Categories: Banking

RBI: Tamil Nadu tops market borrowings among States

According to data from the Reserve Bank of India (RBI), Tamil Nadu has raised ₹30,500 crores in the fiscal 2020-21 and has topped market borrowings among States in the country. Tamil Nadu, which has accounted for 17% of the borrowings done through the issue of bonds (known as state development loans), has been followed by Maharashtra ₹25,500 crores (14%), Andhra Pradesh ₹17,000 crores (9%) and Rajasthan ₹17,000 crores (9%).

Boost your Banking Awareness Knowledge with Adda247 Live Batch: WARRIOR 2.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams

Tamil Nadu borrowings:

Tamil Nadu raised ₹1,250 crores at the low-interest rate of 6.63% for the 35-year bonds and ₹1,250 crores at the rate of 4.54% for the three-year bonds in the auction conducted by RBI.
On July 7, Tamil Nadu borrowed an additional amount of ₹500 crores rather than the ₹2,000 crores originally planned.
The State had planned to raise ₹2,000 crores through the issue of bonds of ₹1,000 each with tenures of 35 years and 3 years respectively.
Tamil Nadu had an option to raise a further ₹250 crore in each of these securities, through what is known as the ‘greenshoe’ option.

Important takeaways for all competitive exams:

Governor of Tamil Nadu: Banwarilal Purohit.
Tamil Nadu Chief Minister: K. Palaniswami.

Find More Banking News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.