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Government to borrow Rs 51,000 crore more in March.


Date: 17-03-2020
Subject: Government to borrow Rs 51,000 crore more in March
After reviewing the cash position of the Centre, the Reserve Bank of India (RBI) in consultation with the government raised the borrowing target from short-term securities by Rs 51,000 crore during the month.

This is in line with the Revised Estimate announced by the government in the Budget 2020-21.

According to the earlier calendar, the government was to borrow Rs 24,000 crore through treasury bills of various tenure.

However, as per the revised calendar, the government will borrow Rs 75,000 crore through the treasury bills in three tranches.

According to a statement by the finance ministry, treasury bills worth Rs 25,000 crore will be auctioned on March 18 and similar amounts on March 24 and March 30.

The Budget 2020-21 raised the net borrowing to Rs 4.99 lakh crore from Rs 4.48 lakh crore in the Budget Estimate.

“The Government of India in consultation with the Reserve Bank of India will continue to have the flexibility to modify the notified amount and timing for auction of treasury bills depending upon the requirements of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market,” it said.

Thus, the calendar is subject to change, if circumstances so warrant including for reasons such as intervening holidays, it added.

Source: financialexpress.com

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