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Informist, Wednesday, Apr. 29, 2026

By Nandini Sinha

MUMBAI – Rates on certificates of deposit and commercial papers in most tenures rose Wednesday on demand for funds and weak market sentiment, dealers said. The rise in the yields on government bonds as well as the high crude oil prices weighed on investor sentiment, dealers said. 

The net liquidity absorbed by the Reserve Bank of India, an indicator of surplus liquidity in the banking system, was INR 2.58 trillion Tuesday, down from INR 2.75 trillion Monday. Banks could be facing a liquidity crunch on account of month-end disbursements, dealers said.

Wednesday, rates on three-month CDs were 6.40-6.45% against 6.38-6.43% Tuesday, while those on six-month CDs were 6.90-6.93% against 6.88-6.93% Tuesday. One-year CDs were unchanged at 7.10-7.25%.

The rates on three-month CPs by manufacturing companies rose over 10 basis points to 6.50-6.60%, while three-month CPs by non-banking financial companies were dealt in the range of 6.80-6.90%, dealers said. Rates on six-month CPs by manufacturing companies were at 7.05-7.15%. One-year CPs were up by two basis points to 7.42-7.45%.

The volume of CDs rose to INR 104.30 billion in the secondary market Wednesday from INR 101.30 billion Tuesday. The volume of CPs rose to INR 42.85 billion from INR 19.05 billion Tuesday. 

Utkash Small Finance Bank, Ujjivan Small Finance Bank and Union Bank of India issued CDs in the primary market Wednesday, according to data on The Clearing Corporation of India Ltd.'s F-TRAC platform. Utkash Small Finance Bank raised INR 1.1 billion at 7.2498%, Ujjivan Small Finance Bank raised INR 500 million at 7.40%, while Union Bank of India raised a total of INR 10 billion through two CDs at 7.35%.

Among those who raised funds through CPs in the primary market were Bajaj Financial Securities Ltd., which raised INR 1.5 billion at 6.57%, and Grasim Industries Ltd. which raised INR 7.5 billion at 6.30%, the data showed. 

Trading is expected to be lacklustre Thursday on account of the Fixed Income Money Market and Derivatives Association of India's annual conference in the Netherlands till next week, a dealer at a brokerage firm said, expecting the rates to be higher. Friday, financial markets are closed on account of Maharashtra Day. 

--Primary market
* Utkash Small Finance Bank, Ujjivan Small Finance Bank and Union Bank of India raised funds via CDs

* Bajaj Financial Securities and Grasim Industries were among those who raised funds via CPs

--Secondary market

* Indian Bank's CD maturing on Apr. 30 was traded eight times at a weighted average yield of 5.1144%
* Barclays Investments and Loans India Pvt. Ltd.'s CP maturing on Apr. 30 was traded twice at a weighted average yield of 5.1837%

The 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

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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