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(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume(One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)28,923.546.785.00-7.24 I. Call Money841.006.595.80-6.85 II. Triparty Repo27,261.006.785.00-7.24 III. Market Repo821.546.786.20-6.90
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume(One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)28,923.546.785.00-7.24 I. Call Money841.006.595.80-6.85 II. Triparty Repo27,261.006.785.00-7.24 III. Market Repo821.546.786.20-6.90
PDF (The 28th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to Micro, Small and Medium Enterprises (MSME) sector was held under the chairmanship of Shri Swaminathan J, Deputy Governor, Reserve Bank of India on September 29, 2023 in Lucknow. The meeting was attended by Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Government of India; Chairman, SIDBI, Executive Director, RBI, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi & Village Industries Commission, Indian Banks’ Association and MSME Associations.The Deputy Governor in his keynote address emphasised the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047. He stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of MSMEs. Deputy Governor highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator (AA) framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending. He also dwelt on the important role of Industry Associations in information dissemination and capacity building among MSMEs.
The 28th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to Micro, Small and Medium Enterprises (MSME) sector was held under the chairmanship of Shri Swaminathan J, Deputy Governor, Reserve Bank of India on September 29, 2023 in Lucknow. The meeting was attended by Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Government of India; Chairman, SIDBI, Executive Director, RBI, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi & Village Industries Commission, Indian Banks’ Association and MSME Associations.The Deputy Governor in his keynote address emphasised the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047. He stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of MSMEs. Deputy Governor highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator (AA) framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending. He also dwelt on the important role of Industry Associations in information dissemination and capacity building among MSMEs.
1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023 Variation Sep. 23Sep. 15Sep. 22 Week Year 12345 4 Loans and Advances 4.1 Central Government 00000 4.2 State Governments 65151693913480-34596965 * Data are provisional. 2. Foreign Exchange Reserves* ItemAs on September 22, 2023Variation over WeekEnd-March 2023 Year
1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023 Variation Sep. 23Sep. 15Sep. 22 Week Year 12345 4 Loans and Advances 4.1 Central Government 00000 4.2 State Governments 65151693913480-34596965 * Data are provisional. 2. Foreign Exchange Reserves* ItemAs on September 22, 2023Variation over WeekEnd-March 2023 Year
Today, the Reserve Bank of India (RBI), vide order dated September 28, 2023, has cancelled the licence of Lucknow Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 29, 2023. The Commissioner and Registrar of Cooperative, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949; The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
Today, the Reserve Bank of India (RBI), vide order dated September 28, 2023, has cancelled the licence of Lucknow Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 29, 2023. The Commissioner and Registrar of Cooperative, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949; The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
In the underwriting auctions conducted on September 28, 2023 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:(₹ crore) Nomenclature of the SecurityNotified AmountMinimum Underwriting Commitment (MUC) AmountAdditional Competitive Underwriting Amount AcceptedTotal Amount underwrittenACU Commission Cut-off rate (paise per ₹100) 6.99% GS 20268,0004,0113,9898,0000.63
In the underwriting auctions conducted on September 28, 2023 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:(₹ crore) Nomenclature of the SecurityNotified AmountMinimum Underwriting Commitment (MUC) AmountAdditional Competitive Underwriting Amount AcceptedTotal Amount underwrittenACU Commission Cut-off rate (paise per ₹100) 6.99% GS 20268,0004,0113,9898,0000.63
The Reserve Bank of India (RBI) has imposed, by an order dated September 22, 2023, a monetary penalty of ₹23 lakh (Rupees Twenty Three lakh only) on Saraswat Co-operative Bank Limited, Mumbai (the bank) for contravention of the provisions of Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and 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 vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act.
The Reserve Bank of India (RBI) has imposed, by an order dated September 22, 2023, a monetary penalty of ₹23 lakh (Rupees Twenty Three lakh only) on Saraswat Co-operative Bank Limited, Mumbai (the bank) for contravention of the provisions of Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and 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 vested in RBI under the provisions of Section 47 A (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 September 22, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Rajkot Nagarik Sahakari Bank Ltd., Rajkot (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.This action is based on deficiency 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 RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had failed to pay eligible interest at the time of repayment (i) on term deposits which matured on a Sunday / holiday / non-business working day, and paid on the succeeding working days, and (ii) on matured unpaid term deposits for the period they remained unclaimed with the bank. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the RBI directions, as stated therein.
The Reserve Bank of India (RBI) has, by an order dated September 22, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Rajkot Nagarik Sahakari Bank Ltd., Rajkot (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.This action is based on deficiency 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 RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had failed to pay eligible interest at the time of repayment (i) on term deposits which matured on a Sunday / holiday / non-business working day, and paid on the succeeding working days, and (ii) on matured unpaid term deposits for the period they remained unclaimed with the bank. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the RBI directions, as stated therein.
The Reserve Bank of India (RBI) has, by an order dated September 22, 2023, imposed a monetary penalty of ₹25 lakh (Rupees Twenty Five lakh only) on Bassein Catholic Co-operative Bank Ltd., Vasai, Maharashtra (the bank) for contravention of the provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
This action is based on deficiency 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 RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had granted multiple unsecured loans to one of its director / his proprietorship firm. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the BR Act and the RBI directions, as stated therein.
After considering the bank’s reply to the notice, its additional submissions and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of contravention of the statutory provisions and the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1015
The Reserve Bank of India (RBI) has, by an order dated September 22, 2023, imposed a monetary penalty of ₹25 lakh (Rupees Twenty Five lakh only) on Bassein Catholic Co-operative Bank Ltd., Vasai, Maharashtra (the bank) for contravention of the provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
This action is based on deficiency 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 RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had granted multiple unsecured loans to one of its director / his proprietorship firm. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the BR Act and the RBI directions, as stated therein.
After considering the bank’s reply to the notice, its additional submissions and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of contravention of the statutory provisions and the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1015
(Amount in ₹ crore, Rate in Per cent)MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)463,422.356.770.05-6.90 I. Call Money9,782.406.775.00-6.85 II. Triparty Repo320,314.856.776.75-6.79 III. Market Repo133,325.106.790.05-6.90 IV. Repo in Corporate Bond0.00-- B. Term Segment
(Amount in ₹ crore, Rate in Per cent)MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)463,422.356.770.05-6.90 I. Call Money9,782.406.775.00-6.85 II. Triparty Repo320,314.856.776.75-6.79 III. Market Repo133,325.106.790.05-6.90 IV. Repo in Corporate Bond0.00-- B. Term Segment
Today, the Reserve Bank released data relating to India’s International Investment Position for end-June 2023[1]. Key Features of India’s IIP in end-June 2023: Net claims of non-residents on India increased by US$ 12.1 billion during Q1:2023-24 and stood at US$ 379.7 billion as at end-June 2023.The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India (US$ 36.2 billion) when compared with Indian residents’ overseas financial assets (US$ 24.1 billion) (Table 1).Increase in reserve assets (US$ 16.6 billion) was the largest contributor to the rise in Indian residents’ foreign assets during April-June 2023, followed by direct investment, loans and trade credit.Inward portfolio investment (US$ 15.0 billion) and foreign direct investment (US$ 8.9 billion) together accounted for two thirds of the rise in foreign liabilities of Indian residents.Reserve assets accounted for 64.2 per cent of India’s international financial assets at end-June 2023 (Tables 1 and 2).
Today, the Reserve Bank released data relating to India’s International Investment Position for end-June 2023[1]. Key Features of India’s IIP in end-June 2023: Net claims of non-residents on India increased by US$ 12.1 billion during Q1:2023-24 and stood at US$ 379.7 billion as at end-June 2023.The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India (US$ 36.2 billion) when compared with Indian residents’ overseas financial assets (US$ 24.1 billion) (Table 1).Increase in reserve assets (US$ 16.6 billion) was the largest contributor to the rise in Indian residents’ foreign assets during April-June 2023, followed by direct investment, loans and trade credit.Inward portfolio investment (US$ 15.0 billion) and foreign direct investment (US$ 8.9 billion) together accounted for two thirds of the rise in foreign liabilities of Indian residents.Reserve assets accounted for 64.2 per cent of India’s international financial assets at end-June 2023 (Tables 1 and 2).
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Page Last Updated on: July 18, 2024
