The Chilpi Group (2050–1850 Ma) in the Bastar Craton contains Banded Iron Formation (BIF) deposited immediately after the Great Oxidation Event but before the “Proterozoic iron ore gap”. Baseline geochemical data generated from this crucial period of Earth's history representing the transition from an initial high productivity period followed by productivity collapse, thereby delaying the evolution of biota, are interpreted in terms of the redox state of the ocean and atmospheric oxygen content. Presence of chamosite, greenalite and siderite in the ironstones of the Chilpi Group, identified during present analysis, provide valuable information regarding the redox state of the shallow sea. Geochemical analyses reveal high concentrations of Fe2O3total and SiO2 (average ~ 87.85 wt%) in iron-rich bands. Trace elements commonly enriched in detrital phases (e.g. Sc, Hf, Nb, Th and Zr) show good correlation with total REE concentration, but these have concentration below the cut-off limit defined for detrital sediments (except 3 samples). Higher concentration of these elements in greenalite/chamosite-rich samples indicates accumulation of these elements in greenalite/chamosite during primary precipitation. Most of the samples have low concentrations of Al2O3 (<5 wt%) and TiO2 (<0.5 wt%), but some chamosite-bearing samples show enrichments of Al2O3 (up to ~20 wt%). Post-Archean Australian Shale normalised rare earth elements with Y (REEY) patterns, showing a superchondritic Y/Ho ratio (average 32.15) and positive La, Gd and Y anomalies, indicate the preservation of seawater like signatures. Though a low positive Eu-anomaly, and Al/(Al + Fe + Mn) versus Fe/Ti plot suggest seawater signature with possible mixing of hydrothermal fluids and/or <10 % detrital components, preservation of seawater signatures and no involvement of high-temperature hydrothermal fluids are deduced from Eu/Sm versus Sm/Yb and Eu/Sm versus Y/Ho patterns. The Eu/Sm and Y/Ho ratios lower than the seawater and a mixing trend away from oceanic hydrothermal solution indicate possible mixing of freshwater with seawater for the observed REEY patterns. Redox-sensitive trace element ratios indicate a dysoxic to suboxic-anoxic condition in the depositional basin. Presence of oolitic textures and occurrence of chamosite support the shallow water (<60 m water depth) and anoxic condition in the depositional basin. The oxygen content of 10−3–10−5 times the present atmospheric level in the atmosphere is inferred for the period during the deposition of the BIF.