Andhra Pradesh government raises ₹17,000 crore in open market borrowings in first month of 2024-25 financial year

[andhra_jp]

https://www.thehindu.com/news/national/andhra-pradesh/andhra-pradesh-government-raises-17000-crore-in-open-market-borrowings-in-first-month-of-2024-25-financial-year/article68193561.ece

The government is planning to raise a further ₹2,000 crore, for which the Reserve Bank of India will take up an auction process through its core banking platform e-Kuber on May 21

The State government has raised a whopping ₹17,000 crore in open market borrowings in the first month of the 2024-25 financial year itself.

On April 2, the State government raised an amount of ₹4,000 crore in open market borrowings. Since then, the government has raised a further ₹13,000 crore, and is now planning to raise a further ₹2,000 crore, according to information. The Reserve Bank of India (RBI) will reportedly take up the auction process through its core banking solution e-Kuber platform on May 21.

According to information, the State government has offered to sell stock by way of auction and raise ₹2,000 crore, the repayment for which will be between 17 and 20 years.

Just two days ago, the government raised as much as ₹4,000 crore on May 14. The government raised ₹4,000 crore in five open market borrowings (two borrowings of ₹500 crore each and three borrowings of ₹1,000 crore each) by selling stocks.

Similarly, the government raised ₹3,000 crore on May 7 (four borrowings of ₹500 crore each and one borrowing of ₹1,000 crore).

The government raised three borrowings of ₹1,000 crore each totalling ₹3,000 crore on April 30. A week prior to that, the government raised a similar amount of ₹3,000 crore in similar borrowings on April 23.

On April 2, the government raised ₹4,000 crore in two borrowings of ₹500 crore each and three borrowings of ₹1,000 crore each. The repayment of these open market borrowings ranges between 6 years and 20 years.