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Banking Department

Mumbai Regional Office


Presented by: Nitin Daukia

Why Banking?
As per RBI Act 1934,
Sec 20- RBI has the obligation to undertake the receipts

and payments of the Central Government and to carry


out the exchange, remittance and other banking
operations, including the management of the public
debt.
Sec 21- RBI has the right to do Central Government
transactions.
Sec 21 (A)- State Government transactions and debt
management functions are carried out by RBI in terms
of the agreement entered into with the State
Governments
Sec 17 (1)- RBI is allowed to open accounts for Banks
Sec 42- Maintenance of CRR with RBI
Sec 17 (6)- RBI is authorized to issue drafts, TT and
other remittances payable at its own offices or agencies

Functions of Banking Department


Banker to Banks

Banker to Government
Debt manager of Government
Internal accounting, servicing and audit

department

Introduction of Core Banking Solution


(CBS)
Ekuber- Developed by Polaris

Discontinuation of systems- IAS, CPADS, PDO-

NDS, CFMS
Merger of Departments- DAD, PAD & PDO
merged into Banking Department
Merger of Current Accounts- Principal, Secondary
and Subsidiary Accounts merged into Principal
Account

Banker to Banks/FIs
Accounts of Banks, PDs, MFs, Insurance Co,

Foreign Central Banks, Multinational Agencies Principal Account


Line of Credit (LOC) Account
RTGS Settlement Account

Accounts- Opening, Servicing and Closing


Minimum Balance- Rs 1,00,000/ Transfer and Clearing (Paper and Electronic)

Online Banking- Ekuber Portal


Demand Loans

Demand Loans
Export Credit Refinance (ECR)

Liquidity Support Facility (LSF)


ECR

LSF

To Whom

SCBs and Urban Coop PDs


Banks

Tenure

180 days

90 days

Int Rate & Payment

Repo Rate, 30 days

Repo Rate, 14 days

Early Closure

Allowed

Allowed

Collateral

No Collateral.
Declaration of
outstanding export
credit

Eligible Securities

Loan Amount

50 % of outstanding
export credit

95 % of security if maturity
<1 yr

Banker to Government
Principle Accounts maintained at Central Accounts

Section (CAS), Nagpur


Operation through Banking Department and Agency
Banks (All PSBs and three private banks)
Types of Accounts at Banking Department
Personal Ledger Account- Regular current accounts
opened in the name of Government Officer.
Drawing as per balance
Assignment or Letter of Credit Account- Only
drawing accounts for Government Officers to whom
a sum is allotted for a specified period. Limited
drawing as per the sum allotted
Drawing Account- For Government Departments
allowed to operate without limit. Most accounts fall

Banker to Government
Receipt- Cash, Cheque, DD and NEFT

Challan and Paper Token


Payment- Cash, Cheque, DD, ECS and NEFT
Daily position and transfer of month end

balances to CAS, Nagpur


Ways and Means Advances Sec 17(5) RBI Act 1934
90 days short term loans for temporary mismatch

Banker to Government
Agency Banks appointed under Section 45,

RBI Act 1934


Authorized Branches and Link Cells
Transaction
Unit
Rate
Agency/Turnover
CommissionReceipts- Physical Mode

Per Transaction

Rs 50

Receipts- Electronic Mode

Per Transaction

Rs 12

Pension Payment

Per Transaction

Rs 65

Payment other than Pension

Per 100 Turnover

5.5 paise

OLTAS
On Line Tax Accounting System (OLTAS) for

Direct Taxes Simplification of payment of taxes and


online reporting of all direct tax collection
Taxpayer>Collecting Branch>Nodal
Branch>Link Cell>TIN>Income Tax
Department
Single copy challan instead of 4 copies;
challan copy on Income Tax website
Only mention CIN in return; no
acknowledgment challan required

What is Debt?
Equity vs Debt

Government Security (G-Sec)- security created

and issued by the Government for the purpose of


raising a public loan or any other purpose as
notified by the Government in the Official Gazette
and having one of the following forms,
A stock; or
A Government Promissory Note (GPN) payable to

or to the order of a certain person; or


A bearer bond payable to a bearer; or
Issued as T-Bills or Dated Securities

What is G-Sec in the form of


Stock?
Stock represents book debt, which is held in three

forms,
Stock Certificate (SC)
Subsidiary general Ledger (SGL) Account- Only for
current account holders with RBI. Others may have
Gilt Accounts with Banks/PDs having CSGL account
with RBI
Bond Ledger Account (BLA)- Certificate of
Investment and Certificate of Holding is issued.
Currently available for investments in Relief Bond,
Saving Bond, Inflation Indexed National Saving
Security- Cumulative (IINSS-C)
It is not transferable by endorsement and delivery but
by registration in the books of RBI

What is G-Sec in the form of


GPN?
GPN is a negotiable instrument payable to or to

the order of a certain person which can be held


singly, jointly or in the alternative form (either or
survivor)
It is transferrable by endorsement and delivery
It is to be presented in original for coupon
payment and redemption
GoI has stopped issuing securities in the form of
GPN since 1992

What is G-Sec in the form of Bearer


Bond?
Its possession itself constitutes ownership

Transferred by delivery
Interest and redemption is paid to the person who

presents the coupon attached to the Bond


Issue of Bearer Bond is restricted to certain
specific loan and it has not been issued for a long
time now.

Debt Manager

Depository and Registry of Government Securities


Primary Market Operations - RBI
Secondary Market Operations - CCIL
Settlement Bank for both Primary and Secondary
Market is RBI
Primary Market Operations- Borrowing Calendar,
Advertisement, Issuance, Settlement, Allotment,
Coupon Payment and Redemption
SDL auction alternate Tuesday, G-Sec auction every
Friday
91 day T-Bill every Wednesday, 182 and 364 day TBill alternate Wednesday
If auction day is holiday, it is done on previous
working day.
Settlement on T+1 and DVP III

Auction
Yield and Price Based Auction

Competitive Bidding and Non Competitive

Bidding- Government Stock upto 5% of the


notified amount will be allotted to the eligible
individuals and institutions under the Scheme of
Non-Competitive Bidding in case of Central GSecs and 1% in the case of State G-Secs.
Bidding is for a minimum Rs. 10,000/- and
multiples thereof.
Auction Committee will work out and decide on
the cut off yield/price for the securities to be
issued.
Settlement is on T+1 and DVP III basis

Allotment
Uniform Price/Dutch Auction- Bids are accepted at the

same price .The identical, or cut-off ,price is the


highest price (or lowest yield) at which the issuer can
get the entire issue subscribed
Multiple Price/Variable Price/French Auction- Bids are
accepted at different prices/yields quoted in individual
bids. While successful bidders get the prices/yields
they have bid, the bidder at the cutoff price/yield gets
the best price.
In the case of Govt. of India dated securities the stock
will be issued for a minimum amount of Rs. 10000/and multiples thereof.
In the case of State Govt. Securities the allotment will
in the multiples of Rs. 1000/-.
In the case of Treasury Bills it is for Rs. 25000/- and
multiples of Rs.25,000/-

Coupon Payment and


Redemption
G-Sec- Coupon is paid half yearly

No coupon payment for Treasury Bills as they are

issued at discount and redeemed at par


The securities will go into shut one day prior to
date of redemption or date of payment of interest
In case of non payment , loans to be written off
after 20 years of maturity

Other Important Concepts


Underwriting Commission Minimum Underwriting Commitment (MUC)- 50 %

of notified amount divided equally


Addition Competitive Underwriting (ACU)Competitive bidding for rest 50 % of notified amount
Designated Settlement Bank (DSB)
Value Free Transfer

Internal Accounting, Servicing and


Audit
Types of Transactions- Cash, Transfer and Clearing
Principles of Accounting followed in RBI Double Entry System
Unit Accounting System
Accrual System

Slip/Voucher System- Under this system recording of

transaction starts with a slip/voucher such as pay-in


slips, cheques etc
Books of Accounts
Parallel/Help Books- Cash Scroll, Transfer Scroll and
Day Book
Main Books- General ledger (Ledger), Clean cash
book (Journal)

Internal Accounting, Servicing and


Audit
Cash Scroll- All cash receipts and payments made at

the office for all accounts (including Government and


Banks)
Transfer Scroll- All transfer receipts and payments
made at the office for all accounts (including
Government and Banks)
Day Book- All transactions whether cash, transfer or
clearing recorded account head wise
Clean Cash Book- All transactions whether cash,
transfer or clearing recorded general ledger head
wise
General Ledger- Principal book of account. It records
the days total debits and credits and the closing
balance for the day along with the debit and credit
summations from the beginning of the year

Internal Accounting, Servicing and


Audit
Issue of DD and PO
Clearing
Electronic payment and receipts- ECS, NEFT and

RTGS
Internal Audit- Inspection of Day Book
Compliance to Annual Statutory Audit
Annual Risk Based Internal Audit (RBIA)
Quarterly Compliance and Self Assessment Audit

(CSSA)
Housekeeping- Monitoring outstanding balances

in Sundry , Suspense, DD/PO Payable Account


Monthly P&L Account and WSA to DGBA

Payment and Settlement


Systems
NPCI as the Clearing House

CTS (except Delhi)


NFS- ATM
IMPS
Rupay PoS
DFS
NACH which consists of ECS, APBS, AEPS, EBT, ECS

RBI as the Clearing House


MICR (in cities where RBI has an office. Other locations

maintained by Banks). Soon to be replaced by CTS.


CTS (only in Delhi)
ECS- (Soon to be migrated to NPCI)
NEFT
RTGS

RTGS
Systemically Important Payment System (SIPS)
New RTGS launched on 19/10/2013
Developed jointly by TCS and Montran
New features
Higher transaction processing power

More options in the modes of access- SFMS-MI, PO and

Web-API
XML based messaging format- ISO20022
Better Liquidity and Queue Management
Hybrid System- Can process both RTGS and DNS
(NEFT)
Multi Currency
Future Value Transactions

Thank You

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