Press Releases

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 September 2023.

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/1105

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No. Treasury Bill Notified Amount (in ₹ Crore) Auction Date Settlement Date 1    91 Days    7,000    October 18, 2023
(Wednesday)    October 19, 2023
(Thursday)
2    182 Days    8,000
3    364 Days    9,000

Total    24,000    

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018 and Amendment Notification No.F-4(2)-W&M/2018 dated December 23, 2021, issued by Government of India, as amended from time to time. State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. Individual investors can also place bids as per the non-competitive scheme through Retail Direct portal (https://rbiretaildirect.org.in).

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 18, 2023, during the below given timings:

Category    Timing
Competitive bids    10:30 am - 11:30 am
Non-Competitive bids    10:30 am - 11:00 am
Results will be announced on the day of the auction.

Payment by successful bidders will have to be made on Thursday, October 19, 2023.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1108

7.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount ₹12,000 crore ₹10,000 crore ₹1 2,000 crore II.Cut off Price / Implicit Yield at cut-off98.85/7.3959%97.73/7.4444%96.36/7.5387%

III.Amount accepted in the auction₹12,000 crore₹10,000 crore₹12,000 crore

IV.Devolvement on Primary DealersNILNILNIL

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1103

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023Variation Oct. 7Sep. 29Oct. 6WeekYear 12345 4 Loans and Advances 4.1 Central Government00000 4.2 State Governments1083911606243031269713464 * Data are provisional.

2. Foreign Exchange Reserves*

ItemAs on October 6, 2023Variation over

WeekEnd-March 2023 Year

₹ Cr.US$ Mn.₹ Cr.US$ Mn.₹ Cr.US$ Mn.₹ Cr.US$ Mn.

12345678

1 Total Reserves4867956584742-14828-2166113691629248102051873

1.1 Foreign Currency Assets #4325067519529-3057-707135935983844342148033

1.2 Gold35220042306-11624-1425-19299-2894315003352

1.3 SDRs14921217923-31-15-1952-4694467342

1.4 Reserve Position in the IMF414774983-116-19-992-1831631147

* Difference, if any, is due to rounding off.
# Excludes (a) SDR holdings of the Reserve Bank, as they are included under the SDR holdings; (b) investment in bonds issued by IIFC (UK); and (c) amounts lent under the SAARC Currency swap arrangements.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹15,882 Crore (Face Value).

In the underwriting auctions conducted on October 13, 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:

The Reserve Bank of India, in exercise of powers conferred on it under Section 29A (6) of the National Housing Bank Act, 1987, has cancelled the CoR of following company.

Sr. No.Name of the CompanyRegistered Office AddressCoR No.CoR Issued OnCancellation Order Date

1Ind Bank Housing Ltd3rd Floor, 480 Anna Salai, Nandanam, Chennai, Tamil Nadu – 60003501.0023.01August 16, 2001September 21, 2023

The Reserve Bank of India (RBI) has imposed, by an order dated September 15, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Jawhar Urban Co-operative Bank Limited, Palghar, Maharashtra (the bank) for non-compliance with the 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 47 A (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 orThe Reserve Bank of India (RBI) has, by an order dated October 10, 2023 imposed a monetary penalty of ₹5.39 Crore (Rupees Five Crore and Thirty Nine Lakh only) on Paytm Payments Bank Limited (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘RBI Guidelines for Licensing of Payments Banks’ read with ‘Enhancement of maximum balance at end of the day’, ‘Cyber security framework in banks’ read with ‘Guidelines on reporting of unusual cyber security incidents’ and ‘Securing mobile banking applications including UPI ecosystem’. 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 September 28, 2023, imposed a monetary penalty of ₹4.50 lakh (Rupees Four lakh Fifty thousand only) on The Kalyan Janata Sahakari Bank Limited, Kalyan, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rates on Deposits’ and ‘Maintenance of Deposit Accounts’. 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.

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 (i) opened Savings Bank (SB) accounts of ineligible institutions, and (ii) levied charges for non-maintenance of minimum balances in SB accounts without notifying the customers. 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.

After considering the bank’s reply to the notice, its additional submissions and the oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/1074

The Reserve Bank of India (RBI) has, by an order dated September 15, 2023, imposed a monetary penalty of ₹1.20 lakh (Rupees One lakh twenty thousand only) on Finquest Financial Solutions Private Limited, Mumbai (the company) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 2016’ and ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

The Reserve Bank had launched the second edition of its global hackathon - “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’ which was communicated vide Press Release dated February 14, 2023.

The Reserve Bank of India (RBI) has imposed, by an order dated September 15, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Jawhar Urban Co-operative Bank Limited, Palghar, Maharashtra (the bank) for non-compliance with the 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 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The following 14 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.

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. GWH.DOS.ADM.No.S163/01-10-101/2023-2024 dated October 12, 2023, has issued certain Directions to The Mahabhairab Co-operative Urban Bank Ltd., Tezpur, whereby, as from the close of business on October 12, 2023, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated October 12, 2023, a copy of which is displayed on the bank's website / premises for perusal by interested members of the public. Considering the bank's present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 13, 2023.

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:

(₹ crore)

SecurityNotified AmountMinimum Underwriting Commitment (MUC) amount per PDMinimum bidding commitment per PD under ACU auction

7.17% GS 203012,000286286

7.18% GS 203710,000239239

7.25% GS 206312,000286286

The underwriting auction will be conducted through multiple price-based method on October 13, 2023 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09.00 A.M. and 09.30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume
(One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV)531,877.746.720.01-7.85 I. Call Money9,622.206.715.00-6.85 II. Triparty Repo391,078.906.736.00-6.85 III. Market Repo131,031.646.670.01-6.87 IV. Repo in Corporate Bond145.007.676.80-7.85

B. Term Segment   

     I. Notice Money**175.506.696.00-6.80

     II. Term Money@@615.75-6.30-7.00

     III. Triparty Repo0.00--

     IV. Market Repo1,395.006.846.80-6.90

     V. Repo in Corporate Bond0.00--

RBI OPERATIONS@

 Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)

I. Today's Operations

1. Fixed Rate     

2. Variable Rate&     

  (I) Main Operation     

     (a) Repo     

     (b) Reverse Repo     

  (II) Fine Tuning Operations     

     (a) Repo     

     (b) Reverse Repo     

3. MSFMon, 09/10/20231Tue, 10/10/202330,749.006.75

4. SDFΔMon, 09/10/20231Tue, 10/10/202340,937.006.25

5. Net liquidity injected from today's operations [injection (+)/absorption (-)]*   -10,188.00

The Reserve Bank has today released data on Reserve Money for the week ended September 22, 2023. Ajit Prasad Director (Communications) Press Release: 2023-2024/1002

Auction Results 91 Days 182 Days 364 Days I.Notified Amount ₹10000 Crore ₹8000 Crore ₹6000 Crore II.Competitive Bids Received (i) Number 241173176 (ii) Amount ₹47506.755 Crore ₹21528.5 Crore ₹20035 Crore III.Cut-off price / Yield 98.321596.604393.4225 (YTM: 6.8474%)(YTM: 7.0494%)(YTM: 7.0599%) IV.Competitive Bids Accepted

I.T-Bill91 days182 days364 days II.Total Face Value Notified ₹7,000 Crore ₹8,000 Crore ₹9,000 Crore III.Cut-off Price and Implicit Yield at Cut-Off Price98.3125 (YTM: 6.8847%)96.5678 (YTM: 7.1279%)93.3485 (YTM: 7.1450%)

IV.Total Face Value Accepted₹7,000 Crore₹8,000 Crore₹9,000 Crore

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1085