crores in corresponding period of last FY. Overall Government’s net borrowing
through T-bill stood at ₹48,349 crore during FY 2023-24 relative to ₹ 66,114 crore in FY 2022-
23 The details of issuance of Treasury Bills during Q4 2023-24 are given in Table 2.4

6
 Table 2. 4: Issuance of Treasury Bills – Q4 2023-24
(Amount in ₹crore)
Item 2023-24 Q4 2023-24 2022-23 Q4 2022-23 Q4 As % Q4 As %
RE of 2023-24 of 2022-23
RE
364 DTB
Gross Amount 461150 123009 445284 159431 26.7 35.8
Repayment 445284 159431 407796 167923 35.8 41.2
Net Issuance 15866 -36422 37487 -8492
182 DTB
Gross Amount 576472 167708 549241 182198 29.1 33.2
Repayment 555209 116525 496815 113869 21.0 22.9
Net Issuance 21263 51183 52426 68329
91 DTB
Gross Amount 637135 135101 715951 114938 21.2 16.1
Repayment 624264 127351 739749 191393 20.4 25.9
Net Issuance 12871 7750 -23798 -76455
All T-Bills
Gross Amount 1674757 425819 1710475 456567 25.4 26.7
Repayment 1624757 403307 1644361 473185 24.8 28.8
Net Issuance 50000 22511 66114 -16618

Note: Including amount raised through non-competitive bidding.

7
 Section 3:

Cash Management
3.1 Government’s cash account is maintained with the Reserve Bank of India (RBI). The
temporary cash flow mismatches, in case of deficit in the cash account of the Central
Government, are largely managed through a combination of issuance of Treasury Bills, Cash
Management Bills and access to the Ways and Means Advances facility from RBI. Surplus
cash balances in Government cash account are lent in market (through RBI) or may be used for
buy-back of securities from the market. Further, the RBI conducts purchase/ sale of G-Secs
under its Open Market Operations, whenever required, based on its assessment of prevailing
and evolving liquidity conditions.

3.2 During FY 2023-24, the cash balance of the Central Government was mostly in surplus
though there were 24 instances when Government resorted to WMA.

3.3 In line with the monetary policy stance, the liquidity conditions tightened during 2023-
24. In order to manage the surplus liquidity from the return of ₹2000 banknotes to the banking
system, an incremental cash reserve ratio (I-CRR) was temporarily applied between August 12
and October 7, 2023. During H2: FY 2023-24 system liquidity turned into a deficit due to
government cash balance build-up and festival-related currency outflows. The net average
daily liquidity by the RBI under Liquidity Adjustment Facility (LAF) including Marginal
Standing Facility, Standing Deposit Facility and Special Liquidity Facility stood at ₹ 8208.1
crore during FY 2023-24. During the quarter ended March 2024, liquidity injections narrowed
considerably in March 2024 relative to that in January-February 2024.

Chart 3. 1: Net liquidity injected (outstanding) [injection (+)/absorption (-)]

400000
300000
200000
100000
Rs Crore 0
-100000
-200000
-300000
-400000
01-01-2023

01-31-2023

03-02-2023

04-01-2023

05-01-2023

05-31-2023

06-30-2023

07-30-2023

08-29-2023

09-28-2023

10-28-2023

11-27-2023

12-27-2023

01-26-2024

02-25-2024

03-26-2024

Net Liquidity Injected

Source: CEIC and Reserve Bank of India

8
3.4 With global uncertainty mirroring mix risk concerns and with domestic economy
holding strong and inflation remaining within a comfortable range but above 4% target, the
RBI decided to keep the policy repo rate unchanged at 6.50 per cent. Consequently, the
Standing Deposit Facility (SDF) remained unchanged at 6.25 per cent and the marginal
standing facility (MSF) rate at 6.75 per cent. The MPC stated that its decisions were in
consonance with the objective of achieving the medium-term target for consumer price index
(CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

3.5 The net amount mobilised through Treasury Bills (under competitive and non-competitive
bidding) stood at ₹ 22,511 crore in Q4 2023-24. Details of issuances and redemptions of
treasury bills (tenor-wise) in Q4 2023-24 are given in Table 3.1

Table 3.1: Issuance and Repayments of Treasury Bills during Jan-March 2024

Amount in ₹ crore

Net
Issued amount Repayments Issuances
Date of Date Of
Auction Issue
91 182 364 91 182 364
DTB DTB DTB DTB DTB DTB
03-Jan-24 04-Jan-24 10679 10000 9161 8524 8500 10005 2812
10-Jan-24 11-Jan-24 10306 10300 9016 7000 8200 11250 3171
17-Jan-24 18-Jan-24 10157 11500 9961 9826 9525 13100 -833
24-Jan-24 25-Jan-24 8000 10525 11666 7000 10000 10130 3062
31-Jan-24 01-Feb-24 9900 11000 9141 10500 10950 10087 -1496
07-Feb-24 08-Feb-24 9601 10500 9590 8399 8500 10306 2487
14-Feb-24 15-Feb-24 8142 10000 9069 11702 8000 10202 -2694
21-Feb-24 22-Feb-24 12000 16000 9125 12400 9000 10000 5725
28-Feb-24 29-Feb-24 11500 15000 9008 8500 8000 14076 4933
06-Mar-24 07-Mar-24 11000 16300 9172 8000 9000 18163 1309
13-Mar-24 14-Mar-24 12520 15800 9980 9300 9700 14050 5250
20-Mar-24 21-Mar-24 10772 15783 9112 10000 8000 14000 3667
27-Mar-24 28-Mar-24 10525 15000 9007 16200 9150 14062 -4880
Total 135101 167708 123009 127351 116525 159431 22511
Total Under Competitive Bidding
Q4 115333 159496 116705 90514 103536 149759
Total Under Non-competitive Bidding
Q4 19768 8212 6304 36837 12989 9672

9
 Section 4:

Trends in Outstanding Debt

4.1 Total gross liabilities3 of the Government, as per provisional data, increased marginally
to ₹1,71,78,050 crore at end-March 2024 from ₹1,66,14,150 crore at end-December 2023
(Table 4.1). This represented a quarter-on-quarter increase of 3.4 per cent in Q4 2023-24.
Public debt accounted for 90.2 per cent of total gross liabilities during the quarter.

Table 4. 1: Total Liabilities of Central Government (in ₹ crores) (#)

End March End December Variation Mar

Components 2024- 2023- 2024 over Dec
Provisional Provisional 2023 (%)
A. Public Debt (A1+A2) 15494625 14986139 3.4
A1. Internal Debt (a+b) 14698547 14198312 3.5
a. Marketable Securities (i+ii+iii) 11137602 10905574 2.1
(i) Dated Securities 10265940 10056423 2.1
(ii) Treasury Bills 871662 849151 2.7
(iii) Cash Management Bills 0 0
b. Non-marketable Securities (i to vii) 3560945 3292738 8.1
(i) 14 Day Intermediate T-Bills 267517 192792 38.8
(ii) Compensation & Other Bonds $ 143422 138211 3.8
(iii) Securities issued to Intl. Fin. 106987 99178 7.9
Institutions
(iv) Securities against small savings 2731179 2550716 7.1
(v) Special Sec. against POLIF 20894 20894 0.0
(vi) Special Securities issued to PSB/ 290948 290948 -
EXIM Bank/ IDBI Bank/ IIFCL
(vii) Ways & Means Advances 0 0 -
A2. External Debt (Current Rate of 796078 787827 1.0
Exchange - CR)
B. Public Account - Other Liabilities (a to 1721609 1843125 -6.6
d)
(a) National Small Savings Fund 416511 486000 -14.3
(b) State Provident Fund 267284 257961 3.6
(c) Other Accounts 387149 396917 -2.5
(d)Reserve Funds and Deposit (i+ii) 650665 702247 -7.3
(i) Bearing Interest 298992 279349 7.0
(ii) Not bearing interest 351673 422898 -16.8

3
Includes total liabilities under the ‘Public Account’ and external debt valued at current exchange rates.

10
 End March End December Variation Mar
Components 2024- 2023- 2024 over Dec
Provisional Provisional 2023 (%)
C. Pakistan pre-partition debt (approx) 300 300 -
D. Total (net) Liabilities as reported in the 16975336 16577238 2.4
Union Budget (A1+B-C+E)
E. External Debt -Historical Rate of 555479 536101 3.6
Exchange (HR)
F. Extra-Budgetary Resources (EBRs) 139287 139287 0.0
G. Cash Balance 177172 354102 -50.0
H. Gross Liabilities as per FRBM Act 17178050 16614150 3.4
(A+B-C+F-G)
Memo Items
I. Securities issued by States to NSSF 317924 333265 -4.6
II NSSF Loans to other Public Agencies 85000 85000 0.0
III. Post Office Insurance Funds with Fund 132024 126837 4.1
Managers
I. Net Adjusted Liabilities (H-I-II-III) 16643103 16069048 3.6
#: The numbers are provisional. Net Adjusted Liabilities includes External Debt at Current Exchange Rate
$: Includes Gold Monetisation Scheme and Sovereign Gold Bond
Note: EBR - Liabilities on account of Govt. Fully Serviced Bonds

Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market

Loans

4.2 During the quarter, the yield on Indian domestic bond softened on account of lower
than anticipated borrowing plan announced in interim budget, adjustment of the fiscal deficit
to 5.1% of the GDP for FY25, a targeted reduction of the fiscal deficit at or below 4.5% by
FY26, FPI inflows and steady inflation. On the other hand, US treasury yields remained volatile
during the quarter mostly affected by Federal Reserve action, inflation, and employment data.
US 10-year yields touched a high of 4.33% during the quarter. The weighted average yield
softened to 7.19 % in Q4 2023-24 relative to 7.37 % in Q3 2023-24 on new issuance. Further,
the weighted average maturity of issuances of dated securities moderated to 18.75 years in Q4
2023-24 (18.80 years in Q3 2023-24). The weighted average maturity of outstanding stock of
dated securities increased to 12.54 years at the end of Q4 of 2023-24 relative to 12.52 years at
the end of Q3 of 2023-24.

11
 Table 4. 2: Yield and Maturity of Dated Securities of Central Government
Issues during the year/ Qtr Outstanding Stock*
Weighted
Weighted
Year Weighted Average Average Weighted Average
Average Yield
Maturity (years) Coupon Maturity (years)
(%)
(%)
1 2 3 4 5
2010-11 7.92 11.62 7.81 9.64
2011-12 8.52 12.66 7.88 9.60
2012-13 8.36 13.50 7.97 9.66
2013-14 8.48 14.28 7.98 10.00
2014-15 8.51 14.66 8.09 10.23
2015-16 7.89 16.07 8.08 10.50
2016-17 7.16 14.76 7.99 10.65
2017-18 6.98 14.13 7.85 10.62
2018-19 7.77 14.73 7.84 10.40
2019-20 6.84 16.15 7.71 10.72
2020-21 5.79 14.49 7.27 11.31
2021-22 6.28 16.99 7.12 11.71
2021-22 Q1 6.11 16.92 7.21 11.51
2021-22 Q2 6.26 16.51 7.15 12.31
2021-22 Q3 6.33 16.88 7.09 11.69
2021-22 Q4 6.66 17.56 7.12 11.71
2022-23 7.32 16.05 7.26 11.94
2022-23 Q1 7.23 15.69 7.12 11.87
2022-23 Q2 7.33 15.62 7.15 11.96
2022-23 Q3 7.38 16.56 7.23 12.03
2022-23 Q4 7.34 16.58 7.26 11.94
2023-24 7.24 18.09 7.29 12.54
2023-24 Q1 7.13 17.58 7.28 12.18
2023-24 Q2 7.25 17.57 7.28 12.22
2023-24 Q3 7.37 18.80 7.29 12.52
2023-24 Q4 7.19 18.75 7.29 12.54
*: As at the end of period.

4.3 The maturity profile of outstanding Government debt as on end March 2024 mirrors
elongation of maturity profile of outstanding Government debt. The proportion of debt (dated
securities) maturing in less than one year stands at 3.5 per cent at end-March 2024 (4.1 per cent
at end-December 2023). The proportion of debt maturing within 1-5 years at 24.1 per cent at
end-March 2024 was higher than its level of 21.8 per cent at end-December 2023. Debt
maturing in the next five years worked out to 27.6 per cent of total outstanding debt at end-
March 2024, i.e.,5.5 per cent of outstanding stock, on an average, needs to be repaid every year
over the next five years. Thus, the roll-over risk in dated securities portfolio remains low (Table
4.3).

12
 Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government
(Amount in ₹ crore)

Maturity Buckets Quarter at the end-Mar 2024 Quarter at the end-Dec 2023
(Residual Maturity)
Less than 1 year 361422(3.5) 415490 (4.1)
1-5 years 2471939(24.1) 2195925 (21.8)
5-10 years 3214011(31.3) 3380442 (33.6)
10-20 years 1950579(19.0) 1902920 (18.9)
Above 20 years 2267975(22.1) 2161630 (21.5)
Total 10265926 10056407

Note: Figures in parentheses represent per cent of total

Ownership Pattern

4.4 The ownership pattern of Central Government securities indicates that the share of
commercial banks surged to 37.7 per cent at end-March 2024 as compared to 36.6 per cent in
March 2023. Further, the share of insurance companies remained constant at 26.0 per cent in
March 2024 whereas FPIs’ share improved to 2.3 per cent at end March 2024 relative to 1.4
per cent in March 2023. The share of RBI continued to decline to 12.3 per cent at the end of
March 2024 relative to 14.3 per cent during the corresponding period previous year (Table
4.4).

4.5 In case of treasury bills, majority holding of commercial banks surged to 58.5 per cent
at March 2024 relative to 53.9 per cent in March 2023. The ownership pattern reflects that at
end March 2024 the share of financial institutions also increased to 7.2 per cent. (Table 4.5).

Table 4. 4: Ownership Pattern of Government of India Dated Securities

(Per cent of outstanding dated securities)

Category Mar.23 Jun.23 Sept. 23 Dec. 23 Mar.24

1. Commercial Banks 36.6 36.6 38.0 37.6 37.7

2. Co-operative Banks 1.6 1.6 1.5 1.5 1.5
3. Non-Bank PDs 0.5 0.7 0.7 0.7 0.7
4. Insurance Companies 26.0 26.2 26.1 26.2 26.0
5. Mutual Funds 2.8 2.7 3.0 3.0 2.9
6. Provident Funds 4.7 4.6 4.4 4.6 4.5
7. Pension Funds 4.0 4.2 4.3 4.4 4.5
8. Financial Institutions 1.0 1.2 0.5 0.6 0.6

13
 Category Mar.23 Jun.23 Sept. 23 Dec. 23 Mar.24

9. Corporates 1.6 1.2 1.2 1.3 1.4

10. Foreign Portfolio Investors 1.4 1.6 1.6 1.9 2.3
11. RBI 14.3 13.8 13.1 12.5 12.3
12. Others 5.6 5.7 5.6 5.7 5.8
Total 100.0 100.0 100.0 100.0 100.0

Table 4.5: Ownership Pattern of Treasury Bill

Category Mar.23 Jun.23 Sept. 23 Dec. 23 Mar.24

1. Commercial Banks 53.9 47.6 56.3 57.2 58.5

2. Co-operative Banks 1.3 1.2 1.2 1.3 1.7
3. Non-Bank PDs 2.9 2.0 0.5 1.7 1.7
4. Insurance Companies 6.1 4.9 5.3 5.5 5.1
5. Mutual Funds 15.3 17.0 12.7 11.2 11.9
6. Provident Funds 0.1 1.5 1.5 0.1 0.1
7. Pension Funds 0.1 0.0 0.0 0.0 0.0
8. Financial Institutions 3.7 8.0 4.1 5.3 7.2
9. Corporates 5.0 4.4 4.0 4.6 4.5
10. Foreign Portfolio Investors 0.4 0.1 0.1 0.1 0.0
11. RBI - - - - -
12. Others 11.2 13.2 14.2 13.1 9.4
Total 100.0 100.0 100.0 100.0 100.0

14
 Section 5:

Secondary Market

A. Government security yields

5.1 During January – March 2024 quarter, yields on government securities have softened across
the yield curve mainly due to lower-than-expected gross market borrowing announcement for
FY 2024-25 in the interim budget as well as inflow in the debt segment on the back of inclusion
of government bonds in the JP Morgan Index and Bloomberg Emerging Market Local Currency
Index.
The major factors which affected the secondary market during the quarter are as under:
(i) The RBI left the policy repo rate unchanged at 6.5% in its sixth bi-monthly policy
meeting held in February 2024 and maintained the LAF corridor at 50 bps. The stance
was maintained at ‘withdrawal of accommodation’ to ensure that inflation
progressively aligns to the target while supporting growth. The Central Bank also re-
emphasized its commitment towards ensuring price and financial stability with a
progressive movement towards the 4% within a band of +/-2% medium-term inflation
target.

(ii) On global front, US Treasury yields remained volatile during the quarter under review.
The 10-year yields hardened from 3.88% at the closing on December 29, 2023, to high
of 4.33% during last week of February 2024 due to strong US job data which led to
pushing back of rate cut expectation by the Federal Reserve. However, the US treasury
yields moderated slightly afterwards and closed at 4.20% as on March 28, 2024, thus
higher by 32 bps during the quarter. Federal Reserve also kept its policy rate unchanged
at 5.25-5.5% for the 5th consecutive times in March 2024 meeting to support its dual
goal of maximum employment and inflation at a rate of 2%.

(iii) Brent crude prices hardened during the quarter due to supply side factors, notably the
closure of Russian refineries due to ongoing conflict with Ukraine as well as simmering
tensions in the Middle East, including disruption in the Red sea trade routes and decline
in crude oil exports globally due to ongoing global geopolitical conflicts as well as
OPEC+’s extended supply cuts until the end of June, 2024. These measures led to

15
 hardening of Brent crude price from 77.04 $/bbl as on December 29, 2023, to 86.84
$/bbl as on March 28, 2024.

(iv) Overall, the yields on government securities softened during the quarter across the
curve. The yield on the 10-year benchmark security softened from 7.18% at the close
of the quarter on December 29, 2023, to 7.06% at the close on March 28, 2024, thus
softening by 12 bps during the quarter.

5.2 The other factors which affected secondary market during the quarter under the review
were as under:
a) Inflation: The headline retail (CPI) inflation for the month of January, February and
March, 2024 was registered at 5.10%, 5.09% and 4.85% respectively, reflecting a
declining trend in inflation rate due to supply side measures taken by government which
have helped the food inflation to remain well anchored. The decline in inflation was
partly attributed to favourable base effect also.

b) Wholesale Price Index (WPI) inflation remains in a range during the quarter with a
figure of 0.33% in January, 0.20% in February and 0.53% in March 2024. Fuel and
Power index contracted in March, however food grain inflation was marginally higher
during the quarter.

5.3 The spread in yields between 10-1 year was at 8 bps as on March 28, 2024, against 11
bps as on December 29, 2023, reflecting more softening of yields in benchmark security paper
in comparison to shorter tenure securities due to prevailing liquidity condition. Similarly,
softening of yields was observed in longer tenure security of 30 years. The yields spread in the
30-10-year segment was 5 bps on March 28, 2024, against 20 bps as on December 29, 2023,
reflecting more softening of yields in 30 years segment in comparison to 10-year segment. The
30 years G-Sec security traded at 7.12 percent as on end-March 2024 against 7.40 percent as
on end-December 2023 which shows 28 bps softening in 30 years segment against 13 bps
softening in 10-year security. The higher softening of yields observed in longer tenure security
as well as in 10-year benchmark security was mainly due to proposed inclusion of Government
bond in JP Morgan’s Global Bond Index- Emerging Markets from June 2024 as well as
expectation of rate cut during 2nd half of FY 2024-25. (Table 5.1 and Chart 5.2).

16
 Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market
7.40

7.30

7.20

7.10

7.00

6.90

Table 5. 1: Yield Spreads (bps)

Yield spread between 29-12-2023 28-03-2024 31-03-2023
10-1 year
11 8 15
30-10 year
20 5 8
30-1 year
31 13 23
10-5 year
11 2 14
(Source: FIBIL)
5.4 Yields on government securities softened slightly in short and medium term however
longer tenure security yields hardened slightly.
Chart 5. 2: Comparative G-Sec Yield Curves
8.0

7.5
Yield (%)

7.0

6.5

6.0
29.00

34.00

39.00
10.25
11.50
12.75
14.00
15.25
16.50
17.75
19.00
20.25
21.50
22.75
24.00
25.25
26.50
27.75

30.25
31.50
32.75

35.25
36.50
37.75

40.25
41.50
42.75
44.00
45.25
46.50
47.75
49.00
0.25
1.50
2.75
4.00
5.25
6.50
7.75
9.00

Tenor (Yrs)

YTM December 29, 2023 YTM March 28 , 2024 YTM March 31, 2023

(Source: FBIL)

17
5.5 The softening of yields was also observed in T Bill during the quarter, however tighter
liquidity condition observed during the entire quarter except during first fortnight of the March
2024 prevented further softening of yields in Treasury Bill rate during the quarter. The yields
of 3 months T-Bills were at 6.90% as on March 28, 2024, against 7.00% as on December 29,
2023. The yields on 6-month and 12-month points were at 7.04 per cent and 6.99 per cent on
March 28, 2024, softened by 4 bps and 10 bps, respectively, as compared to their closing levels
on December 29, 2023. The yields on 6-month and 12-month points on March 28, 2024, were
lower by 6 bps, and 17 bps respectively, however the 3 months yields were higher by 2 bps
over their corresponding levels as on March 31, 2023 (Chart 5.3).

Chart 5. 3: Comparative T-Bill Yield Curve

7.30

7.20

7.10

7.00

6.90

6.80

6.70

6.60

6.50
7 Days

14 Days

1 Month

2 Months

3 Months

4 Months

5 Months

6 Months

7 Months

8 Months

9 Months

10 Months

11 Months

12 Months

28-Mar-24 29-Dec-23 31-Mar-23

(Source: FBIL)

Table 5. 2: Yields on T-Bills of different tenors

Date 3 Months 6 Months 9 Months 12 Months
28th March 2024 6.90 7.04 6.98 6.99
29th December 2023 7.00 7.08 7.10 7.09
31st March 2023 6.88 7.10 7.05 7.16
(Source: FBIL)

5.6 US treasury yields remained volatile during the quarter and mostly affected by Federal
Reserve action, inflation and employment data. US 10-year yields touched a low of 3.88%

18
during first week of January 2024 and a high of 4.33% during 3rd week of February 2024 before
closing at 4.20% at the end of quarter on March 28, 2024, as Federal Reserve of USA kept its
policy rate unchanged at 5.25-5.5% for the 5th consecutive times in March 2024 meeting. Brent
crude prices hardened during the quarter due to supply side factors as OPEC+’s extended
supply cuts until the end of June 2024 as well as disruption in the red sea trade routes and
closure of Russian refineries due to ongoing conflict with Ukraine led to lower supply in global
market. Crude oil prices closed at 86.84 $/bbl at the end of the quarter on March 28, 2024
against level of 77.04$/bbl registered at the end of quarter on December 29, 2023.

Table 5. 3: Comparative data during the quarter

Parameter Open High Low Close
10-year US Yield (In percentage) 3.88 4.33 3.88 4.20
10-year GOI bond (In Percentage) 7.18 7.23 7.01 7.06
Brent Crude per barrel (In US $) 77.04 86.84 76.02 86.84

Chart 5. 4: Comparative Chart of US 10-Yr Yield, GOI 10-Yr G -Sec, CPI data and
Crude Oil price
9 88.00
86.00
8
84.00
7 82.00

crude oil price

(Rate in %)

80.00
6
78.00
5 76.00
74.00
4
72.00
3 70.00

US 10 Yr Yield 10 year Gsec CPI data Brent Crude Oil

19
 B. Trading Pattern of Government Securities
5.7 The total outright volume of trading in G-Secs (including T-Bills and SDLs) at ₹ 33.55
lakh crore during Q4 FY 24, showed a y-o-y increase of 27.39 per cent compared to ₹ 26.34
lakh crore during Q4 of FY23 (Table 5.4). It is also higher than ₹ 28.38 lakh crore registered
during previous quarter.

5.8 The share of Central Government dated securities in the total outright volume of
transactions in Q4 FY24 was registered slightly higher at 80 percent in comparison to 79
percent registered in corresponding period of FY 23. In a similar manner, the share of Central
Government securities in repo transactions increased to 76 per cent during Q4 FY 24 compared
to 67 per cent registered in corresponding quarter of FY 23.

5.9 The annualised outright turnover ratio for G-Secs (including T-Bills and SDLs) for Q4
of FY24 was higher at 3.21 (2.81 during Q3 FY24). The annualised total turnover ratio
(outright plus repo transactions) also increased to 12.24 during Q4 of FY24 from 11.50 during
Q3 of FY24.

Table 5. 4: Transactions in Government Securities (Volume in ₹ crore)

Period Outright Repo
G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total
Jan–Mar 23 20,71,119 3,66,402 1,96,012 26,33,533 62,26,016 15,12,681 16,18,410 93,57,107
Share (%) 79% 14% 7% 100% 67% 16% 17% 100%
Apr-June 23 29,90,928 5,98,463 1,95,032 37,84,423 78,94,751 9,38,828 19,89,040 1,08,22,619
Share (%) 79% 16% 5% 100% 73% 9% 18% 100%
July - Sept 23 29,50,866 4,30,180 1,05,793 34,86,839 70,07,932 4,06,986 18,86,992 93,01,910
Share (%) 85% 12% 3% 100% 75% 4% 20% 100%
Oct-Dec 23 22,89,711 3,97,296 1,50,840 28,37,848 64,04,875 6,99,159 16,77,105 87,81,139
Share (%) 81% 14% 5% 100% 73% 8% 19% 100%
Jan–Mar 24 26,70,101 4,23,642 2,60,996 33,54,739 71,90,612 5,68,549 16,85,325 94,44,486
Share (%) 80% 12% 8% 100% 76% 6% 18% 100%

20
 Chart 5. 5: Outright Trading Volume in ₹ crore
3500000

3000000

2500000

2000000

1500000

1000000

500000

0
Jan - Apr-June July - Sept Oct - Dec Jan - Apr-June July - Sept Oct - Dec Jan -March
March 22 22 22 22 March 23 23 23 23 24

G-Sec T-Bills SDL

5.10 The top-10 traded Central Government securities accounted for 81.09 per cent of the
total outright trading volume in secondary market during Q4 FY24 (79.40 per cent during Q3
FY24). The share of top-3 traded securities increased and stood at 64.4 per cent of the total
outright trading volume in the secondary market during Q4 FY24, reflecting the concentration
of trading pattern in top three most traded securities (62.5 per cent during Q3 FY24). (Table
5.5).
Table 5. 5: Top-10 Traded Securities (in ₹ crore)
Jan – March 2024 Oct – Dec 2023 Jan – March 2023
Security Volume Security Volume Security Volume
7.18% GS 2033 11,64,060 7.18% GS 2033 10,28,861 7.26% GS 2032 9,11,386
7.18% GS 2037 4,64,425 7.18% GS 2037 3,04,182 7.38% GS 2027 3,32,865
7.37% GS 2028 89,935 7.26% GS 2033 98,805 7.41% GS 2036 1,65,947
7.32% GS 2030 81,354 7.06% GS 2028 80,833 7.10% GS 2029 1,10,361
7.25% GS 2063 80,244 7.38% GS 2027 63,030 7.26% GS 2033 83,586
7.30% GS 2053 72,844 7.37% GS 2028 62,094 7.54% GS 2036 56,810
7.06% GS 2028 65,009 7.17% GS 2030 51,826 7.36% GS 2052 34,570
7.38% GS 2027 49,427 7.30% GS 2053 50,034 5.63% GS 2026 30,945
7.26% GS 2033 49,033 7.25% GS 2063 45,927 6.54% GS 2032 30,478
7.10% GS 2029 48,974 7.32% GS 2030 32,439 FRB 2033 23,500
Total 21,65,305 Total 18,18,031 Total 17,80,448

21
 5.11 The trend in outright trading volumes in central G-Secs under different maturity buckets
is given in Table 5.6.

Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ cr)

Maturity Jan – March % share Oct – Dec % Jan -March %
2024 2023 share 2023 share
Less than 3 years 1,22,418 4.58 1,65,826 7.24 1,73,018 8.35
3-7 years 4,27,645 16.02 3,73,215 16.30 5,01,660 24.23
7-10 years 13,42,890 50.29 12,17,535 53.17 10,54,205 50.90
Above 10 years 7,77,148 29.11 5,33,136 23.29 3,42,236 16.52
Total 26,70,101 100.00 22,89,712 100.00 20,71,119 100

5.12 The maturity distribution of secondary market transactions in Central G-Secs, as

presented above, shows that the trading activity was concentrated in 7-10-year maturity bucket
during Q4 FY24, mainly because of more trading in 10-year benchmark security. It is also
observed that trading activity in longer tenure securities have increased during the quarter.

5.13 Private sector Banks emerged as dominant trading segment in secondary market during
quarter under review with a share of 27.85 per cent in “Buy” deals and 28.08 per cent in “Sell”
deals in the total outright trading activity (Table 5.7), followed by foreign banks, primary
dealers, public sector banks and mutual fund. On a net basis, private sector banks, public sector
banks and primary dealers were net sellers while foreign banks, co-operative banks, insurance
companies, FIs, mutual funds and ‘Others’ were net buyers in the secondary market.

Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs*

Category Jan– March 2024 Oct – Dec 2023 Jan – March 2023
Buy Sell Buy Sell Buy Sell
Co-operative Banks 1.91 1.71 2.16 1.91 2.40 2.43
Financial Institutions 0.92 0.01 1.03 0.01 0.53 0.01
Foreign Banks 21.19 20.98 19.71 18.34 28.09 27.55
Insurance Companies 3.45 2.56 3.23 2.15 2.78 2.17
Mutual Funds 9.78 8.02 9.97 8.79 10.05 8.69
Others 6.91 4.86 6.71 5.60 7.12 5.37
Primary Dealers 14.82 19.76 16.59 22.79 15.99 21.42

22
Category Jan– March 2024 Oct – Dec 2023 Jan – March 2023
Buy Sell Buy Sell Buy Sell
Private Sector Banks 27.85 28.08 28.06 28.19 20.94 19.35
Public Sector Banks 13.17 14.02 12.54 12.22 12.10 13.01
Total 100.0 100.0 100.0 100.0 100.0 100.0
*: Including T Bills and SDLs

23
 Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q4 2023-24
(Amount in ₹ Crore)

Cut off Residual

Date of Date of Notified Amount Devolvement Cut off
Name of Stock yield Date of Maturity Maturity
Auction Issue Amount Raised on PDs price
(%) (Years)
7.37% GS 2028 29-Dec-2023 01-Jan-2024 7000 7000 101.22 7.06 23-Oct-2028 4.8
7.18% GS 2033 29-Dec-2023 01-Jan-2024 16000 16000 100.02 7.18 14-Aug-2033 9.6
7.30% GS 2053 29-Dec-2023 01-Jan-2024 10000 10000 98.47 7.43 19-Jun-2053 29.5
7.32% GS 2030 05-Jan-2024 08-Jan-2024 12000 12000 100.66 7.19 13-Nov-2030 6.8
7.18% GS 2037 05-Jan-2024 08-Jan-2024 10000 10000 98.51 7.36 24-Jul-2037 13.5
7.25% GS 2063 05-Jan-2024 08-Jan-2024 12000 12000 97.12 7.48 12-Jun-2063 39.4
7.37% GS 2028 12-Jan-2024 15-Jan-2024 7000 7000 101.21 7.06 23-Oct-2028 4.8
7.18% GS 2033 12-Jan-2024 15-Jan-2024 16000 16000 100.01 7.18 14-Aug-2033 9.6
7.30% GS 2053 12-Jan-2024 15-Jan-2024 10000 10000 98.69 7.41 19-Jun-2053 29.4
7.33% GS 2026 19-Jan-2024 23-Jan-2024 8000 8000 100.67 7.05 30-Oct-2026 2.8
7.18% GS 2037 19-Jan-2024 23-Jan-2024 10000 10000 99.01 7.30 24-Jul-2037 13.5
7.25% GS 2063 19-Jan-2024 23-Jan-2024 12000 12000 97.83 7.42 12-Jun-2063 39.4
7.37% SGrB 2054 19-Jan-2024 23-Jan-2024 5000 5000 NEW 7.37 23-Jan-2054 30.0
7.37% GS 2028 25-Jan-2024 29-Jan-2024 7000 7000 101.25 7.05 23-Oct-2028 4.7
7.18% GS 2033 25-Jan-2024 29-Jan-2024 16000 16000 100.02 7.18 14-Aug-2033 9.5
7.46% GS 2073 25-Jan-2024 29-Jan-2024 10000 10000 101.44 7.35 06-Nov-2073 49.8
7.32% GS 2030 02-Feb-2024 05-Feb-2024 12000 12000 101.75 6.99 13-Nov-2030 6.8
7.18% GS 2037 02-Feb-2024 05-Feb-2024 10000 10000 100.9 7.07 24-Jul-2037 13.5
7.25% GS 2063 02-Feb-2024 05-Feb-2024 12000 12000 101.33 7.15 12-Jun-2063 39.4
7.37% SGrB 2054 02-Feb-2024 05-Feb-2024 5000 5000 102.84 7.14 23-Jan-2054 30.0
7.37% GS 2028 09-Feb-2024 12-Feb-2024 7000 7000 101.19 7.06 23-Oct-2028 4.7
7.18% GS 2033 09-Feb-2024 12-Feb-2024 16000 16000 100.57 7.10 14-Aug-2033 9.5

24
 Cut off Residual
Date of Date of Notified Amount Devolvement Cut off
Name of Stock yield Date of Maturity Maturity
Auction Issue Amount Raised on PDs price
(%) (Years)
7.30% GS 2053 09-Feb-2024 12-Feb-2024 10000 10000 101.99 7.14 19-Jun-2053 29.4
7.33% GS 2026 16-Feb-2024 20-Feb-2024 8000 8000 100.67 7.05 30-Oct-2026 2.7
7.18% GS 2037 16-Feb-2024 20-Feb-2024 10000 10000 100.53 7.12 24-Jul-2037 13.4
7.25% GS 2063 16-Feb-2024 20-Feb-2024 12000 12000 101.4 7.14 12-Jun-2063 39.3

Total 270000
Weighted Average Yield % 7.19

25
 Statement 2: Treasury Bills Issued during Q4 2023-24
Date of
Security Issue Date Accepted Amount (₹ Crore)
Auction
Competitive Non-Competitive Total
364-Day 03-Jan-24 04-Jan-24 8973 188 9161
364-Day 10-Jan-24 11-Jan-24 8972 44 9016
364-Day 17-Jan-24 18-Jan-24 8935 1026 9961
364-Day 24-Jan-24 25-Jan-24 8985 2681 11666
364-Day 31-Jan-24 01-Feb-24 8985 157 9141
364-Day 07-Feb-24 08-Feb-24 8978 612 9590
364-Day 14-Feb-24 15-Feb-24 8976 93 9069
364-Day 21-Feb-24 22-Feb-24 8980 146 9125
364-Day 28-Feb-24 29-Feb-24 8980 29 9008
364-Day 06-Mar-24 07-Mar-24 8985 187 9172
364-Day 13-Mar-24 14-Mar-24 8987 992 9980
364-Day 20-Mar-24 21-Mar-24 8985 127 9112
364-Day 27-Mar-24 28-Mar-24 8984 23 9007
182-Day 03-Jan-24 04-Jan-24 9970 30 10000
182-Day 10-Jan-24 11-Jan-24 9954 346 10300
182-Day 17-Jan-24 18-Jan-24 9969 1531 11500
182-Day 24-Jan-24 25-Jan-24 9963 562 10525
182-Day 31-Jan-24 01-Feb-24 9968 1032 11000
182-Day 07-Feb-24 08-Feb-24 9964 536 10500
182-Day 14-Feb-24 15-Feb-24 9972 28 10000
182-Day 21-Feb-24 22-Feb-24 14978 1022 16000
182-Day 28-Feb-24 29-Feb-24 14975 25 15000
182-Day 06-Mar-24 07-Mar-24 14922 1378 16300
182-Day 13-Mar-24 14-Mar-24 14971 829 15800
182-Day 20-Mar-24 21-Mar-24 14910 873 15783
182-Day 27-Mar-24 28-Mar-24 14981 19 15000
91-Day 03-Jan-24 04-Jan-24 7946 2733 10679
91-Day 10-Jan-24 11-Jan-24 7940 2366 10306
91-Day 17-Jan-24 18-Jan-24 7952 2205 10157
91-Day 24-Jan-24 25-Jan-24 7963 37 8000
91-Day 31-Jan-24 01-Feb-24 7966 1934 9900
91-Day 07-Feb-24 08-Feb-24 7929 1672 9601
91-Day 14-Feb-24 15-Feb-24 7929 213 8142
91-Day 21-Feb-24 22-Feb-24 9919 2081 12000
91-Day 28-Feb-24 29-Feb-24 9964 1536 11500
91-Day 06-Mar-24 07-Mar-24 9948 1052 11000
91-Day 13-Mar-24 14-Mar-24 9952 2568 12520
91-Day 20-Mar-24 21-Mar-24 9958 814 10772
91-Day 27-Mar-24 28-Mar-24 9967 558 10525
Total 391534 34285 425819

26
 Statement 3: G-Secs outstanding balance as on March 31, 2024
Amount
Coupon rate
Sl. No. Name of security Date of issue Maturity date in
%
₹Crore
1 7.35% GS 2024 7.35 22-Jun-09 22-Jun-24 51838
2 6.69% GS 2024 6.69 27-Jun-22 27-Jun-24 56000
3 8.40% GS 2024 8.40 28-Jul-14 28-Jul-24 65265
4 6.18% GS 2024 6.18 04-Nov-19 04-Nov-24 79480
5 FRB 2024 7.14 07-Nov-16 07-Nov-24 18826
6 9.15% GS 2024 9.15 14-Nov-11 14-Nov-24 78013
7 6.89% GS 2025 6.89 16-Jan-23 16-Jan-25 12000
8 7.72% GS 2025 7.72 25-May-15 25-May-25 76835
9 5.22% GS 2025 5.22 15-Jun-20 15-Jun-25 118000
10 8.20% GS 2025 8.20 24-Sep-12 24-Sep-25 78775
11 5.97% GS 2025 (Conv) 5.97 25-Sep-03 25-Sep-25 16688
12 5.15% GS 2025 5.15 09-Nov-20 09-Nov-25 116465
13 7.59% GS 2026 7.59 11-Jan-16 11-Jan-26 116797
14 7.27% GS 2026 7.27 08-Apr-19 08-Apr-26 60249
15 5.63% GS 2026 5.63 12-Apr-21 12-Apr-26 149453
16 6.99% GS 2026 6.99 17-Apr-23 17-Apr-26 53745
17 8.33% GS 2026 8.33 09-Jul-12 09-Jul-26 85905
18 6.97% GS 2026 6.97 06-Sep-16 06-Sep-26 89743
19 10.18% GS 2026 10.10 11-Sep-01 11-Sep-26 15000
20 7.33% GS 2026 7.33 30-Oct-23 30-Oct-26 40000
21 5.74% GS 2026 5.74 15-Nov-21 15-Nov-26 63916
22 8.15% GS 2026 8.15 24-Nov-14 24-Nov-26 79154
23 8.24% GS 2027 8.24 15-Feb-07 15-Feb-27 107428
24 6.79% GS 2027 6.79 15-May-17 15-May-27 121000
25 7.38% GS 2027 7.38 20-Jun-22 20-Jun-27 142000
26 8.26% GS 2027 8.26 02-Aug-07 02-Aug-27 97727
27 8.28% GS 2027 8.28 21-Sep-07 21-Sep-27 91866
28 7.17% GS 2028 7.17 08-Jan-18 08-Jan-28 115584
29 7.10% GOI SGrB 2028 7.10 27-Jan-23 27-Jan-28 8000
30 6.01% GS 2028 (C Align) 6.01 08-Aug-03 25-Mar-28 15000
31 7.06% GS 2028 7.06 10-Apr-23 10-Apr-28 111000
32 8.60% GS 2028 8.60 02-Jun-14 02-Jun-28 106230
33 6.13% GS 2028 6.13 04-Jun-03 04-Jun-28 11000
34 FRB 2028 7.69 04-Oct-21 04-Oct-28 52816
35 7.37% GS 2028 7.37 23-Oct-23 23-Oct-28 63000
36 7.25% GOI SGrB 2028 7.25 13-Nov-23 13-Nov-28 5000
37 7.26% GS 2029 7.26 14-Jan-19 14-Jan-29 130709
38 7.59% GS 2029 7.59 19-Oct-15 20-Mar-29 132854
39 7.10% GS 2029 7.10 18-Apr-22 18-Apr-29 158598
40 6.45% GS 2029 6.45 07-Oct-19 07-Oct-29 114840
41 6.79% GS 2029 6.79 26-Dec-16 26-Dec-29 119830
42 7.88% GS 2030 7.88 11-May-15 19-Mar-30 128714
43 7.17% GS 2030 7.17 17-Apr-23 17-Apr-30 103000
44 7.61% GS 2030 7.61 09-May-16 09-May-30 100989
45 5.79% GS 2030 5.79 11-May-20 11-May-30 111619
46 5.77% GS 2030 5.77 03-Aug-20 03-Aug-30 123000
47 9.20% GS 2030 9.20 30-Sep-13 30-Sep-30 65560
48 7.32% GS 2030 7.32 13-Nov-23 13-Nov-30 48000
49 5.85% GS 2030 5.85 01-Dec-20 01-Dec-30 120832
50 8.97% GS 2030 8.97 05-Dec-11 05-Dec-30 93710
51 6.10% GS 2031 6.10 12-Jul-21 12-Jul-31 148086
52 6.68% GS 2031 6.68 04-Sep-17 17-Sep-31 113083
53 FRB 2031 8.12 07-May-18 07-Dec-31 139916
54 6.54% GS 2032 6.54 17-Jan-22 17-Jan-32 156000
55 8.28% GS 2032 8.28 15-Feb-07 15-Feb-32 123793
56 8.32% GS 2032 8.32 02-Aug-07 02-Aug-32 104790

27
 Amount
Coupon rate
Sl. No. Name of security Date of issue Maturity date in
%
₹Crore
57 7.26% GS 2032 7.26 22-Aug-22 22-Aug-32 148000
58 7.95% GS 2032 7.95 28-Aug-02 28-Aug-32 142914
59 8.33% GS 2032 8.33 21-Sep-07 21-Sep-32 1522
60 7.29% GOI SGrB 2033 7.29 27-Jan-23 27-Jan-33 8000
61 7.26% GS 2033 7.26 06-Feb-23 06-Feb-33 150000
62 7.57% GS 2033 7.57 20-May-19 17-Jun-33 134444
63 7.18% GS 2033 7.18 14-Aug-23 14-Aug-33 201000
64 FRB 2033 8.34 22-Jun-20 22-Sep-33 149482
65 8.24% GS 2033 8.24 10-Nov-14 10-Nov-33 103328
66 6.57% GS 2033 6.57 05-Dec-16 05-Dec-33 95960
67 7.24% GOI SGrB 2033 7.24 11-Dec-23 11-Dec-33 5000
68 7.50% GS 2034 7.50 10-Aug-04 10-Aug-34 104484
69 6.19% GS 2034 6.19 01-Jun-20 16-Sep-34 128749
70 FRB 2034 8.10 30-Aug-21 30-Oct-34 54800
71 7.73% GS 2034 7.73 12-Oct-15 19-Dec-34 108785
72 FRB, 2035 6.58 25-Jan-05 25-Jan-35 350
73 6.22% GS 2035 6.22 02-Nov-20 16-Mar-35 113756
74 6.64% GS 2035 6.64 12-Apr-21 16-Jun-35 146431
75 7.40% GS 2035 7.40 09-Sep-05 09-Sep-35 120664
76 6.67% GS 2035 6.67 13-Sep-21 15-Dec-35 153550
77 7.54% GS 2036 7.54 23-May-22 23-May-36 149009
78 8.33% GS 2036 8.33 07-Jun-06 07-Jun-36 88525
79 7.41% GS 2036 7.41 19-Dec-22 19-Dec-36 150000
80 7.18% GS 2037 7.18 24-Jul-23 24-Jul-37 172000
81 6.83% GS 2039 6.83 19-Jan-09 19-Jan-39 13000
82 7.62% GS 2039 7.62 08-Apr-19 15-Sep-39 38151
83 8.30% GS 2040 8.30 02-Jul-10 02-Jul-40 93016
84 8.83% GS 2041 8.83 12-Dec-11 12-Dec-41 91771
85 8.30% GS 2042 8.30 31-Dec-12 31-Dec-42 105700
86 7.69% GS 2043 7.69 30-Apr-19 17-Jun-43 38364
87 9.23% GS 2043 9.23 23-Dec-13 23-Dec-43 79472
88 8.17% GS 2044 8.17 01-Dec-14 01-Dec-44 97773
89 8.13% GS 2045 8.13 22-Jun-15 22-Jun-45 98000
90 7.06% GS 2046 7.06 10-Oct-16 10-Oct-46 101592
91 7.72% GS 2049 7.72 15-Apr-19 15-Jun-49 84540
92 7.16% GS 2050 7.16 20-Apr-20 20-Sep-50 102696
93 6.67% GS 2050 6.67 02-Nov-20 17-Dec-50 149162
94 6.62% GS 2051 6.62 28-Nov-16 28-Nov-51 57123
95 6.99% GS 2051 6.99 15-Nov-21 15-Dec-51 146835
96 7.36% GS 2052 7.36 12-Sep-22 12-Sep-52 161000
97 7.30% GS 2053 7.30 19-Jun-23 19-Jun-53 158000
98 7.37% GOI SGrB 2054 7.37 23-Jan-24 23-Jan-54 10000
99 7.72% GS 2055 7.72 26-Oct-15 26-Oct-55 100969
100 7.63% GS 2059 7.63 06-May-19 17-Jun-59 83462
101 7.19% GS 2060 7.19 13-Apr-20 15-Sep-60 98381
102 6.80% GS 2060 6.80 31-Aug-20 15-Dec-60 105310
103 6.76% GS 2061 6.76 22-Feb-21 22-Feb-61 149022
104 6.95% GS 2061 6.95 22-Nov-21 16-Dec-61 149560
105 7.40% GS 2062 7.40 19-Sep-22 19-Sep-62 156549
106 7.25% GS 2063 7.25 12-Jun-23 12-Jun-63 228000
107 7.46% GS 2073 7.46 06-Nov-23 06-Nov-73 30000
Total 10265926

28
Statement 4: Maturity Profile of Government Securities as on end-March 2024

Year of Maturity Amount in ₹ Crore

2024-2025 361422
2025-2026 523560
2026-2027 744593
2027-2028 591177
2028-2029 612609
2029-2030 521982
2030-2031 766710
2031-2032 680878
2032-2033 555227
2033-2034 689215
2034-2035 510925
2035-2036 420645
2036-2037 387535
2037-2038 172000
2038-2039 13000
2039-2040 38151
2040-2041 93016
2041-2042 91771
2042-2043 105700
2043-2044 117836
2044-2045 97773
2045-2046 98000
2046-2047 101592
2049-2050 84540
2050-2051 251858
2051-2052 203958
2052-2053 161000
2053-2054 168000
2055-2056 100969
2059-2060 83462
2060-2061 352713
2061-2062 149560
2062-2063 156549
2063-2064 228000
2073-2074 30000
Total 10265926

29
 Statement 5: Calendar for Auction of Treasury Bills April-June 2024
Amount in ₹ Crore

Date of
Date of Issue 91 Days 182 Days 364 Days Total
Auction
April 3, 2024 April 4, 2024 12,000 7,000 8,000 27,000
April 10, 2024 April 12, 2024 12,000 7,000 8,000 27,000
April 18, 2024 April 19, 2024 12,000 7,000 8,000 27,000
April 24, 2024 April 25, 2024 12,000 7,000 8,000 27,000
May 2, 2024 May 3, 2024 12,000 7,000 8,000 27,000
May 8, 2024 May 9, 2024 12,000 7,000 8,000 27,000
May 15, 2024 May 16, 2024 12,000 7,000 8,000 27,000
May 22, 2024 May 24, 2024 4,000 4,000 4,000 12,000
May 29, 2024 May 30, 2024 4,000 4,000 4,000 12,000
June 5, 2024 June 6, 2024 4,000 4,000 4,000 12,000
June 12, 2024 June 13, 2024 4,000 4,000 4,000 12,000
June 19, 2024 June 20, 2024 4,000 4,000 4,000 12,000
June 26, 2024 June 27, 2024 4,000 4,000 4,000 12,000
Total 1,08,000 73,000 80,000 2,61,000

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30