Main Note - [WSS - Weekly Statistical Supplement](WSS%20-%20Weekly%20Statistical%20Supplement.md) 1. Ratio and Rates is one of the tables of the WSS (Weekly Statistical Supplement) 2. Below is April 17, 2020 release, which is for the week ended April 12, 2019. ![[Ratio and Rates_April 17, 2020.png|500]] ==Below definitions have been taken from [WSS Handbook](https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/HWSSF170614.pdf) released on June 2014== ## Ratio 1. CRR = a fixed percentage of NDTL = “Liabilities to Others” (Deposits + borrowings by the banks and other DTL ) 1. The information is published in WSS with a lag of one week; however daily Press release on Money Market Operations publishes the same on next working day. 2. SLR = a fixed % of NDTL invested in G-Secs, Gold, Cash, Excess CRR Value is Zero if not a reporting Friday/Holiday. Data from table - Scheduled Commercial Banks - Business in India has been used 3. Cash-Deposit Ratio = (Cash in Hand+Balances with RBI)/(Aggregate Deposits/ADs or Customer Deposits)=For 1 Re of deposit, how much cash banks have. 1. ‘Cash in hand’ shall consist of total amount of notes and coins held by bank branches/ATMs/Cash deposit machines maintained by a bank, including transit cash on bank’s books as also cash with [Business Correspondents](Business%20Correspondents.md) (BCs), but shall exclude cash, where physical possession is with outsourced vendors/BCs, which is not replenished in bank’s ATM and / or is not reflected on bank’s book 4. Credit-Deposit Ratio = (Total bank credit)/Aggregate Deposits (ADs) (Demand + Time Deposits) 5. Incremental Credit - Deposit Ratio (%) = New Advances (New-from start of the financial year)/ New ADs 6. Investment - Deposit Ratio (%) = Investments in G-Secs & Other Securities/ADs= For 1 Re of deposit, how much is invested in G-Secs 7. Incremental Investment- Deposit Ratio (%) = New Investments /New ADs ## Rates 8. Policy Repo Rate is the rate at which banks borrow funds from the Reserve Bank against eligible collaterals, and Reverse repo rate is the rate at which banks place their surplus funds with the RBI under the [Liquidity Adjustment Facility (LAF)](Liquidity%20Adjustment%20Facility%20(LAF).md) introduced in June 2000. 9. The repo rate has emerged as the key policy rate for signaling the monetary policy stance since June 2000. 10. [Marginal Standing Facility (MSF), 2011](Marginal%20Standing%20Facility%20(MSF),%202011.md) = Bank Rate = fixed above the repo rate 11. [Bank Rate](Bank%20Rate.md)  = MSF **Collected from Top 5 Banks (12-14)** 1. [Base Rate](Lending%20Rates.md#Base%20Rate%20System%20-%202010) = Min. interest rate of a bank below which it cannot lend 1. The Base Rate is the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It was introduced in the Indian banking system effective July 1, 2010. Data relate to five major banks. 2. [Marginal Cost of Funds-based Lending Rate (MCLR)](Lending%20Rates.md#Marginal%20Cost%20of%20Funds-based%20Lending%20Rate%20(MCLR)%20System%20-%202016)MCLR = Based on RBI’s formula to for Marginal Cost of Funds based Lending Rate 3. Term Deposit Rate >1 Year 1. The Term Deposit Rates refers to the amount of money in interest paid on the maturity date for a specified amount of money placed in a Term Deposit. Term Deposits generally carry a fixed rate of interest. In WSS term deposit rate of five major banks maturity more than one year are being presented. 4. Savings Deposit Rate = Saving deposit rate for five major banks are being presented 5. Call Money Rate (Weighted Average) = Weighted average of Call Money from Saturday to Friday = NDS-CALL platform of CCIL **Below are cut-off yields from the last Wednesday auction of [Treasury Bills (T-Bills)](Treasury%20Bills%20(T-Bills).md)** 1. 91-Day, 182-Day, 364-Day 2. 10-Year G-Sec Par Yield (FBIL) = par yield is the coupon rate that makes bond price equal to par value.  ### FBIL - Reference Rate & Forward Premia 1. **A short note on FBIL** 2. USD/INR Reference Rate was computed based on quotes received from select major banks through a polling process 3. 2014 - Financial Benchmarks India Pvt. Ltd (FBIL) was incorporated in 2014 as per the recommendations of the [Committee on Financial Benchmarks](RBI_Group-Committee_20140306_Implementation%20Group%20on%20OTC%20Derivatives%20Market%20Reforms.pdf) (Chairman: Shri P. Vijaya Bhaskar) 4. FBIL is authorised by the RBI as a Benchmark Administrator in India, regulated under Section 45W of the RBI Act, 1934 5. [FAQs](https://www.fbil.org.in/uploads/FAQ_s_updates_30th_Nov_2023_edited_version_1def7b65bb.pdf) on FBIL 6. [Jul 2, 2015](RBI_Notification_20150702_Financial%20Benchmarks%20India%20Pvt.%20Ltd.(FBIL)-%20Benchmark%20Administrator.pdf) - RBI identified FBIL as a benchmark Administrator 1. Related Note - [MIBOR](MIBOR.md) 7. [April 21, 2016](RBI_Press%20Release_20160421_Computation%20and%20Dissemination%20of%20RBI%20Reference%20Rate-Revised%20Methodology.pdf) - RBI revised the methodology of computation and dissemination of RBI Reference Rate, to be effective from May 02, 2016, based on suggestions of this committee 8. December 26, 2017 - RBI through its letter advised that FBIL may take necessary steps to take over the computation and publication of USD/INR, EURO/INR, GBP/INR and JPY/INR Reference Rates hitherto published by RBI. 9. [Feb 7, 2018](RBI_MPS_SDRP_20180207.pdf) - In the [Statement on Developmental and Regulatory Policies – February 2018](RBI_MPS_SDRP_20180207.pdf) part of 6th Bi-Monthly Policy Statement for 17-18, RBI announced FBIL will assume, i.e., take over from RBI, the responsibility of computation and dissemination of reference rate for USD/INR and exchange rate of other major currencies 10. [July 4, 2018](RBI_Press%20Release_20180704_Computation%20and%20Dissemination%20of%20Reference%20Rate%20-Taking%20Over%20by%20Financial%20Benchmarks%20India%20Private%20Limited%20(FBIL).pdf) - RBI announced that the computation and dissemination of reference rate of Rupee against the USD, Euro, Japanese yen and Pound Sterling and the interbank USD/INR forward premia, will be taken over by FBIL from July 10, 2018 11. Reference data is also available on [RBI's website](https://www.rbi.org.in/scripts/referenceratearchive.aspx) 12. July 10, 2018 - FBIL started publishing reference rate for USD/INR and exchange rate of other major currencies, based on transactions data. 13. November 11, 2025 - RBI via internal letter granted authorization to FBIL to commence administration of AED/INR and IDR/INR Reference rate. With this, reference rates (spot rates), calculated by FBIL as on Nov 11, 2025 are USD/INR, EURO/INR, GBP/INR, JPY/INR, AED/INR and IDR/IN 14. **Current method** - Average of the bid/offer rates for 15 mins between 11.30-12.30 hrs IST from trading platforms like Refinitiv (earlier Thomson Reuters) and CCIL, and is published by FBIL as the reference rate, on all business days, i.e., excluding Saturday, Sunday and bank holidays in Mumbai, at around 13:00 hours. 15. Methodology for Calculation of spot rates for various pairs - https://www.fbil.org.in/#/benchmark/reference 16. More Notes related to on FBIL 1. [Modified MIFOR](Modified%20MIFOR.md) 2. [MIBOR](MIBOR.md) 17. [March 10, 2026](https://www.fbil.org.in/uploads/Press_Release_Publication_of_FBIL_USD_INR_Spot_Rate_for_NOOP_Benchmark_from_April_6_2026_0488572559.pdf) - FBIL will commence publication of the _USD/INR Spot Rate for NOOP_ effective April 6, 2026 (Monday) 18. Forward Premia 1. The Indian Rupee (INR) generally trades at a forward discount against the US Dollar (USD). 2. This means the USD/INR forward rate is higher than the spot rate, with the USD at a premium and the Rupee at a discount, primarily due to the interest rate differential between higher Indian interest rates and lower US rates 3. The premia is particularly important for importers and exporters who need to hedge their risks to foreign currency. 4. $\displaystyle \text{Annualised Month-End Forward Premium (\% p.a)} = \frac{\text{Month-End Spot-Forward Swap Points (in Rupees)}}{\text{Reference Rate (in Rupees)}} \times \frac{365}{\text{N}} \times 100$ , 1. where forward premia (calculated by spot-forward swaps trade data from CCIL) is published by FBIL, and N is difference between spot settlement and forward settlement date 2. Swap points are quoted in Paise on CCIL trade platform 5. CCIL - Interbank USDINR Spot-Forward Swaps (under Forwards section in "Market Today") - [Link](https://www.ccilindia.com/interbank-usd-inr-spot-fwd1) 6. July 10, 2018 - FBIL took over the computation and dissemination of daily interbank USD/INR forward premia (and spot rates) from the Reserve Bank of India (RBI) with effect from July 10, 2018 7. Methodology Documents for US Dollar - Indian Rupee Forward Premia on FBIlL's website 1. Different versions - [Link](https://www.fbil.org.in/#/benchmark/premia) 2. November 15, 2024 - [Version 4](FBIL_Methodology%20Document_2024115_FBIL%20Forward%20Premia%20Curve_Version%204.pdf) 8. Other sources - Handbook of Statistics on Indian Economy 1. Table- Forward Premia (Inter-Bank) (Monthly Average) 2. Table : Daily Forward Premia (Inter-Bank) ## Directions 1. [December 28, 2023](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12581&Mode=0) - Reserve Bank of India (Financial Benchmark Administrators) Directions, 2023 ## Related Notes More Notes related to on FBIL 1. More Notes related to on FBIL 1. [Modified MIFOR](Modified%20MIFOR.md) 2. [MIBOR](MIBOR.md) 2. [WSS - Weekly Forex Reserves](WSS%20-%20Weekly%20Forex%20Reserves.md) 3. [WSS - Major Price Indices](WSS%20-%20Major%20Price%20Indices.md) 4. [Forex Markets](Forex%20Markets.md) ## References 1. RBI. June 2014. Handbook on RBI's WSS. Department of Statistics and Information Management. [pdf](RBI_Manual_201406_Handbook%20on%20RBI’s%20WSS.pdf)