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Informist, Monday, Apr. 20, 2026

By Nandini Sinha 

MUMBAI – Rates on three-month and six-month certificates of deposit and commercial papers remained range-bound Monday, while those on one-year CDs were slightly down due to ample liquidity in the banking system, dealers said. CDs maturing in six months were traded the most, while commercial papers with two-month maturity were most actively traded. 

In the secondary market, rates on three-month and six-month CDs were largely steady at 6.10-6.15% and 6.40-6.45%, respectively, on Monday. Rates on one-year CDs were 6.85-6.90%, slightly lower than 6.80-7.10% Friday, dealers said. Rates on three-month commercial papers issued by non-banking finance companies were unchanged from the previous day at 6.35-6.40% Monday, while those on six-month CPs were steady at 6.65-6.70%.

The net liquidity absorbed by the Reserve Bank of India, a proxy of surplus liquidity in the banking system, was INR 4.28 trillion Sunday, up from INR 4.25 trillion Saturday. Despite outflows of around INR 2 trillion for goods and services tax payments, dealers expect ample liquidity in the banking system as month-end spending by the government for salaries and pensions would start from next week. There were no CD issuances in the primary market on Monday, dealers said.  
 

"Trading volumes were concentrated in the 2M (two-month), 3M (three-month) and the 1Y (one-year) segment with mutual funds being the major market participant," LKP Securities said in a report. "Mutual funds are mostly participating in the shorter one-month and three-month segments. They are not taking long-term ones," a dealer at a private sector bank said. 

The volume in the secondary market of CDs was INR 59.75 billion Monday, down from INR 72.25 billion Friday. The volume of CPs was INR 42.85 billion, up from INR 36.10 billion Friday. 
 

--Primary market

* Alembic Pharmaceuticals Ltd. and HDFC Securities Ltd. raised funds via CPs

--Secondary market

* Axis Bank Ltd.'s CD maturing on Apr. 29 was traded once at a weighted average yield of 5.5822%

* Bharti Telecom Ltd.'s CP maturing on Apr. 21 was traded once at a weighted average yield of 5.0012%

Following were the volumes, in INR billion, in the secondary market for short-term debt at 1700 IST, as detailed by the Clearing Corp. of India's F-TRAC platform:

End

With inputs from Meera Nair

Edited by Avishek Dutta

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