Press Releases

The Reserve Bank of India (RBI) has, by an order dated November 15, 2024, imposed a monetary penalty of ₹2.10 lakh (Rupees Two Lakh Ten Thousand only) on The Karjan Nagarik Sahakari Bank Limited, Karjan, Dist. Vadodara, Gujarat (the bank) for contravention of provisions of sections 18 and 26A read with section 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated November 13, 2024, imposed a monetary penalty of ₹1.25 lakh (Rupees One Lakh Twenty Five Thousand only) on The Rajula Nagrik Sahakari Bank Ltd., Rajula, Dist. Amreli, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’ and ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 13, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Amod Nagric Co-operative Bank Ltd., Amod, Dist. Bharuch, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are interested’ and ‘Know Your Customer (KYC) norms’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 15, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Vijay Commercial Co-operative Bank Ltd., Rajkot, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC) norms’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed a Memorandum of Understanding (MoU) today in Mumbai for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions. The MoU was signed by the Governor, Reserve Bank of India, Shri Shaktikanta Das and the Governor, Maldives Monetary Authority, Mr. Ahmed Munawar.

The Reserve Bank of India (RBI) has, by an order dated November 13, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Sundargarh District Central Co-operative Bank Ltd., Odisha (the bank) for contravention of provisions of sections 20 and 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC) norms’. This penalty has been imposed in exercise of powers vested in RBI, conferred under provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank has today released data on Reserve Money for the week ended November 15, 2024.

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹7000 Crore ₹6000 Crore ₹6000 Crore II. Competitive Bids Received (i) Number 102 68 72 (ii) Amount ₹ 27212.175 Crore ₹ 10920.150 Crore ₹ 16105.450 Crore

The Reserve Bank of India issued Directions to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2598/12-07-005/2022-2023 dated July 21, 2022, for a period of six months up to the close of business on January 22, 2023, as modified from time to time, which was last extended up to the close of business on November 22, 2024 vide Directive DOR.MON.D-46/12-22-705/2024-25 dated August 20, 2024.

The Reserve Bank of India issued Directions to Thodupuzha Urban Co-operative Bank Ltd, Kerala, under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive No. CO.DOS.SED.No.S3361/12-07-005/2022-2023 dated August 23, 2022, from close of business on August 23, 2022, for a period of six months, which were extended from time to time, the last being up to November 23, 2024, vide Directive No. DOR.MON.D-41/12.16.051/2024-25 dated August 14, 2024.

I. T-Bill 91 days 182 days 364 days II. Total Face Value Notified ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.4154 (YTM: 6.4581%) 96.7905 (YTM: 6.6501%) 93.8070 (YTM: 6.6200%) IV. Total Face Value Accepted ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore

With a view to encourage original writings and research in Banking Hindi, Reserve Bank of India has launched a ‘Scheme for writing books originally in Hindi on Economics/Banking/Financial subjects. Under this scheme, working/retired Professors (Including Assistant and Associate Professor etc.) of Indian Universities (UGC recognized) are awarded three prizes of ₹1,25,000.00 (One lakh twenty-five thousand) each for writing books originally in Hindi on Economics/Banking/Financial subjects. Details of scheme are given in the annex. All concerned willing to participate in the scheme are requested to submit their nominations along with copies of books in the prescribed proforma to Chief General Manager, Reserve Bank of India, Rajbhasha Vibhag, Central Office, C-9, 8th Floor, Bandra Kurla Complex, Mumbai - 400 051 by December 16, 2024 by 05.00 PM or before.

(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 - -

Government of India has announced the sale (issue / re-issue) of Government Securities, as detailed below, through auctions to be held on November 22, 2024. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 574,866.77 6.38 1.25-7.20 I. Call Money 9,415.67 6.49 5.10-6.60 II. Triparty Repo 409,692.75 6.40 6.22-6.65 III. Market Repo 154,931.55 6.34 1.25-7.20 IV. Repo in Corporate Bond 826.80 6.54 6.52-6.65

Today, the  Reserve Bank released the November 2024 issue of its monthly  Bulletin. The Bulletin includes five  speeches, five articles, and current statistics. The five articles  are: I. State of the Economy; II. A Suite of Approaches for Estimating  Equilibrium Exchange Rates for India; III. Dynamic Landscape of Monetary Policy  Communication in India; IV. Agri-tech Startups and Innovations in Indian  Agriculture; and V. Seasonality in Key Economic Indicators of India.

The result of the auction of State Government Securities held on November 19, 2024 is as under: (Amount in ₹ Crore) BIHAR 2034 GOA 2034 KERALA 2031 ODISHA 2038 Notified Amount 2000 100 1249 1000 Tenure 10 10 7 14 Competitive Bids Received (i) No. 63 21 25 65 (ii) Amount 8465 770 2599 5330 Cut off Price (₹) / Yield (%) 7.13 7.13 7.08 7.15

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1. Bihar 2000 2000 7.13 10 2. Goa 100 100 7.13 10 3. Kerala 1249 1249 7.08 07 4. Odisha 1000 1000 7.15 14 5. Tamil Nadu 2000 2000 7.11 10 6. Uttar Pradesh 3000 3000 7.10 08 Total 9349 9349

It has come to the notice of Reserve bank of India that fake videos of the Governor are being circulated in social media that claim launch of or support to some investment schemes by the RBI. These videos attempt to advise people to invest their money in such schemes, through use of technological tools.

Tenor 3-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 22,565 Amount accepted (in ₹ crore) 22,565 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 595,768.93 6.28 0.01-6.60 I. Call Money 7,529.65 6.43 5.10-6.55 II. Triparty Repo 433,555.45 6.28 6.09-6.40 III. Market Repo 153,315.03 6.25 0.01-6.55 IV. Repo in Corporate Bond 1,368.80 6.53 6.45-6.60

The Reserve Bank of India (RBI), in exercise of its powers under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), had superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd., Mumbai, for 12 months on November 24, 2023, due to material concerns arising from poor governance standards observed within the bank.

Government of India (GOI) has announced the sale (issue / re-issue) of two dated securities for a notified amount of ₹32,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 6.79% GS 2034 Oct 07, 2034 22,000 F.No.4(3)-B(W&M)/2024 dated November 18, 2024 November 22, 2024 (Friday) November 25, 2024 (Monday) 2 New GS 2074 Nov 25, 2074 10,000 Total 32,000

In terms of GOI Notification F.No.(25)–W&M /2017 dated October 06, 2017 (SGB 2017-18 Series VIII - Issue date November 20, 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 November 19, 2024(November 20, 2024 being a holiday).

The Reserve Bank of India (RBI) has, by an order dated November 12, 2024, imposed a monetary penalty of ₹50,000 (Rupees Fifty Thousand only) on The Mansa Nagarik Sahakari Bank Ltd., Dist. Gandhinagar, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 12, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on M.S. Co-operative Bank Ltd., Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 12, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Maintenance of Cash Reserve Ratio (CRR)’ and ‘Know Your Customer (KYC) norms’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 13, 2024, imposed a monetary penalty of ₹4.10 lakh (Rupees Four Lakh Ten Thousand only) on The National Central Co-operative Bank Ltd., Bettiah, Bihar (the bank) for contravention of provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non – compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’ and ‘Master Direction - Know Your Customer (KYC) Direction, 2016’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated November 13, 2024, imposed a monetary penalty of ₹1.25 lakh (Rupees One Lakh Twenty Five Thousand only) on The Nawadah Central Co-operative Bank Ltd., Bihar (the bank) for non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’ and ‘Know Your Customer (KYC)’ . This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and section 25 of the Credit Information Companies (Regulation) Act, 2005

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on November 19, 2024, Tuesday, as under:

The Reserve Bank today held a Conference in Mumbai of the Directors on the Boards of Private Sector Banks on the theme ‘Transformative Governance through Sound Boards’. This is the second annual Conference organised by the Reserve Bank with the Boards of Private Sector Banks as part of a series of engagements with Boards of RBI’s Supervised Entities. The Conference had participation of over 200 Directors of Private Sector Banks, including Chairmen and Managing Directors & Chief Executive Officers.

A. Source Security 7.27% GS 2026 6.99% GS 2026 6.99% GS 2026 8.33% GS 2026 5.74% GS 2026 B. Notified Amount (amount in ₹ cr) 1,000 3,000 1,000 1,000 2,000 Destination Security 7.40% GS 2035 6.22% GS 2035 8.32% GS 2032 7.40% GS 2035 6.62% GS 2051 C. i. No. of offers received 8 12 6 1 6 ii. Total amount of Source Security offered (Face value in ₹ cr) 2,250.000 6,675.000 3,655.000 742.692 2,028.583 iii. No of offers accepted 2 4 2 1 1 iv. Total amount of source security accepted (Face value in ₹ cr) 1,000.000 3,000.000 1,000.000 742.692 2,000.000 v. Total amount of destination security issued (Face value in ₹ cr) 967.989 3,162.299 924.188 730.838 2,046.690 vi. Cut-off price (₹) / yield (%) for destination security 104.01/ 6.8663 95.20/ 6.8752 108.60/ 6.8611 104.01/ 6.8663 95.95/ 6.9541

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 - - 

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 45,480 Amount accepted (in ₹ crore) 45,480 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 17,964.29 6.04 5.10-6.50 I. Call Money 1,141.35 6.16 5.50-6.50 II. Triparty Repo 16,680.65 6.04 5.50-6.25 III. Market Repo 142.29 5.31 5.10-5.50 IV. Repo in Corporate Bond 0.00 - - B. Term Segment I. Notice Money** 89.50 6.27 5.90-6.50 II. Term Money@@ 0.00 - - III. Triparty Repo 0.00 - - IV. Market Repo 0.00 - - V. Repo in Corporate Bond 0.00 - -

(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 - -

On a review of the current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Reverse Repo (VRRR) auction on November 18, 2024, Monday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 1 11:45 AM to 12:15 PM November 19, 2024 (Tuesday) 2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Tenor 4-day Notified Amount (in ₹ crore) 1,00,000 Total amount of offers received (in ₹ crore) 28,720 Amount accepted (in ₹ crore) 28,720 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 5,797.85 6.28 5.50-6.60 I. Call Money 871.55 6.13 5.50-6.24 II. Triparty Repo 3,528.50 6.24 5.80-6.42 III. Market Repo 0.00 - - IV. Repo in Corporate Bond 1,397.80 6.47 6.40-6.60

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2023 2024 Variation Nov. 10 Nov. 1 Nov. 8 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 20013 31294 37124 5830 17111 * Data are provisional; difference, if any, is due to rounding off.