Press Releases

The framework on countercyclical capital buffer (CCyB) was put in place by the Reserve Bank in terms of guidelines issued on February 5, 2015 wherein it was advised that CCyB would be activated as and when circumstances warranted, and that the decision would normally be pre-announced. The framework envisages credit-to-GDP gap as the main indicator, which may be used in conjunction with other supplementary indicators.

Today, the Reserve Bank released the April 2024 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement (April 3-5) 2024-2025, five speeches, six articles, and current statistics. The six articles are: I. State of the Economy; II. What Drives India's Services Exports?; III. Food and Fuel Prices: Second Round Effects on Headline Inflation in India; IV. India's Foreign Exchange Reserves in High Volatility Episodes – An Empirical Assessment; V. Gauging Linguistic Complexity of Regulatory Communication: A Case Study for India; and VI. Off-site Monitoring System for Surveys (OMOSYS): A Geographic Information System (GIS) Based Approach for Quality Assurance.

It is hereby informed that the Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Durga Co-operative Urban Bank Ltd., Vijayawada vide Directive No. HYD.DOS.INSP4.No.S241/15-36-070/2022-2023 dated July 28, 2022 for a period of six months up to January 29, 2023 as modified from time to time, which were last extended up to the close of business on April 29, 2024 vide Directive No. DOR.MON/D-117/12.24.020/2023-24 dated January 24, 2024.

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 Andhra Pradesh    1000    1000    7.50    08 1000 1000 7.49    16 1000 1000 7.48    20

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 578,249.63 6.57 1.00-7.25 I. Call Money 12,385.90 6.61 5.10-6.80 II. Triparty Repo 379,471.05 6.64 6.46-6.82 III. Market Repo 185,595.68 6.43 1.00-6.90 IV. Repo in Corporate Bond 797.00 6.83 6.75-7.25 B. Term Segment I. Notice Money** 403.15 6.65 6.20-6.70

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal) vide Directive No. CO.DOS.SED.No.S-2574/12-07-005/2022-23 dated July 21, 2022 for a period of six months up to January 22, 2023 as modified from time to time, which were last extended up to April 22, 2024 vide Directive No. DOR.MON.D-114/12.29.046/ 2023-24 dated January 15, 2024.

In terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series IV - Issue date October 23, 2017) and F.No. 4(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series II – Issue date October 23, 2018) 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 tranches shall be April 23, 2024.

Government of India (GOI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹32,000 crore as per the following details:

The Reserve Bank of India (RBI) has, by an order dated April 01, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions issued under ‘Supervisory Action Framework’ (SAF) for Primary (Urban) Co-operative Banks (UCBs)’. 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated April 01, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.