कॅश मॅनेजमेंट बिल (सीएमबी)

कॅश मॅनेजमेंट बिल म्हणजे काय?

कॅश मॅनेजमेंट बिल (सीएमबी) हे केंद्र सरकारने जारी केलेले अल्पकालीन बिल आहे. हे तात्पुरते कॅश अशिल्लकतेचे निराकरण करण्यास आणि आपत्कालीन फंडिंग प्रदान करण्यास मदत करते. या बिलांचा काही दिवसांपासून ते तीन महिन्यांपर्यंत मॅच्युरिटी कालावधी असतो. हे त्यांना अत्यंत लवचिक आर्थिक बाजारपेठ साधने बनवते जे आवश्यकतेनुसार जारी केले जाऊ शकतात.

By utilising CMBs, central banks can reduce the issuance of long-term notes and maintain lower cash balances. While CMBs offer lower interest expenses due to their shorter maturity, they tend to yield higher returns than fixed-maturity tenure bills. 

CMB can be issued in fungible and non-fungible forms, with the former aligning the maturity date with already issued treasury bills. However, the participation of primary dealers is mandatory for fungible. 
 

कॅश मॅनेजमेंट बिल कसे काम करतात

CMBs play a crucial role in managing the Government's cash flows and liquidity requirements. Here's how CMBs work in India:

● उद्देश:CMBs are issued to meet the temporary mismatches in the Government's cash flows and bridge the short-term liquidity needs.
●    कालावधी: CMBs have a short tenure ranging from a few days to up to 90 days. They are issued at a discount to face value and redeemed at par upon maturity.
●    Auction Process: The issuance of cash management bills follows an auction process conducted by the RBI. Authorised participants, such as banks, primary dealers, and select financial institutions, can participate in these auctions.
●    Nominal Value: The nominal value of a Cash Management Bill is usually ₹1 crore or multiples thereof. इन्व्हेस्टर त्यांच्या लिक्विडिटी आवश्यकतांवर आधारित सीएमबीएसच्या अनेक युनिट्ससाठी बोली लावू शकतात.
●    Competitive Bidding: The auction process involves competitive bidding, where participants submit their bids specifying the amount and yield they are willing to purchase the CMBs.
●    Acceptance of Bids: The RBI accepts the bids starting from the lowest yield and progressively moves towards higher yields until the notified amount is reached.
●    Allotment and Settlement: Successful bidders receive an allotment of CMBs at the accepted yield. The settlement occurs through the RBI's Core Banking Solution (E-Kuber) system.
●   सेकंडरी मार्केट:मॅच्युरिटीपूर्वी सेकंडरी मार्केटमध्ये सीएमबीएस ट्रेड केले जाऊ शकते. हे इन्व्हेस्टरना त्यांच्या लिक्विडिटी आवश्यकता किंवा इन्व्हेस्टमेंट स्ट्रॅटेजीवर आधारित बिल खरेदी किंवा विक्री करण्याची परवानगी देते.
●    लिक्विडिटी मॅनेजमेंट: सीएमबीएस मार्केट सहभागींना त्यांचे अल्पकालीन अतिरिक्त फंड तयार करण्यासाठी अतिरिक्त साधन प्रदान करून प्रभावी लिक्विडिटी मॅनेजमेंटमध्ये मदत करते.
●    रिस्क-फ्री इन्व्हेस्टमेंट: सीएमबीएसला भारत सरकारच्या सार्वभौम हमीचा पाठिंबा आहे, ज्यामुळे त्यांना पात्र गुंतवणूकदारांसाठी सुरक्षित आणि जोखीम-मुक्त गुंतवणूक पर्याय बनते.
 

सीएमबीएसची वैशिष्ट्ये

सादर केलेल्या कॅश मॅनेजमेंट बिलांची प्रमुख वैशिष्ट्ये येथे दिली आहेत:

●    Maturity: सीएमबीएसचा मॅच्युरिटी कालावधी 91 दिवसांपेक्षा कमी आहे.
●   सवलतीचे रिडेम्पशन:ट्रेझरी बिलांप्रमाणेच, CMBs सवलतीमध्ये जारी केले जातात आणि मॅच्युरिटीवर फेस वॅल्यूवर रिडीम केले जातात. For instance, if a cash management bill has a face value of Rs 100, it can be acquired at Rs 97, and upon maturity, typically after 60 days, it can be redeemed for Rs 100. No interest payment is made, but the discount is the return on investment.
●    Flexible Tenure: The tenure, total quantity of CMBs to be issued (notified amount), and date of issuance depend on the temporary cash requirements of the Government.
●    SLR Eligibility: CMBs are eligible as Statutory Liquidity Ratio (SLR) securities. Banks can consider investment in CMBs as a valid investment in government securities for SLR purposes, as recognised under Section 24 of the Banking Regulation Act, 1949.
●    Market Mechanism: Cash Management Bills are auctioned by the Reserve Bank of India. The announcement regarding the auction was made one day before through a separate press release.
●    सेटलमेंट: The settlement for the auction follows a T+1 basis.
●    Non-Competitive Bidding: Unlike Treasury Bills, CMBs are not covered under the non-competitive bidding scheme.
●    Tradable Nature: CMBs are tradable and qualify for the ready-forward facility.
●    लिक्विडिटी मॅनेजमेंट: Cash Management Bill facilitates the transfer of liquidity in the banking sector to the Government in a manageable form.
●    Deepening Inter-Bank Market: These bills contribute to deepening the inter-bank term-money market. It helps mitigate the interest rate risks banks face when borrowing for the short term.
 

भारतातील कॅश मॅनेजमेंट बिलांचा रेकॉर्ड

The Cash Management Bill was first introduced in India on May 12, 2010. It supplements the existing short-term cash-raising instruments introduced by the Government of India in consultation with the Reserve Bank of India. The primary objective of CMBs is to help the Government manage its short-term cash flow requirements more effectively. The RBI conducts auctions on behalf of the Government to issue CMBs. 

CMBs have become an integral part of the Indian money market, helping to address temporary cash flow mismatches. These share similarities with treasury bills and are sold based on pre-specified terms and conditions. Initially, CMB had a tenor of 91 days but was extended to 364 days to offer greater flexibility. Investors can earn interest on their investments as CMBs are issued at a discount and redeemed at face value. These bills are accessible to many investors, including individuals, companies, banks, and non-banking financial institutions. 

The interest rate on CMBs is determined through competitive bidding in the auction process. CMBs are considered a safe and liquid investment option since the Government backs them. They are crucial in managing the Government's cash flow by bridging temporary mismatches between receipts and expenditures. The RBI has implemented measures to enhance liquidity and attractiveness, such as introducing secondary market trading and relaxing investment limits for certain categories of investors.