Today, the Reserve Bank released the January 2024 issue of its monthly Bulletin. The Bulletin includes seven speeches, six articles, current statistics. Financial Stability Report December 2023 and Report on Trend and Progress of Banking 2022-23 are supplements to the January 2024 Bulletin.

The Reserve Bank has launched the 105th round of the quarterly Industrial Outlook Survey (IOS) of the Indian manufacturing sector for the reference period January-March 2024. The survey assesses business sentiment for the current quarter (Q4:2023-24) and expectations for the ensuing quarter (Q1:2024-25), based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment conditions and the price situation. The outlook on key parameters for the two subsequent quarters (Q2:2024-25 and Q3:2024-25) are also covered.

The Reserve Bank has launched the 40th round of the quarterly Services and Infrastructure Outlook Survey (SIOS) for the reference period January-March 2024. The survey assesses the business situation for the current quarter (Q4:2023-24) from selected companies in the services and infrastructure sectors in India and their expectations for the ensuing quarter (Q1:2024-25) based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment conditions and the price situation. The outlook on key parameters for the two subsequent quarters (Q2:2024-25 and Q3:2024-25) are also covered.

Government of India has announced the sale (issue/re-issue) of Government Securities, as detailed below, through auctions to be held on January 19, 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) 525,707.74 6.77 5.00-7.90 I. Call Money 12,730.79 6.76 5.00-6.85 II. Triparty Repo    369,261.85 6.76 6.75-6.80 III. Market Repo 143,660.10 6.80 5.00-6.95 IV. Repo in Corporate Bond    55.00 7.55 7.25-7.90

The Reserve Bank has today released data on Reserve Money for the week ended January 12, 2024. Ajit Prasad Director (Communications) Press Release: 2023-2024/1690

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹8000 Crore ₹10000 Crore ₹9000 Crore II. Competitive Bids Received    (i) Number 71 144 151 (ii) Amount ₹17692.857 Crore ₹22271.412 Crore ₹25904.200 Crore III. Cut-off price / Yield 98.2920 96.5482 93.3407 (YTM: 6.9698%) (YTM: 7.1701%) (YTM: 7.1540%) IV. Competitive Bids Accepted    (i) Number 46 98 67 (ii) Amount ₹7952.262 Crore ₹9968.982 Crore ₹8934.647 Crore

I. T-Bill 91 days182 days 364 days II. Total Face Value Notified ₹8,000 Crore ₹10,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price ₹98.2920 (YTM: 6.9698%)

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 530,981.62 6.77 5.00-7.00 I. Call Money 12,850.53    6.76 5.00-6.85 II. Triparty Repo 375,180.30 6.76 6.66-6.77 III. Market Repo 142,765.08 6.79 5.42-6.90 IV. Repo in Corporate Bond 185.71 6.95 6.90-7.00

The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018, had placed The City Co-operative Bank Ltd, Mumbai under Directions from the close of business on April 17, 2018. The validity of the directions was extended from time-to-time, the last being up to close of business on January 16, 2024.

The Reserve Bank of India today placed on its website the Report of the Working Group on State Government Guarantees.   During the 32nd Conference of the State Finance Secretaries held on July 07, 2022, it was decided to constitute a Working Group comprising members drawn from the Ministry of Finance, Government of India; Comptroller and Auditor General of India; and some State Governments.

The result of the auction of State Government Securities held on January 16, 2024 is as under:

Sr. No. State Amount to be raised (₹ Cr) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 ; Andhra Pradesh 450 450 7.64 7 1000 1000 7.67 14 1000 1000 7.60 20 2 Assam 750 750 7.68 7 3 Bihar 2000 2000 7.73

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 522,630.80 6.76 0.01-7.25 I. Call Money 11,226.35    6.78 5.00-6.86 II. Triparty Repo 369,144.50 6.75    6.71-6.80 III. Market Repo 142,229.95 6.78 0.01-6.95 IV. Repo in Corporate Bond    30.00 7.25 7.25-7.25

In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on October 06, 2023, the Reserve Bank has today placed on its website, a ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for Regulated Entities’.  The draft omnibus framework contains broad parameters applicable to any Self-Regulatory Organisation (SRO) viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition to the SRO.

The Reserve Bank of India today released the draft circular on ‘Review of regulatory framework for HFCs and harmonisation of regulations applicable to HFCs and NBFCs’. Comments on the draft circular are invited from NBFCs (including HFCs) and other stakeholders by February 29, 2024. 

Government of India (GOI) has announced the sale (issue/re-issue) of four dated securities for a notified amount of ₹35,000 crore as per the following details:

A. Source Security 8.40% GS 2024 8.40% GS 2024 GOI FRB, 2024 GOI FRB, 2024 GOI FRB, 2024 GOI FRB, 2024 B. Notified Amount (amount in ₹ cr) 1,000 1,000 3,000 1,000 2,000 1,000 Destination Security 8.97% GS 2030 6.76% GS 2061 8.32% GS 2032 7.73% GS 2034 8.33% GS 2036 8.17% GS 2044 C. i. No. of offers received 4 0 6 5 5 5 ii. Total amount of Source Security offered (Face value in ₹ cr) 1,695.750 0.000 4,800.000 1,485.000 695.000 840.000 iii. No of offers accepted 2 0 4 5 5 5 iv. Total amount of source security accepted (Face value in ₹ cr) 1,000.000 0 3,000.000 1,000.000 695.000 840.000 v. Total amount of destination security issued (Face value in ₹ cr) 917.193 0 2,799.633 965.324 641.069 772.508 vi. Cut-off price (₹) / yield (%) for destination security 109.72/7.1551 NA 107.09/7.1939 103.50/7.2593 108.32/7.2969 108.52/7.3633 

FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector.

(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  -  -  IV. Repo in Corporate Bond   0.00  -  -  B.  Term Segment I. Notice Money**     0.00  -  -  II. Term Money@@  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)  5,17,222.87  6.73  0.01-7.25  I. Call Money 11,190.51 6.78  5.00-6.85 II. Triparty Repo 3,69,718.70 6.72 6.25-6.77 III. Market Repo 1,36,283.66  6.75  0.01-6.87 IV. Repo in Corporate Bond 30.00 7.25 7.25-7.25

The Central Government has re-appointed Dr. Michael Debabrata Patra as Deputy Governor, Reserve Bank of India for a further period of one year with effect from January 15, 2024, or until further orders, whichever is earlier.

The Reserve Bank of India (RBI), vide order dated January 12, 2024, has cancelled the license of “Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024. Registrar of Cooperative Societies, Gujarat has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank of India (RBI), vide order dated January 12, 2024, has cancelled the licence of “The Hiriyur Urban Co-operative Bank Ltd., Hiriyur”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024. The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank of India (RBI) has, by an order dated January 03, 2024 imposed a monetary penalty of ₹1 crore (Rupees One Crore only) on Punjab and Sind Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 08, 2024, imposed a monetary penalty of ₹120.47 lakh (Rupees One crore twenty lakh and forty-seven thousand only) on Dhanlaxmi Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of lndia (Interest Rate on Deposits) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 05, 2024 imposed a monetary penalty of ₹29.55 Lakh (Rupees Twenty Nine Lakh and Fifty Five Thousand only) on ESAF Small Finance Bank Limited (the bank) for non-compliance with the directions issued by RBI on ‘Customer Service in Banks’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 02, 2024, imposed a monetary penalty of ₹6.00 Lakh (Rupees Six Lakh only) on Sakthi Finance Limited, Coimbatore, Tamil Nadu (the company) for non-compliance with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹19,200 Crore (Face Value). Sr. No. State Amount to be raised (₹ Cr) Additional Borrowing (Greenshoe) Option (₹ Cr) Tenure (Year) Type of Auction 1 Andhra Pradesh 450 - 7 Yield 1000 - 14 Yield 1000 - 20 Yield 2 Assam 750 - 7 Yield

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

1. Reserve Bank of India - Liabilities and Assets*  (₹ Crore)  Item  2023  2024  Variation  Jan. 6  Dec. 29  Jan. 5  Week  Year  1  2  3  4  5  4 Loans and Advances 4.1 Central Government  0  0  0  0  0  4.2 State Governments  17380  2579  21139  18560  3759  * Data are provisional; difference, if any, is due to rounding off.

Auction Results 7.37% GS 2028 7.18% GS 2033 7.30% GS 2053 I. Notified Amount ₹7000 Crore ₹16000 Crore ₹10000 Crore II. Underwriting Notified Amount ₹7000 Crore ₹16000 Crore ₹10000 Crore III. Competitive Bids Received    (i) Number 96 192 367 (ii) Amount ₹16158 Crore ₹33079.010 Crore ₹34739.750 Crore IV. Cut-off price / Yield 101.21 100.01 98.69 (YTM: 7.0629%) (YTM: 7.1773%) (YTM: 7.4093%) V. Competitive Bids Accepted    (i) Number 48 109 123

Government Stock - Auction Results: Cut-off 7.37% GS 2028  7.18% GS 2033  7.30% GS 2053  I.  Notified Amount  ₹7,000 crore  ₹16,000 crore  ₹10,000 crore  II.  Cut off Price / Implicit Yield at cut-off  101.21/ 7.0629%  100.01/ 7.1773%  98.69/ 7.4093%  III.  Amount accepted in the auction  ₹7,000 crore  ₹16,000 crore  ₹10,000 crore  IV.  Devolvement on Primary Dealers  NIL  NIL  NIL Ajit Prasad Director (Communications) Press Release: 2023-2024/1662

Tenor 13-day Notified Amount (in ₹ crore) 1,75,000 Total amount of bids received (in ₹ crore) 3,92,484 Amount allotted (in ₹ crore) 1,75,010 Cut off Rate (%) 6.71 Weighted Average Rate (%) 6.72 Partial Allotment Percentage of bids received at cut off rate (%) 65.40 Ajit Prasad Director (Communications) Press Release: 2023-2024/1661

In the underwriting auctions conducted on January 12, 2024 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)
507,301.37 6.77 0.01-7.90 I. Call Money 12,299.45 6.76 5.00-6.90 II. Triparty Repo 

The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the Approval Route, for the month of December 2023. Ajit Prasad Director (Communications)  Press Release: 2023-2024/1658

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo auction on January 12, 2024, Friday, as under:

The Reserve Bank on Jan 10, 2024 held a Conference in Mumbai for the Heads of Assurance Functions (i.e., Chief Compliance Officers, Chief Risk Officers and Heads of Internal Audit) of all Scheduled Commercial Banks (SCBs). The theme of the Conference was ‘Resilient Financial System – Role of Effective Assurance Functions’. This is part of the series of supervisory engagements kicked-off by the Governor in May 2023 with the Conference for the Directors of Public and Private Sector Banks on the theme of ‘Governance in Banks – Driving Sustainable Growth and Stability’. Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J. addressed the participants. Executive Directors representing the RBI’s Department of Supervision, Department of Regulation and Enforcement Department, and other senior officials, also participated in the Conference.

The following 5 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.

(Amount in ₹ crore)  SCHEDULED COMMERCIAL BANKS (Including RRBs, SFBs and PBs) ALL SCHEDULED BANKS 16-Dec-22 01-Dec-2023* 15-Dec-2023* 16-Dec-22 01-Dec-2023* 15-Dec-2023* I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 201266.75 249012.9 276840.69 203686.16 252853.53 280287.70 **  b) Borrowings from banks 59956.92 200300.52 192669.22 60125.92 200371.37 192698.11  c) Other demand & time liabilities 54667.28 71526.84 70471.57 55264.53 72234.31 71176.89 II LIABILITIES TO OTHERS (A) a) Deposits (other than from banks) 17354379.08 19886495.7 (1,97,60,403.24) 19791556.74 (1,96,67,586.27) 17775361.5 20320773.77 (2,01,94,681.31) 20228915.17

The facility of deposit / exchange of ₹ 2000 banknotes at Mumbai Regional Office will not be available on Friday, January 12, 2024, due to operational reasons. The facility will resume on Monday, January 15, 2024, which is the next working day. 

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on January 12, 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) 494,509.05 6.77 5.00-8.60 I. Call Money 10,485.10 6.75 5.00-6.85 II. Triparty Repo 348,971.10 6.76 6.75-6.80 III. Market Repo 134,902.85 6.80 5.11-6.89 IV. Repo in Corporate Bond 150.00 7.64 7.20-8.60

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹18,000 crore (face value). The security-wise details of the conversion/switch are given as under: Date of Auction  Source Securities Amount (FV) of Source Securities (In ₹ crore) Destination Securities January 15, 2024 (Monday) 8.40% GS 2024 (Maturing on July 28, 2024) 1,000 8.97% GS 2030 (Maturing on Dec 05, 2030) 8.40% GS 2024 (Maturing on July 28, 2024) 1,000 6.76% GS 2061

The Reserve Bank has today released data on Reserve Money for the week ended January 05, 2024 and Money Supply for the fortnight ended December 29, 2023. Ajit Prasad Director (Communications) 

The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period December 18 – December 22, 2023.

The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period December 11 – December 15, 2023. All Figures are in USD Millions Position Date MERCHANT INTER BANK FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Cancel Spot Forward Forward Cancel

The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period December 4 – December 8, 2023. All Figures are in USD Millions Position Date MERCHANT INTER BANK FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Cancel Spot Forward Forward Cancel Spot Swap Forward  Spot Swap Forward Purchase 4-12-2023 3,825 778 541 245 550 520 12,521 12,418 836 5,749 2,132 175

The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period November 28 – December 1, 2023.

Auction Results  91 Days  182 Days  364 Days  I.  Notified Amount  ₹8000 Crore  ₹10000 Crore  ₹9000 Crore  II.  Competitive Bids Received     (i)  Number  110  158  118  (ii) Amount  ₹ 26799.925 Crore  ₹ 24873 Crore  ₹ 20554.400 Crore  III.  Cut-off price / Yield  98.3022  96.5552  93.3454  (YTM:6.9275%)  (YTM:7.155%)  (YTM:7.1486%)  IV.  Competitive Bids Accepted     (i)  Number  29  80  83  (ii) Amount  ₹ 7939.927 Crore  ₹ 9953.779 Crore  ₹ 8972.005 Crore

I. T-Bill 91 days 182 days 364 days II.Total Face Value Notified ₹8,000 Crore ₹10,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.3022 (YTM: 6.9275%) 96.5552 (YTM: 7.1550%) 93.3454 (YTM: 7.1486%)

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate  Range  A.  Overnight Segment (I+II+III+IV)  503,274.10  6.77  1.00-7.90  I. Call Money 10,094.45 6.74 5.00-6.85  II. Triparty Repo 355,159.35 6.76 6.75-6.78 III. Market Repo 137,910.30  6.79  1.00-7.40  IV. Repo in Corporate Bond 110.00 7.72 7.25-7.90 B. Term Segment I. Notice Money** 81.70  6.66  6.40-6.80

The Reserve Bank of India today placed on its website an update on “Measuring Productivity at the Industry Level-The India KLEMS [capital (K), Labour (L), Energy (E), Material (M) and services (S)] Database” comprising the Data Manual 2023 along with time-series data on productivity for 27 industries covering the period 1980-81 to 2021-22.

The result of the auction of State Government Securities held on January 09, 2024 is as under:

Sr. No. State / UT Amount to be raised (₹ Cr) Amount Accepted (₹ Crore Cut off Yield (%) Tenure (Year) 1 Assam 500 500 7.53 5 500 500 7.78 10 2 Gujarat  1000 1000 7.64 7 1000 1000 7.66 8 3 Haryana 2000 2000 7.77 12 4 Jammu and Kashmir

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 508,645.80 6.77 5.00-7.90 I. Call Money    12,587.73 6.77 5.00-6.90 II. Triparty Repo 353,721.45 6.76 6.74-7.05 III. Market Repo 142,076.62 6.79 5.11-6.90 IV. Repo in Corporate Bond 260.00 7.38 7.10-7.90 B. Term Segment I. Notice Money** 191.65 6.61

Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹33,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (Rs. crore) GoI specific Notification Auction Date Settlement Date 1 7.37% GS 2028 Oct 23, 2028 7,000 F.No.4(3)-B(W&M)/2023 dated January 08, 2024 January 12, 2024 (Friday)

During the quarter ended December 31, 2023, the Reserve Bank of India has received one application under the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 05, 2019 from Fino Payments Bank Limited.

The Reserve Bank of India (RBI) has, by an order dated December 19, 2023, imposed a monetary penalty of ₹25,000/- (Rupees Twenty Five thousand only) on The Subramanianagar Co-operative Urban Bank Ltd., Salem, Tamil Nadu (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - UCBs’ read with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’. 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 (AACS).

The Reserve Bank of India (RBI) has, by an order dated December 19, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Stambhadri Co-operative Urban Bank Ltd., Khammam, Telangana (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - UCBs’ read with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’. 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 (RBI) has, by an order dated December 14, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Halol Urban Co-operative Bank Ltd., Panchmahal, 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’ read with ‘Loans and Advances to Directors etc. - Directors as surety/guarantors – Clarification’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘(Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 (RBI) has, by an order dated December 13, 2023, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd., Mehsana, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and contravention of provisions of Section 26A(2) read with Section 56 of the Banking Regulation Act, 1949 (BR Act). 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated December 14, 2023 imposed a monetary penalty of ₹7.00 lakh (Rupees Seven lakh only) on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar, dist. Bharuch, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and contravention of ‘Section 26A (2) read with Section 56 of the Banking Regulation Act, 1949 (BR Act)’. 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 BR Act.

The Reserve Bank of India has launched the 64th round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS). The survey is for the reference period October - December 2023 (Q3:2023-24).

(Amount in ₹ Crore, Rate in Per cent)  MONEY MARKETS@   Volume  (One Leg)  Weighted Average Rate  Range  A.  Overnight Segment (I+II+III+IV)  12,524.51  6.72  5.50-6.80  I. Call Money       866.70  6.28  5.50-6.75  II. Triparty Repo   11,447.20  6.76  6.50-6.80  III. Market Repo     210.61  6.21  5.50-6.30  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  -  -

(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

The Reserve Bank of India, vide directive DEL.DOS.EXG_SSM No. S515/12-10- 013/2022-23 dated July 07, 2022, had placed Ramgarhia Co-operative Bank Ltd, New Delhi – under Directions from the close of business on July 08, 2022, for a period of six months up to January 08, 2023, the validity of which was last extended up to January 08, 2024 vide directive DOR.MON.D-75/12.28.115/2023-24 dated October 06, 2023.

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 10,212.10 6.53 5.50-7.85 I. Call Money 1,078.00 6.32 5.50-6.70 II. Triparty Repo 8,965.10 6.55 6.00-6.76 III. Market Repo 76.00 6.50 6.50-6.50 IV. Repo in Corporate Bond 93.00 7.75 7.10-7.85

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹19,330 Crore (Face Value). Sr. No. State / UT Amount to be raised (₹ Cr) Additional Borrowing (Greenshoe) Option (₹ Cr) Tenure (Year) Type of Auction 1 Assam 500 - 5 Yield 500 - 10 Yield

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2022 2023 Variation Dec. 30 Dec. 22 Dec. 29 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 4450 2294 2579 285 -1871 * Data are provisional; difference, if any, is due to rounding off.

Auction Results  7.32% GS 2030  7.18% GS 2037  7.25% GS 2063  I.  Notified Amount  ₹12000 Crore  ₹10000 Crore  ₹12000 Crore  II.  Underwriting Notified Amount  ₹12000 Crore  ₹10000 Crore  ₹12000 Crore  III.  Competitive Bids Received     (i)  Number  162  153  305  (ii) Amount  ₹ 26058 Crore  ₹ 21203.343 Crore  ₹ 35741.191 Crore  IV.  Cut-off price / Yield  100.66  98.51  97.12  (YTM: 7.1937%)  (YTM: 7.3550%)  (YTM: 7.4773%)  V.  Competitive Bids Accepted     (i)  Number  85  63  41  (ii) Amount  ₹ 11987.301 Crore  ₹ 9989.834 Crore  ₹ 11985.983 Crore

7.32% GS 2030 7.18% GS 2037 7.25% GS 2063 I. Notified Amount ₹12,000 crore ₹10,000 crore ₹12,000 crore II. Cut off Price / Implicit Yield at cut-off 100.66/7.1937% 98.51/7.3550% 97.12/7.4773% III. Amount accepted in the auction ₹12,000 crore ₹10,000 crore ₹12,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

Tenor  7-day  Notified Amount (in ₹ crore)  1,00,000  Total amount of bids received (in ₹ crore)  2,77,402  Amount allotted (in ₹ crore)  1,00,009  Cut off Rate (%)  6.68  Weighted Average Rate (%)  6.69  Partial Allotment Percentage of bids received at cut off rate (%)  36.68

In the underwriting auctions conducted on January 05, 2024 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)  524,827.33  6.70  5.00-7.85  I. Call Money 11,303.56  6.70  5.00-6.85  II. Triparty Repo 372,575.35  6.69  6.60-6.78  III. Market Repo 140,865.42  6.73  5.00-6.85  IV. Repo in Corporate Bond   83.00  7.74  7.15-7.85  B.  Term Segment I. Notice Money** 177.25  6.50  5.90-6.80

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 November 2023. Ajit Prasad  Director (Communications)  Press Release: 2023-2024/1617

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo auction on January 05, 2024, Friday as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 7 10:30 AM to 11:00 AM January 12, 2024  (Friday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022

The Reserve Bank of India (RBI) has, by an order dated December 07, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on The Co-operative Urban Bank Limited, Parlakhemundi (the bank) for non-compliance with the directions issued by RBI on ‘Membership of Credit Information Companies (CICs)’ and ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005 (CIC Act) and Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has, by an order dated December 13, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Limdi Urban Co-operative Bank Limited, Limdi, dist. Dahod, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 December 08, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on The Bhuj Commercial Co-operative Bank Limited, Dist. Kachchh, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Direction, 2016’ and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 December 07, 2023, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Sankheda Nagarik Sahakari Bank Limited, Sankheda, Dist. Chhotaudepur, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ read with RBI directions on ‘Loans and Advances to directors etc. - directors as surety/guarantors – Clarification’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. 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 December 13, 2023, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Shree Bharat Co-operative Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 nineteenth convocation ceremony of the Indira Gandhi Institute of Development Research (IGIDR) was held on January 4, 2024 at Mumbai.  Dr. P.K. Mishra, Principal Secretary to the Prime Minister was the Chief Guest, and also delivered the convocation address. Shri Shaktikanta Das, Governor, Reserve Bank of India and President, IGIDR presided over the programme.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on January 05, 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)    513,720.52 6.73 0.02-7.90 I. Call Money    9,841.22 6.75 5.00-6.85 II. Triparty Repo 357,937.30 6.71 6.25-6.75 III. Market Repo 145,889.00 6.77 0.02-6.89 IV. Repo in Corporate Bond 53.00 7.77 7.15-7.90

The Reserve Bank has today released data on Reserve Money for the week ended December 29, 2023. Ajit Prasad Director (Communications)

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹8000 Crore ₹10000 Crore ₹9000 Crore II. Competitive Bids Received (i)  Number 94 126 125 (ii) Amount

I. T-Bill 91 days 182 days 364 days II.bTotal Face Value Notified ₹8,000 Crore ₹10,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.2997 (YTM: 6.9378%) 96.5576 (YTM: 7.1498%) 93.3653 (YTM: 7.1257%)

(Amount in ₹ Crore, Rate in Per cent)  MONEY MARKETS@   Volume  (One Leg)  Weighted Average Rate  Range  A.  Overnight Segment (I+II+III+IV)  508,874.47  6.76  0.01-7.15  I. Call Money 10,747.27  6.77  5.00-6.90  II. Triparty Repo 357,797.45  6.74  6.30-6.77  III. Market Repo 140,316.75  6.80  0.01-6.95  IV. Repo in Corporate Bond   13.00  7.15  7.15-7.15  B.  Term Segment I. Notice Money** 251.70  6.66  5.85-6.90

The Reserve Bank of India today released the draft circular on “Declaration of dividend by banks and remittance of profits to Head Office by foreign bank branches in India”. Comments on the draft circular are invited from banks, market participants, and other stakeholders by January 31, 2024.

As part of the Reserve Bank’s engagement with Supervised Entities, a meeting with the Managing Director & Chief Executive Officers of all the Credit Information Companies (CICs) was held today (January 02, 2024). The meeting was chaired by Deputy Governor, RBI, Shri Swaminathan J and was attended by the Executive Directors and other senior officials of the Department of Supervision and Department of Regulation.

The result of the auction of State Government Securities held on January 02, 2024 is as under:(Amount in ₹Crore)ANDHRA PRADESH 2032ANDHRA PRADESH 2036ANDHRA PRADESH 2043BIHAR 2039

The Reserve Bank of India, vide directive CO.DOS.DSD.No.S2322/12-07-005/2022-23 dated July 07, 2022, had placed Sangli Sahakari Bank Limited, Mumbai, Maharashtra under Directions from the close of business on July 08, 2022, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to January 08, 2024.

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 Andhra Pradesh 1000 1000 7.74 8 1000 1000 7.74 12 1000 1000 7.70 19 2 Bihar 2000 2000 7.73 15 3 Gujarat 1000 1000 7.43 3 500 500 7.47 4 4 Karnataka 3000 3000 7.74 10 3000 3000 7.73 11 5 Punjab 1250 1250 7.78 13 1250 1250 7.79 14

(Amount in ₹ Crore, Rate in Per cent)  MONEY MARKETS@ Volume  (One Leg)  Weighted Average Rate  Range  A.  Overnight Segment (I+II+III+IV)  487,395.43  6.77  0.01-7.90  I. Call Money 10,181.26  6.78  5.50-6.90  II. Triparty Repo 340,462.80  6.76  6.65-6.80  III. Market Repo 136,726.37  6.79  0.01-6.98  IV. Repo in Corporate Bond   25.00  7.90  7.90-7.90  B. Term Segment I. Notice Money** 596.95  6.95  6.20-7.10  II. Term Money@@  866.00  -  6.55-7.05  III. Triparty Repo 1,258.00  6.71  6.70-6.75  IV. Market Repo 1,121.53  7.08  6.95-7.10

Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹34,000 crore as per the following details:

The value of exports and imports of services during November 2023 is given in the following table.