The 35th Conference of the State Finance Secretaries was held in Mumbai on September 18, 2025. The theme of the Conference was ‘Journey towards Economic Prosperity through the Path of Fiscal Consolidation’ and was attended by Secretary, Department of Expenditure, Ministry of Finance, Government of India; the Finance Secretaries of 28 States and two Union Territories; and other officials from the Ministry of Finance, Government of India; Controller General of Accounts and the Comptroller and Auditor General of India. Governor, Reserve Bank of India inaugurated the Conference.

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Friday, September 19, 2025, as under:

The Reserve Bank of India (RBl) has imposed, by an order dated September 15, 2025, a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on The Jalgaon District Central Co-operative Bank Ltd., Maharashtra (the bank) for contravention of provisions of Section 20 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)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the BR Act.

The Reserve Bank of India (RBl) has imposed, by an order dated September 15, 2025, a monetary penalty of ₹4.50 lakh (Rupees Four Lakh Fifty Thousand only) on Chandrapur District Central Co-operative Bank Ltd., Maharashtra (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance

The Reserve Bank of India (RBl) has, by an order dated September 15, 2025, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on Yavatmal District Central Co-operative Bank Ltd.,

The Reserve Bank of India (RBI) has, by an order dated September 17, 2025, imposed a monetary penalty of ₹23,000/- (Rupees Twenty Three Thousand only) on The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad (the bank) for non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated September 17, 2025, imposed a monetary penalty of ₹3.75 lakh (Rupees Three lakh seventy five thousand only) on Bharat Co-operative Bank (Mumbai) Limited (the bank), for non-compliance with certain directions issued by RBI on ‘Reporting of Unusual Cyber Security Incidents’. This penalty has been imposed in exercise of powers conferred on RBI 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 has today released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) both, through Automatic Route and Approval Route, for the month of July 2025.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 19, 2025 (Friday). As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs) ALL SCHEDULED BANKS 06-Sep-2024 22-Aug-2025* 05-Sep-2025* 06-Sep-2024 22-Aug-2025* 05-Sep-2025* I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 298116.19 346928.84 322142.98 302401.77 354508.87 329710.26** b) Borrowings from banks 128865.30 100383.06 96816.68 129153.89 100411.43 96885.30 c) Other demand & time liabilities 23518.75 24498.34 28046.56 23846.90 25023.28 28547.67 II LIABILITIES TO OTHERS (A) a) Deposits (other than from banks) 21550315.52 23504534.61 23669753.44 22002066.95 23999553.75 24165517.81 i) Demand 2457243.56 2889394.78 2892106.55 2505648.23 2939197.45 2943330.22 ii) Time 19093071.95 20615139.83 20777646.89 19496418.71 21060356.30 21222187.60 b) Borrowings @ 843672.46 862408.87 816469.05 847826.98 866787.67 820798.87 c) Other demand & time liabilities 1052347.33 1033325.08 1115663.05 1066192.83 1047572.60 1131645.50 III BORROWINGS FROM R.B.I. (B) 7740.00 1818.00 3936.00 7740.00 1818.00 3936.00

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 45,783 Amount allotted (in ₹ crore) 25,006

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Thursday, September 18, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 25,000 1 10:15 AM to 10:45 AM September 19, 2025 (Friday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,62,665.77 5.45 3.00-6.55 I. Call Money 22,370.32 5.47 4.75-5.65 II. Triparty Repo 4,37,538.75 5.44 5.20-5.75 III. Market Repo 1,99,471.15 5.45 3.00-5.75 IV. Repo in Corporate Bond 3,285.55 5.66 5.55-6.55 B. Term Segment I. Notice Money** 349.30 5.36 5.00-5.45

The Reserve Bank has today released data on Reserve Money for the week ended September 12, 2025 and Money Supply for the fortnight ended September 05, 2025.

In continuation of the Framework for Formulation of Regulations , the Reserve Bank of India has decided to strengthen the institutional mechanism for review of regulations and has constituted a Regulatory Review Cell (RRC). 2. The mandate of the RRC is to ensure that all the regulations issued by the Bank are subject to a comprehensive and systematic internal review every 5 to 7 years. The RRC shall be set up in the Department of Regulation effect from October 1, 2025 and would undertake the review of regulations in a phased manner.

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 10,000 6,000 5,000 II. Competitive Bids Received (i) Number 133 69 93 (ii) Amount 29,662.850 20,776.150 20,900.700

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified ₹10,000 Crore ₹6,000 Crore ₹5,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6479 (YTM:5.4976%) 97.2814 (YTM: 5.6045%) 94.6795 (YTM: 5.6349%) IV. Total Face Value Accepted ₹10,000 Crore ₹6,000 Crore ₹5,000 Crore

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,70,225.22 5.39 3.00-6.50 I. Call Money 20,599.74 5.43 4.75-5.50 II. Triparty Repo 4,50,372.45 5.37 5.24-5.45 III. Market Repo 1,95,710.63 5.41 3.00-6.00 IV. Repo in Corporate Bond 3,542.40 5.64 5.55-6.50 B. Term Segment I. Notice Money** 253.45 5.34 4.90-5.45

In terms of GOI notification F.No. 4(7)-B(W&M)/2019 dated May 30, 2019 (SGB 2019-20 Series-IV-Issue date September 17, 2019) 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 on September 17, 2025.

The result of the auction of State Government Securities held on September 16, 2025, is as under: (Amount in ₹ Crore) ASSAM SGS 2045 GOA SGS 2035 HARYANA SGS 2039 HARYANA SGS 2042 Notified Amount 1500 100 1000 1000

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Assam 1500 1500 7.47 20 2. Goa 100 100 7.39 10 3. Haryana 1000 1000 7.43 14 1000 1000 7.45 17 4. Jammu and Kashmir 400 400 7.47 15 5. Jharkhand 1000 1000 7.33 09 1000 1000 7.44 16 6. Maharashtra 1000 1000 100.04/6.7278 Re-issue of 6.74% Maharashtra SGS 2029, issued on September 10, 2025

Tenor 3-day Notified Amount (in ₹ crore) 75,000 Total amount of bids received (in ₹ crore) 585 Amount allotted (in ₹ crore) 585 Cut off Rate (%) 5.51 Weighted Average Rate (%) 5.51 Partial Allotment Percentage of bids 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) 6,18,104.95 5.34 2.00-5.75 I. Call Money 20,167.60 5.44 4.75-5.55 II. Triparty Repo 3,92,079.40 5.32 5.10-5.39 III. Market Repo 2,02,330.45 5.38 2.00-5.65 IV. Repo in Corporate Bond 3,527.50 5.51 5.50-5.75 B. Term Segment I. Notice Money** 412.05 5.36 5.00-5.50 II. Term Money@@ 1,269.00 - 5.50-5.85

Reserve Bank of India (RBI) has today issued Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025. RBI had issued draft directions on regulation of Payment Aggregators on April 16, 2024, for stakeholder comments. The draft directions proposed a framework for regulation of Payment Aggregators (PAs) that handle proximity / face-to-face payments. It also proposed certain changes to the extant directions to PAs. As part of the stakeholder consultation exercise, inputs were received from PAs, banks, other payment system providers, industry associations, law firms, individuals, etc. The inputs received were examined and suitably incorporated in the Directions.

Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹36,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 5.91% GS 2028 Jun 30, 2028 6,000 F.No.4(1)-B(W&M)/2025 dated September 15, 2025 September 19, 2025 (Friday) September 22, 2025 (Monday) 2 6.33% GS 2035 May 05, 2035 30,000 Total 36,000

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Tuesday, September 16, 2025, as under:

A. Source Security 7.33% GS 2026 5.74% GS 2026 8.15% GS 2026 7.17% GS 2028 B. Notified Amount (in ₹ crore) 3,000 2,000 4,000 4,000 Destination Security 6.19% GS 2034 6.57% GS 2033 6.57% GS 2033 8.33% GS 2036 C. i. No. of offers received 10 9 14 40 ii. Total amount of Source Security offered (Face value, in ₹ crore) 1,699.000 2,163.311 5,403.451 13,805.000

(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    -    -

(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 - -

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,16,872.15 5.37 4.43-6.45 I. Call Money 19,411.00 5.43 4.75-5.50 II. Triparty Repo 4,00,317.15 5.35 5.25-5.49 III. Market Repo 1,94,710.95 5.39 4.43-5.65 IV. Repo in Corporate Bond 2,433.05 5.59 5.50-6.45

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹18,400 Crore (Face Value). Sr. No. State/ UT Amount to be raised (₹ Crore) Tenor (Year) Type of Auction 1. Assam 1500 20 Yield 2. Goa 100 10 Yield 3. Haryana 1000 14 Yield

The Reserve Bank of India (RBI) has, by an order dated September 10, 2025, imposed a monetary penalty of ₹21 lakh (Rupees Twenty One Lakh only) on PhonePe Limited (formerly known as PhonePe Private Limited) (the company) for non-compliance with certain directions issued by RBI on ‘Prepaid Payment lnstruments (PPIs)’. This penalty has been imposed

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No. Treasury Bill Notified Amount (₹ crore) Auction Date Settlement Date 1 91-Day 10,000 September 17, 2025 (Wednesday) September 18, 2025 (Thursday) 2 182-Day 6,000 3 364-Day 5,000 Total 21,000

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2024 2025 Variation Sep. 06 Aug. 29 Sep. 05 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government - 0 0 0 0 4.2 State Governments 35426 19623 44070 24447 8644 * Data are provisional; difference, if any, is due to rounding off.

The Certificate of Registration issued to the following Non-Banking Financial Companies (NBFC) has been restored after considering the orders passed by the Appellate Authority/Courts. The NBFCs are advised to adhere to the applicable provisions of the RBI Act, 1934, and guidelines/directions issued by the RBI including reporting requirements.

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

The following nine Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

Auction Results 6.01% GS 2030 7.24% GS 2055 I. Notified Amount 15,000 13,000 II. Competitive Bids Received (i) Number 232 330 (ii) Amount 41,028.600 54,217.273

6.01% GS 2030 7.24% GS 2055 I. Notified Amount ₹15,000 crore ₹13,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 98.84/6.2889% 100.04/7.2360% III. Amount accepted in the auction ₹15,000 crore ₹13,000 crore IV. Devolvement on Primary Dealers NIL NIL

Tenor 3-day Notified Amount (in ₹ crore) 1,50,000 Total amount of offers received (in ₹ crore) 1,50,804 Amount accepted (in ₹ crore) 1,50,015 Cut off Rate (%) 5.49

In the underwriting auction conducted on September 12, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,42,613.69 5.31 4.75-6.43 I. Call Money 21,901.38 5.35 4.75-5.40 II. Triparty Repo 4,27,106.90 5.30 5.12-5.37 III. Market Repo 1,91,331.86 5.34 5.00-6.00 IV. Repo in Corporate Bond 2,273.55 5.54 5.45-6.43 B. Term Segment I. Notice Money** 259.34 5.24 5.00-5.40 II. Term Money@@ 490.00 - 5.40-5.90 III. Triparty Repo 887.75 5.34 5.00-5.45 IV. Market Repo 1,724.59 5.57 5.40-5.70

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, September 12, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,50,000 3 9:30 AM to 10:00 AM September 15, 2025 (Monday)

The Reserve Bank of India (RBI) has, by an order dated September 08, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Sikkim State Co-operative Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI 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 (RBl) has, by an order dated September 08, 2025, imposed a monetary penalty of ₹3 lakh (Rupees Three Lakh only) on Progressive Mercantile Co-operative Bank Limited, Dist. Ahmedabad, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Inspection & Audit Systems in Primary (Urban) Co- operative Banks’, ‘Know Your Customer’ and ‘Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 12, 2025 (Friday).

The Reserve Bank of India, vide directive CO.DOS.SED.No.S8240/12-22-493/2022-2023 dated March 09, 2023, had placed Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra under Directions from the close of business on March 10, 2023, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to close of business on September 10, 2025.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,40,321.17 5.30 4.75-6.30 I. Call Money 17,269.96 5.34 4.75-5.40 II. Triparty Repo 4,24,339.35 5.29 5.10-5.45 III. Market Repo 1,94,849.31 5.31 5.00-5.70 IV. Repo in Corporate Bond 3,862.55 5.56 5.39-6.30

In terms of GOI notification F. No. 4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series-X -Issue date March 11, 2020) 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 on September 11, 2025.

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹30,000 crore (face value). The security-wise details of the conversion/switch are given as under: