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Term Repo Auction Timings Revised to 11:00-11:30 AM

Current · Source: Reserve Bank of India · RBI/2013-14/491 · issued 13 Feb 2014 · ~1 min read
Quick answerRBI has moved Term Repo auctions under LAF from afternoon (2:30-3:00 PM) to morning (11:00-11:30 AM), effective immediately. All other terms remain unchanged. This shift aims to better align with market participant requests.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore, Mr. Kumar, needs to update the bank's internal systems to reflect the new auction timing. He briefs the dealing room and liquidity management teams on the revised timing, ensuring everyone is ready for the morning auction participation. This change helps the bank manage its liquidity more efficiently and reduce end-of-day pressures.

What changed

The auction timing for Term Repo under the Liquidity Adjustment Facility has been revised from 2:30-3:00 PM to 11:00-11:30 AM. No other terms or conditions of the Term Repo facility have been altered.

What it means for you

Banks now need to adjust their liquidity management schedules to participate in Term Repo auctions earlier in the day. This change may improve coordination with other morning market operations and reduce end-of-day liquidity pressures.

What you must do

Who it affects

All Scheduled Commercial Banks (excluding RRBs), Treasury and ALM desks, Liquidity management teams

❓ Common questions

Why did RBI change the Term Repo auction timings?

The revision was made in response to requests from market participants, aiming to better suit operational needs and improve liquidity management efficiency.

Are any other terms of the Term Repo facility changing?

No. All other terms and conditions remain unchanged as per the earlier circular dated October 8, 2013.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/491 FMD.MOAG.No.98/01.01.009/2013-14 February 13, 2014 All Scheduled Commercial Banks (excluding RRBs) Madam / Sir, Term Repo under Liquidity Adjustment Facility - Operational Guidelines Please refer to our circular FMD.MOAG. No. 92/01.01.009/2013-14 dated October 29, 2013 on the captioned subject. Taking into account the requests received from the market participants, it has been decided to revise the timings of the Term Repo auctions from 2.30-3.00 PM to 11.00 -11.30 AM. 2. All other terms and conditions for the term repo as stipulated in our circular FMD.MOAG.No.89/01.01.009/2013-14 dated October 8, 2013 remain unchanged. 3. Please acknowledge receipt. Yours sincerely (G. Mahalingam) Principal Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/491 · issued 13 Feb 2014. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update internal treasury and ALM systems to reflect the new 11:00-11:30 AM auction window.
📜 Compliance
  • Brief dealing room and liquidity management teams on the revised timing.
  • Review cash flow forecasts to ensure readiness for morning auction participation.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All Scheduled Commercial Banks (excluding RRBs), Treasury and ALM desks, Liquidity management teams), your first concrete step on “Term Repo Auction Timings Revised to 11:00-11:30 AM” is: “Update internal treasury and ALM systems to reflect the new 11:00-11:30 AM auction window.” (RBI issued this 13 Feb 2014).

  1. Circular: RBI/2013-14/491 -- Term Repo Auction Timings Revised to 11:00-11:30 AM
  2. Issued: 13 Feb 2014
  3. Action required: Update internal treasury and ALM systems to reflect the new 11:00-11:30 AM auction window.
  4. Action required: Brief dealing room and liquidity management teams on the revised timing.
  5. Action required: Review cash flow forecasts to ensure readiness for morning auction participation.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8743&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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