Press Releases

The Reserve Bank of India (RBI) has, by an order dated September 19, 2023, imposed a monetary penalty of ₹1.10 lakh (Rupees One lakh Ten thousand only) on Birbhum District Central Co-operative Bank Ltd., Birbhum, West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and ‘Membership of Credit Information Companies (CICs)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 and Section 25 (1) (iii) read with section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2022, and examination of the Inspection Report and all correspondence related thereto revealed, inter alia, that the bank had (i) failed to carry out periodic review of risk categorisation of accounts, (ii) failed to undertake risk categorisation of a number of accounts; and (iii) failed to obtain membership of three out of the four CICs. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions, as stated therein.

After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1201

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 500,614.35 6. 5.00-7.80 I.Call Money 10,607.39 6. 5.00-6.95 II. Triparty Repo 339,910.40 6. 6.00-6.80

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate    Range A. Overnight Segment (I+II+III+IV) 0.00    -    I. Call Money 0.00    -    II. Triparty Repo    0.00    -    -
     III. Market Repo    0.00    -    -
     IV. Repo in Corporate Bond    0.00    -    -
B. Term Segment    

     I. Notice Money**    0.00    -    -
     II. Term Money@@    0.00    -    -
     III. Triparty Repo    0.00    -    -
     IV. Market Repo    0.00    -    -
     V. Repo in Corporate Bond    0.00    -    -
RBI OPERATIONS@

Auction Date    Tenor (Days)    Maturity Date    Amount    Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)

In terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series V - Issue date October 30, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be October 30, 2023.

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No.Treasury BillNotified Amount (in ₹ Crore)Auction Date Settlement Date

191 Days7,000November 01, 2023
(Wednesday)November 02, 2023
(Thursday)

2182 Days8,000

3364 Days9,000

  Total24,000

The rate of interest on Government of India Floating Rate Bond 2034 (GOI FRB 2034) applicable for the half year October 30, 2023 to April 29, 2024 shall be 8.10 per cent per annum.

It may be recalled that FRB 2034 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day i.e., October 30, 2023) of 182 Day T-Bills, plus a fixed spread (0.98 per cent).

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1193

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2022 2023 Variation Oct. 21 Oct. 13   Oct. 20 Week Year 1 2 3 4 5
4 Loans and Advances    

4.1 Central Government    0    0    0    0    0
4.2 State Governments    5092    20364    20227    -137    15135
* Data are provisional.

The 604th meeting of the Central Board of Directors of Reserve Bank of India was held today in Rishikesh under the Chairmanship of Shri Shaktikanta Das, Governor.

Auction Results New GS 2026 7.18% GS 2037 7.25% GS 2063 I. Notified Amount    ₹8000 Crore    ₹10000 Crore    ₹12000 Crore II. Underwriting Notified Amount    ₹8000 Crore    ₹10000 Crore    ₹12000 Crore III.    Competitive Bids Received    (i) Number    115    199    233 (ii) Amount    ₹22660 Crore    ₹26505.300 Crore    ₹39857.403 Crore IV.    Cut-off price / Yield    -    97.62    96.38 (YTM: 7.3300%)    (YTM: 7.4580%)    (YTM: 7.5373%) V. Competitive Bids Accepted    

(i) Number    30    61    43
(ii) Amount    ₹7993.553 Crore    ₹9989.014 Crore    ₹11988.540 Crore
VI.    Partial Allotment Percentage of Competitive Bids    83.68%    38.62%    93.10%
(17 Bids)    (8 Bids)    (6 Bids)
VII.    Weighted Average Price/Yield    100.00    97.62    96.45
(WAY: 7.3300%)    (WAY: 7.4580%)    (WAY: 7.5315%)
VIII.    Non-Competitive Bids Received    

(i) Number    4    4    5
(ii) Amount    ₹6.447 Crore    ₹10.986 Crore    ₹11.46 Crore
IX.    Non-Competitive Bids Accepted    

(i) Number    4    4    5
(ii) Amount    ₹6.447 Crore    ₹10.986 Crore    ₹11.46 Crore
(iii) Partial Allotment Percentage    -    -    -
X.    Amount of Underwriting accepted from primary dealers    ₹8000 Crore    ₹10000 Crore    ₹12000 Crore
XI.    Devolvement on Primary Dealers    NIL    NIL    NIL

In the Third Cohort under the Regulatory Sandbox (RS) with ‘MSME Lending’ as its theme, eight entities were to commence testing of their products which was communicated vide Press Release dated June 06, 2022.
2. Products of the entities which completed the ‘Test Phase’ were evaluated based on mutually agreed test scenarios and expected outcomes. Accordingly, the five products outlined below have been found viable within the boundary conditions defined during testing under RS: