Global crude oil price of Indian Basket was US$ 51.53 per bbl on 05.01.2015

Global crude oil price of Indian Basket was US$ 51.53 per bbl on 05.01.2015 

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 51.53 per barrel (bbl) on 05.01.2015. This was lower than the price of US$ 54.45 per bbl on previous publishing day of 02.01.2015.


In rupee terms, the price of Indian Basket decreased to Rs 3266.49 per bbl on 05.01.2015 as compared to Rs 3446.14 per bbl on 02.01.2015. Rupee closed weaker at Rs 63.39 per US$ on 05.01.2015 as against Rs 63.29 per US$ on 02.01.2015. 

The table below gives details in this regard:

Particulars	Unit	Price on Jan 05, 2015 (Previous trading day i.e. 02.01.2015)	Pricing Fortnight for 01.01.2015 (Dec 12 to Dec 29, 2014)
Crude Oil (Indian Basket)	($/bbl)	51.53              (54.45)	58.12
	(Rs/bbl	3266.49         (3446.14)	3676.67
Exchange Rate	(Rs/$)	63.3.9               (63.29)	63.26

Daily Crude oil price- 06.01.2015      

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Government Assures the Public Sector Banks (PSBs), Financial Institutions (FIS) and Insurance Companies of Freedom of Non-Interference in Matters of Commercial Decisions, Transfers, and Postings etc. 

The Department of Financial Services, Ministry of Finance issued a circular yesterday to the Chief Executive Officers (CEOs) of all Public Sector Banks (PSBs), Financial Institutions (FIs) and Insurance Companies assuring them of freedom of non-interference in matters of commercial decisions, transfers, and postings etc. It was conveyed in very clear terms that the Government will not interfere in the commercial decisions of the Banks/FIs. It is further amplified as follows: 

• The Banks/FIs should take all commercial decisions in the best interest of the organization without any fear or favour. All decisions should be taken based on facts of the case and objectivity. No such decision should be taken out of any other extraneous considerations such as the influence or the position that the borrower is holding. 

• Each Bank/FI should have their own objective, well laid out transfer and posting rules which should be followed strictly. No exception should be made in such rules at the behest of any recommendation given by anyone including anybody from the Ministry of Finance. If, for genuine reasons, any exception to the rule is made, it should be done only by CMD by giving proper reasons. 

• Each Bank/FI should have a robust grievance redressal mechanism for borrowers, depositors as well as staff. The aggrieved person should have an opportunity to represent his case at least at two levels. 

It is trusted that the freedom given to Banks/FIs by assurance of non-interference will be used in the most objective manner. However, if any complaint comes to this Department from anybody informing that exceptions were made in certain cases without any objective basis, and in order to favour somebody, the person taking such decision would be accountable. 

It may be worthwhile to mention here that the Prime Minister, Shri Narendra Modi during his address to the CEOs of all the PSBs, FIs and Insurance Companies in the Concluding Session of the two days Bankers’ Retreat called Gyan Sangam at National Institute of Banking Management (NIBM), Pune on last Saturday, 3rd January, 2015 had also told them that the banks would be run professionally, and there would be no interference. But the accountability was essential. He said the Government had no vested interest, and public sector banks can derive strength from this fact. This circular is also in line with these directions of the Prime Minister. 

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Auction for Sale (Re-Issue) of Government Stock 

                                       The Government of India have announced the Sale (re-issue) of (i) “8.08 per cent Government Stock 2022” for a notified amount of Rs.2,000 crore (nominal) through price based auction, (ii) “8.40 per cent Government Stock 2024” for a notified amount of  Rs.6,000 crore (nominal) through price based auction, (iii) “9.20 per cent Government Stock  2030” for a notified amount of Rs.3,000 crore (nominal) through price based auction,  and (iv) “8.30 per cent Government Stock 2040” for a notified amount of Rs.3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai on January 09, 2015 (Friday).
                                   Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
                      Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on 
January 09, 2015. The non-competitive bids should be submitted between 10.30 a.m. and 
11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.   
                       The result of the auctions will be announced on January 09, 2015 and payment by successful bidders will be on January 12, 2015 (Monday).   
                   The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India (RBI) vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Government of India, Ministry of Finance, Department of Economic Affairs
 North Block, New Delhi-110001

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