The size of the annual borrowing of the central government through dated securities has grown from 1.0 trillion to 5.6 trillion during this period. It is no mean achievement to manage such large issuances in a non-disruptive manner in the post Fiscal Responsibility & Budget Management (FRBM) regime and declining SLR.
A large number of initiatives have been taken over the years, such as, the Primary Dealer (PD) system, Delivery Vs Payment (DVP), centralised clearing, anonymous dealing system based on order matching, floating rate bonds, STRIPS, Inflation Index Bonds (IIBs), etc.