Data on sectoral deployment of bank credit for the month of January 2024[1] collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

On a year-on-year (y-o-y) basis, non-food bank credit[2] registered a growth of 16.2 per cent in January 2024[3] as compared with 16.7 per cent a year ago. 

The Reserve Bank of India (RBI) has, by an order dated February 23, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Noble Co-operative Bank Limited, Noida, Uttar Pradesh (the bank) for non-compliance with the specific directions issued by RBI under the Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers conferred on RBI under 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 February 23, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Adarsh Mahila Co-operative Bank Limited, Muzaffarnagar, Uttar Pradesh (the bank) for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’ and specific directions issued by RBI under the Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 43,210 Amount allotted (in ₹ crore) 25,002 Cut off Rate (%) 6.64 Weighted Average Rate (%) 6.66 Partial Allotment Percentage of bids received at cut off rate (%) 43.71  Ajit Prasad Director (Communications) Press Release: 2023-2024/1965

The Reserve Bank of India issued Directions to Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. NGP.DoS.SSM 3.No.S675/15.03.302/2023-2024 dated August 28, 2023, for a period of six months up to the close of business on February 29, 2024.

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo auction (VRR) on February 29, 2024, Thursday, as under:

The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S850/10-03-030/2022-2023 dated March 02, 2023 had placed Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) under Directions from the close of business on March 03, 2023 for a period of six months. The validity of the directions was extended up to close of business on March 03, 2024. 

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@  Volume  (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 503,745.90 6.38 5.00-6.75 I. Call Money 10,572.21 6.43 5.00-6.65 II. Triparty Repo  331,263.55 6.37 6.25-6.70 III. Market Repo 161,155.14 6.40 5.90-6.70

In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on February 08, 2023, the Reserve Bank of India has today placed on its website the Draft guidelines on Disclosure framework on Climate-related Financial Risks, 2024[SFG1] .

The Reserve Bank of India (RBI), vide order dated February 27, 2024, has cancelled the licence of “Sumerpur Mercantile Urban Cooperative Bank Limited, Sumerpur, Pali, Rajasthan.” Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 28, 2024. The Registrar of Cooperative Societies, Rajasthan has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.