What changed
The Government of India released a fresh General Notification on 26 March 2025, superseding the earlier March 27 2018 notifications for the issuance of government securities, Treasury Bills and Cash Management Bills. The RBI circular circulates this updated notice to all market participants.
What it means for you
Banks and primary dealers must align their auction participation and documentation with the updated 2025 General Notification. The supersession of the 2018 notifications may involve revised terms, conditions, or procedural details for G-Sec issuance, though the circular does not specify the exact changes.
What you must do
- Review the enclosed 2025 General Notification from the Government of India for any changes in auction terms or conditions.
- Update internal compliance and operational procedures for G-Sec, T-Bill, and CMB auctions accordingly.
- Ensure all relevant teams (treasury, legal, compliance) are aware of the supersession of the 2018 notifications.
Who it affects
All participants in the Government Securities market, Primary dealers, Banks and financial institutions dealing in G-Secs, Treasury departments of scheduled commercial banks
What is the effective date of the new General Notification?
The new General Notification is dated March 26, 2025, and supersedes the earlier notifications from March 27, 2018. The RBI circular was issued on March 27, 2025.
Does this notification change auction procedures for Treasury Bills?
The circular does not detail specific procedural changes. It only states that the new notification supersedes the previous ones. Participants should refer to the enclosed Government notification for any revised terms.
Do I need to re-register or update my participation in G-Sec auctions?
The circular does not mention any re-registration requirement. However, you should verify with the enclosed notification if any new eligibility or documentation conditions apply.