The Government will trim down the T-Bills from present collections of Rs. 86,203 Crore to Rs. 25,006 Crore by March end, 2018

In the Union Budget for FY 2017-18, Gross and net market borrowing were budgeted at Rs. 5,80,000 crore and Rs. 4,23,226 crore respectively with Rs. 3,48,226 crore being raised (net) from dated Government securities and Rs. 2,002 crore from T-bills. Borrowings in FY 18 till date (Dec. 26, 2017) have been conducted in line with the borrowing calendar for FY18. Gross and net market borrowings in FY 18 till December 26, 2017 are Rs. 5,21,000 crore and Rs. 3,81,281 crore, excluding buyback/switches, respectively. As against the budgeted net T-bills receipt of Rs. 2002 crore in FY 18, net collections till Dec 26 2017 are Rs. 86,203 crore.

The borrowing programme of the Government of India has been reviewed, with RBI, and following decisions taken:

 

The Government will trim down the T-Bills from present collections of Rs. 86,203 Crore to Rs. 25,006 Crore by March end, 2018.

The Government will raise additional market borrowings of Rs. 50,000 crore only in fiscal FY18 through dated Government securities.

The Government will thus, between now and March 2018, not be raising any net additional borrowing (T-Bills will be run down by Rs. 61,203 crore and additional G-Sec borrowing will be Rs. 50,000 crore).

Revised G-sec and T-Bill calendar for Q4 FY18 are being notified. The revised G-Sec borrowing would be Rs. 15,000 crore each last five weekly auctions of FY 18 ending on 9th February, 2018. The revised T-Bill borrowing will be Rs. 14,000 crore each in first 13 weeks of 2018 ending on 28th March.

Table 1: Revision in G-sec Auction Calendar w.e.f. January 08, 2018(Rs. crore)Period Total
G-sec 5-9
years 10-14 years 15-19 years 20 years
and above(1) (2) (3) (4) (5) (6) Jan 08-12, 2018 15,000 3,000 8,000 2,000 2,000Jan 15-19, 2018 15,000 3,000 8,000 2,000 2,000Jan 22-26, 2018 15,000 3,000 8,000 2,000 2,000Jan 29- Feb 02, 2018 15,000 3,000 8,000 2,000 2,000Feb 05-09, 2018 15,000 3,000 8,000 2,000 2,000Total 75,000 15,000 40,000 10,000 10,000

Table 2: Calendar for T- Bills in Q4 (Jan - March 2018)(Rs. crore)Date of Auction 91-Day T-bill 182-Day
T-bill 364-Day T-bill Total 03-Jan-2018 7,000 4,000 3,000 14,00010-Jan-2018 7,000 3,000 4,000 14,00017-Jan-2018 7,000 4,000 3,000 14,00024-Jan-2018 7,000 3,000 4,000 14,00031-Jan-2018 7,000 4,000 3,000 14,00007-Feb-2018 7,000 3,000 4,000 14,00014-Feb-2018 7,000 4,000 3,000 14,00021-Feb-2018 7,000 3,000 4,000 14,00028-Feb-2018 7,000 4,000 3,000 14,00007-Mar-2018 7,000 3,000 4,000 14,00014-Mar-2018 7,000 4,000 3,000 14,00021-Mar-2018 7,000 3,000 3,000 13,00027-Mar-2018 7,000 3,000 2,000 12,000Total Raise 91,000 45,000 43,000 1,79,000Repayments in Q4 91,000 42,000 27,994 1,60,994Net in Q4 0 3,000 15,006 18,006T-bills net (competitive) as at end- December 2017 7,000Total net requirement in FY 18 25,006

Table 3: Receipt through T-bills in FY 2017-18

(Rs. crore)

1

Net T-bills collections till date (Dec 26 2017)

86,203

of which

Competitive portion (Net Rs. 5,000 crore payable on Dec 28, 2017)

12,023

2

Non-competitive portion

74,180

3

Additional borrowings through competitive in 2017-18

23,005

4

Additional borrowings through Non-competitive segment (net redemptions)

-74,180

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