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The RBI has confirmed that discussions with IFSC are underway to allow foreign investors at GIFT City to start investing in sovereign green bonds by the second half of FY25. This initiative is part of India's larger effort to reduce carbon intensity and attract international investments into sustainable projects.
"With regard to the LCR, or liquidity coverage, which the banks are expected to maintain, it's a draft which we have put out in the public domain," said Governor Das
The RBI's proactive measures in the foreign exchange market, coupled with prudent fiscal policies, have played a pivotal role in this accumulation.
The cost of funding the fiscal deficit via sovereign gold bonds is reportedly higher than the benefit of reducing dependence on physical gold through the scheme.
The Reserve Bank of India sold government securities worth ₹39.85 billion in the week ending July 26, marking its third consecutive week of bond sales. This increase follows earlier sales of ₹27.35 billion and ₹34.05 billion, signaling the RBI's strategy to manage excess liquidity amid persistent inflation.
RBI's draft liquidity guidelines credit positive for banks, despite a projected 15 percentage point drop in liquidity coverage ratios. The guidelines, effective April 1, 2025, aim to enhance banks' resilience against deposit outflows and improve liquidity buffers, supporting overall credit stability.
The RBI’s draft guidelines aim to enhance banks' liquidity resilience by introducing a 5% additional runoff factor on retail deposits from digital channels.
IBA, a representative body of Indian banks, plans to formally urge the RBI to roll back the proposed measure before the June 15 feedback deadline, arguing it will unnecessarily increase costs and impede project financing.
The 'No Objection Certificate' from the RBI, dated May 3, 2024, paves the way for REC to establish a presence in GIFT City, a burgeoning hub for financial services in India.
In response to inquiries, an SBI spokesperson affirmed that the bank is assessing the impact on its AIF portfolio in light of the RBI guidelines and emphasized a commitment to ensuring compliance.
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