{"id":310429,"date":"2023-12-31T14:00:18","date_gmt":"2023-12-31T08:30:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=310429"},"modified":"2023-12-31T11:05:36","modified_gmt":"2023-12-31T05:35:36","slug":"rbi-notifies-rbi-government-securities-lending-directions-2023","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/12\/31\/rbi-notifies-rbi-government-securities-lending-directions-2023\/","title":{"rendered":"RBI notifies RBI (Government Securities Lending) Directions, 2023 enabling lending and borrowing of Government Securities"},"content":{"rendered":"
\n

On 27-12-2023, the Reserve Bank of India (‘RBI’) notified the RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending transactions, undertaken in Over-the-Counter markets. The provisions came into force on 27-12-2023.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    Eligible Securities-<\/span> Government securities issued by the Central Government:<\/p>\n

      \n
    • \n

      For the purpose of lending\/ borrowing under the Government Securities Lending Transactions (‘GSL transaction’):<\/p>\n

        \n
      • \n

        Government Securities excluding Treasury Bills<\/span>;<\/p>\n<\/li>\n

      • \n

        Securities obtained under a repo transaction (including through Reserve Bank’s Liquidity Adjustment Facility);<\/p>\n<\/li>\n

      • \n

        borrowed under another GSL transaction.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        For placing as collateral under a GSL transaction:<\/p>\n

          \n
        • \n

          Government Securities including Treasury Bills<\/span>;<\/p>\n<\/li>\n

        • \n

          Securities obtained under a repo transaction (including through Reserve Bank’s Liquidity Adjustment Facility);<\/p>\n<\/li>\n

        • \n

          borrowed under another GSL transaction.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n

        • \n

          Tenor-<\/span> minimum tenor of a GSL transaction will be one day and maximum tenor will be 3 months.<\/p>\n<\/li>\n

        • \n

          Settlement of Trades<\/span> of GSL transactions will settle on:<\/p>\n

            \n
          • \n

            A Delivery versus Delivery basis.<\/p>\n<\/li>\n

          • \n

            First leg of GSL Transactions will settle on a T+0 or T+1 basis.<\/p>\n<\/li>\n

          • \n

            Such transactions will settle through Clearing Corporation of India Ltd. or any other central counterparty or clearing arrangement approved by the RBI.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            Use of Security borrowed and substitution of collateral:<\/p>\n

              \n
            • \n

              Securities borrowed under a GSL transaction can be:<\/p>\n

                \n
              • \n

                Sold either through an outright or a repo transaction or used for meeting a delivery obligation in a short sale; or<\/p>\n<\/li>\n

              • \n

                Used for availing Reserve Bank’s Liquidity Adjustment Facility; or<\/p>\n<\/li>\n

              • \n

                Lent under another GSL transaction; or<\/p>\n<\/li>\n

              • \n

                Placed as collateral under another GSL transaction.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

              • \n

                Securities placed as collateral can be substituted by the borrower with other eligible securities in terms of the rules of the central counterparty.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

              • \n

                The RBI can publish any anonymized data released to GSL transactions.<\/p>\n<\/li>\n

              • \n

                In case of violation of Directions, the RBI, along with taking penal or regulatory action, can disallow the person\/ agency from dealing in GSL transactions for a period not exceeding 1 month at a time.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                On 27-12-2023, the Reserve Bank of India (‘RBI’) notified the RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending <\/p>\n","protected":false},"author":67515,"featured_media":292791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[36527,63975,63974,2611],"class_list":["post-310429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-government-securities","tag-gsl-transaction","tag-lending-and-borrowing","tag-RBI"],"yoast_head":"\nRBI (Government Securities Lending) Directions, 2023 | SCC Blog<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India notified RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending transactions to 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The amendments have been made in the provision\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":257157,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/16\/rbi-announces-retail-direct-scheme\/","url_meta":{"origin":310429,"position":2},"title":"RBI announces Retail Direct Scheme","author":"Prachi Bhardwaj","date":"November 16, 2021","format":false,"excerpt":"The Reserve Bank of India has launched the Retail Direct Scheme on November 12,2021. The Scheme aims at enhancing access to government securities (G-sec) market for retail investors. \u00a0 Key highlights: Under this scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with Reserve\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":366637,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/14\/rbi-repo-directions-2018-key-provisions\/","url_meta":{"origin":310429,"position":3},"title":"RBI Issues Repo Directions: Key Rules on Eligible Securities, Participants, Reporting & Settlement","author":"Kriti","date":"November 14, 2025","format":false,"excerpt":"These Directions regulate repo transactions across recognized exchanges, electronic platforms, and OTC markets, specifying eligible securities, participants, reporting timelines, settlement norms, and haircut requirements.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI Repo Directions 2018","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":229910,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/05\/21\/cabinet-approves-special-liquidity-scheme-for-nbfcs-hfcs-to-address-their-liquidity-stress\/","url_meta":{"origin":310429,"position":4},"title":"Cabinet approves Special Liquidity Scheme for NBFCs\/HFCs to address their Liquidity Stress","author":"Bhumika Indulia","date":"May 21, 2020","format":false,"excerpt":"Union Cabinet, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity position of the NBFCs\/HFCs. Financial implication: The direct financial implication for the Government is Rs. 5\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":356643,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/14\/rbi-foreign-investment-vostro-accounts-govt-securities-2025\/","url_meta":{"origin":310429,"position":5},"title":"RBI Opens Vostro Route for Foreign Investment in Government Securities","author":"Shubhi","date":"August 14, 2025","format":false,"excerpt":"RBI allows persons resident outside India to invest surplus rupee balances in Government Securities via Special Vostro Accounts under updated FEMA and Master Direction framework.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI allows Foreign Investment","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBI-allows-Foreign-Investment.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBI-allows-Foreign-Investment.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBI-allows-Foreign-Investment.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/RBI-allows-Foreign-Investment.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/310429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=310429"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/310429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/292791"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=310429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=310429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=310429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}