(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)512,047.916.775.00-7.80 I. Call Money9,966.156.755.00-6.85 II. Triparty Repo367,646.706.766.75-6.84 III. Market Repo134,345.066.796.01-

It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the second half of the financial year 2023-24 (October 2023 to March 2024) will be ₹50,000 crore.The Reserve Bank of India may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit.

After reviewing the cash position of the Central Government, the Reserve Bank of India, in consultation with the Government of India, hereby, notifies the calendar for issuance of Treasury Bills for the quarter ending December 2023 as under: Notified Amount for Auction of Treasury Bills

Sr. No State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹) / Yield (%) Tenure (Year) 1 Bihar 200020007.528 2 Chhattisgarh 100010007.497 3 Goa1501507.4910 4 Gujarat150015007.458 5 Haryana5005007.4710

The Reserve Bank of India (RBI), vide order dated September 25, 2023, has cancelled the licence of Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 26, 2023. The Commissioner and Registrar of Cooperative, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)511,625.166.770.02-6.95 I. Call Money8,368.306.755.00-6.95 II. Triparty Repo355,691.556.766.75-6.79

(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   -   -

Today, the Reserve Bank of India 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 2022 along with time series on productivity for 27 industries covering the period 1980-81 to 2020-21.

The Reserve Bank of India (RBI) has, by an order dated September 21, 2023 imposed a monetary penalty of ₹1.62 crore (Rupees One Crore and Sixty Two Lakh only) on Indian Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India [Know Your Customer (KYC)] Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’. 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.

This action is based on the deficiencies 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 for Supervisory Evaluation (lSE 2021) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021, and the examination of the Risk Assessment Report/Inspection Report pertaining to ISE 2021, and all related correspondence in that regard revealed, inter alia, non-compliance with the aforesaid directions by the bank, to the extent it (1) sanctioned a term loan to a Corporation (i) in lieu of or to substitute budgetary resources envisaged for certain projects; (ii) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and (iii) the repayment / servicing of which was made out of budgetary resources, (2) allowed operations and not closed several accounts opened using OTP based e-KYC in non-face-to-face mode, even after expiry of one year without conducting customer due diligence procedure, and (3) opened several savings accounts in the names of customers not eligible to maintain savings deposit account. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions, as stated therein.

After considering the bank’s reply to the notice, and 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 on the bank.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/984

The Reserve Bank of India (RBI) has, by an order dated September 21, 2023, imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on Punjab & Sind Bank (the bank) for non-compliance with the provisions of sub-section (2) of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with directions issued by RBI on ‘The Depositor Education and Awareness Fund Scheme, 2014-Section 26A of Banking Regulation Act, 1949-Operational Guidelines'. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.This action is based on the deficiencies 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.

The Reserve Bank of India (RBI) has, by an order dated September 20, 2023, imposed a monetary penalty of ₹8.80 lakh (Rupees Eight Lakh Eighty Thousand only) on Fedbank Financial Services Limited (the company) for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs (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.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

Background

The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2022 and examination of the Risk Assessment Report, Inspection Report, Supervisory Letter and all related correspondence pertaining to the same revealed, inter alia, non-compliance with the aforesaid RBI directions to the extent it reported a fraud to RBI with delay. Consequently, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, as stated therein.

After considering the company’s reply to the notice and 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: 2023-2024/982

The Reserve Bank of India (RBI) has, by an order dated September 21, 2023, imposed a monetary penalty of ₹1.30 Crore (Rupees One Crore and Thirty Lakh only) on State Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.This action is based on the deficiencies 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.

Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹39,000 crore as per the following details: Sr No   Security   Date of Repayment   Notified Amount (₹ crore)   GoI specific Notification   Auction Date   Settlement Date 1   6.99% GS 2026   Apr 17, 2026   8,000   F.No.4(3)-B(W&M)/2023 dated September 25, 2023   September 29, 2023

Today, the Reserve Bank of India (RBI), vide order dated September 25, 2023, has cancelled the licence of “The Kapol Co-operative Bank Limited, Mumbai, Maharashtra.” Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 25, 2023. The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, Government of India 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:

1. 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.

2. 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;

3. The continuance of the bank is prejudicial to the interests of its depositors;

4. The bank with its present financial position would be unable to pay its present depositors in full; and

5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

2. Consequent to the cancellation of its licence, “The Kapol Co-operative Bank Limited, Mumbai, Maharashtra.” is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 96.09% of the depositors are entitled to receive full amount of their deposits from DICGC. As on July 24, 2023, DICGC has already paid ₹230.16 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/985

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai, Maharashtra with The Cosmos Co-operative Bank Limited, Pune, Maharashtra. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from September 26, 2023. The branches of The Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai (Maharashtra) will function as branches of The Cosmos Co-operative Bank Limited, Pune (Maharashtra) with effect from September 26, 2023.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/986

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. AMD.DOS.SSM.No.S1053/11-03-039/2023-2024 dated September 25, 2023, has issued certain Directions to Colour Merchants Co-operative Bank Ltd., Ahmedabad, whereby, as from the close of business on September 25, 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 September 25, 2023, a copy of which is displayed on the bank's website / premises for perusal by interested members of the public. In particular, a sum not exceeding ₹50,000 (Rupees Fifty thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions.

2. The eligible depositors would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) in the same capacity and in the same right, from the Deposit Insurance and Credit Guarantee Corporation, under the provisions of Section 18A of the DICGC Act (amendment) 2021, based on submission of willingness by the concerned depositors. The depositors may contact their bank officials for further information. Details may also be accessed on the DICGC website: www.dicgc.org.in.

3. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

4. These Directions shall remain in force for a period of six months from the close of business on September 25, 2023 and are subject to review.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/988

In the underwriting auctions conducted on September 22, 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)

7.06% GS 20288,0004,0113,9898,0000.15

7.18% GS 203314,0007,0146,98614,0000.15

7.30% GS 205311,0005,5025,49811,0000.17

Auction for the sale of securities will be held on September 22, 2023.

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/968

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 October 08, 2023.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directions for a further period of three months from close of business on October 08, 2023, to close of business on January 08, 2024 as per the Directive DOR.MON.D-74/12.22.225/2023-24 dated September 21, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated September 21, 2023, notifying the above extension is displayed at the bank’s premises for the perusal of the public.

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.

(Shweta Sharma)     
Deputy General Manager

Press Release: 2023-2024/976

MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)511,625.166.770.02-6.95 I. Call Money8,368.306.755.00-6.95 II. Triparty Repo355,691.556.766.75-6.79 III. Market Repo147,415.316.810.02-6.92 IV. Repo in Corporate Bond150.006.826.75-6.85 B. Term Segment

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2022 2023 Variation Sep. 16 Sep. 8 Sep. 15 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government   0 0 0 0 0 4.2 State Governments 6178 24915 16939 -7976 10761 * Data are provisional. 2. Foreign Exchange Reserves* Item As on September 15,2023 Variation over Week End-March 2023 Year ₹Cr.US$ Mn.  

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹27,000 Crore (Face Value). Sr. No.StateAmount to be raised (₹ Cr)Additional Borrowing (Greenshoe) Option (₹ Cr)Tenure (Year)Type of Auction 1Bihar2000-8Yield 2Chhattisgarh1000-7Yield

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  10,000 September 27, 2023 (Wednesday) September 29, 2023 (Friday) 2 182 Days 8,000 3 364 Days 6,000 Total 24,000 The sale will be subject to the terms and conditions specified in the General Notification

Auction Results7.06% GS 20287.18% GS 20337.30% GS 2053  I. Notified Amount ₹8000 Crore ₹14000 Crore ₹11000 Crore II.Underwriting Notified Amount₹8000 Crore₹14000 Crore₹11000 Crore III.Competitive Bids Received (i) Number110205169

7.06% GS 20287.18% GS 20337.30% GS 2053 I.Notified Amount ₹8,000 crore ₹14,000 crore ₹11,000 crore II.Cut off Price / Implicit Yield at cut -  off  99.54/7.1792%100.31/7.1342%99.55/7.3360% III. Amount accepted in the auction ₹8,000 crore ₹14,000 crore ₹11,000 crore IV.Devolvement on Primary Dealers

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/970

Tenor 14-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore)5,995 Amount accepted (in ₹ crore) 5,995 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rateNA Ajit Prasad Director (Communications) Press Release: 2023-2024/969

In terms of GOI notifications F.No.4(19) - W&M/2014 dated March 04, 2016 (SGB 2016, Series II - Issue date March 29, 2016) and F.No.4(7) - W&M/2016 dated August 29, 2016 (SGB 2016-17 Series II - Issue date September 30, 2016) on Sovereign Gold Bond (SGB) 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 September 29, 2023 and September 30, 2023, respectively.

2. Further, the redemption price of SGB shall be based on the simple average of closing gold price of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) preceding the date of redemption. Accordingly, the redemption price for the premature redemption due on September 29, 2023 and September 30, 2023 shall be ₹5921/- (Rupees Five Thousand Nine Hundred Twenty-one only) per unit of SGB based on the simple average of closing gold price for the week September 18-22, 2023.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/977

The Reserve Bank of India (RBI), vide order dated September 21, 2023, has cancelled the licence of Sri Mallikarjuna Pattana Sahakari Bank Niyamita, Maski, Karnataka. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22, 2023. The Registrar of Cooperative Societies, Bengaluru has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

RBI cancelled the licence of the bank as:

1. 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.

2. 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;

3. The continuance of the bank is prejudicial to the interests of its depositors;

4. The bank with its present financial position would be unable to pay its present depositors in full; and,

5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

2. Consequent to the cancellation of its licence, Sri Mallikarjuna Pattana Sahakari Bank Niyamita, Maski, Karnataka is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 99.50% of the depositors are entitled to receive full amount of their deposits from DICGC. As on May 31, 2023, DICGC has already paid ₹5.38 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

(Shweta Sharma)     
Deputy General Manager

Press Release: 2023-2024/974

The Reserve Bank of India (RBI), vide order dated September 21, 2023, has cancelled the licence of National Urban Co-operative Bank Limited, Bahraich (U.P). Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22, 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.

RBI cancelled the licence of the bank as:

1. 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.

2. 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;

3. The continuance of the bank is prejudicial to the interests of its depositors;

4. The bank with its present financial position would be unable to pay its present depositors in full; and,

5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

2. Consequent to the cancellation of its licence, National Urban Co-operative Bank Limited, Bahraich (U.P) is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 99.87% of the depositors are entitled to receive full amount of their deposits from DICGC.

(Shweta Sharma)     
Deputy General Manager

Press Release: 2023-2024/973

The Reserve Bank of India had issued a Discussion Paper (DP) on January 14, 2022 proposing revisions to the current norms for the classification, valuation, and operation of investment portfolios of commercial banks. After considering the feedback received on the DP, the Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023 has been issued today.

2. The revised Directions include principle-based classification of investment portfolio, tightening of regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, inclusion of non-SLR securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.

3. These Directions are expected to enhance the quality of banks' financial reporting, improve disclosures (disclosures of fair value of investments in HTM category, fair value hierarchy, sales out of HTM, etc.), provide a fillip to the corporate bond market, facilitate the use of derivatives for hedging, and strengthen the overall risk management framework of banks. While the revised Directions align the accounting norms for banks' investment portfolios with global financial reporting standards, important prudential safeguards such as investment fluctuation reserve (IFR), due diligence/limits with respect to non-SLR investments, internal control systems, reviews and reporting etc. have been retained and prudential concerns on reliability of valuation have been addressed.

4. The revised Directions shall apply to all commercial banks (excluding Regional Rural Banks) from the financial year commencing on April 1, 2024.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’. 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’. 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’. 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 30, 2023, a monetary penalty of ₹11.00 lakh (Rupees Eleven Lakh only) on HCBL Co-operative Bank Ltd., Lucknow, 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 vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies 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 Inspection Report, Risk Assessment Report revealed, inter-alia, that the bank had (i) granted loans/advances to its director and their relatives and (ii) sanctioned fresh loans and advances to single borrowers in excess of 50% of applicable regularity limits and offered interest rates on deposits more than those offered by State Bank of India in violation of specific directions issued under SAF. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the directions, as stated therein.

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

(Shweta Sharma)     
Deputy General Manager

Press Release: 2023-2024/955

The Reserve Bank of India (RBI) has imposed, by an order dated August 30, 2023, a monetary penalty of ₹6.00 lakh (Rupees Six Lakh only) on The Citizens’ Co-operative Bank Ltd., Jammu (the bank) for non-compliance with the specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’ and directions issued under ‘Exposure norms and Statutory/ Other Restrictions - UCBs’. 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 Banking Regulation Act, 1949.

This action is based on deficiencies 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 March 31, 2022, and examination of the Inspection Reports, Risk Assessment Reports revealed, inter alia, that the bank had (i) sanctioned fresh loans and advances and allowed cash credit facilities to be overdrawn in violation of specific directions issued under SAF, and (ii) breached prudential inter-bank (gross) exposure limit and inter-bank counterparty limit. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the directions, as stated therein.

After considering the bank’s reply to the notice, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.

(Shweta Sharma)      
Deputy General Manager

Press Release: 2023-2024/954

SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs) ALL SCHEDULED BANKS  09-Sep-2225-AUG-2023*08-SEP-2023*09-Sep-2225-AUG-2023*08-SEP-2023*  ILIABILITIES TO THE BKG.SYSTEM (A)  a) Demand & Time deposits from bks.183335.64246284.1253485.01186364.23248463.22255863.66** b) Borrowings from banks41752.75199018.31188137.5441824.75199142.43188207.97  c) Other demand & time liabilities44678.468276.3270299.5245184.8168988.2871006.97

The result of the auction of State Government Securities held on September 21, 2023 is as under:  (Amount in ₹ Crore)   ANDHRA PRADESH 2036BIHAR 2031CHHATTISGARH 2030GOA 2033  Notified Amount100020001000100  Tenure138710 Competitive Bids Received (i) No.4724215 (ii) Amount572532902600325 Cut-off Yield (%)7.447.497.477.46 Competitive Bids Accepted (i) No.31572 (ii) Amount964.3571940.870939.98296.547 Partial Allotment Percentage of 

The Reserve Bank had introduced a scheme for handling wilful defaulters, effective from April 1, 1999. These guidelines were subsequently consolidated into the Master Circular on Wilful Defaulters, last updated on July 1, 2015.  2.The instructions on wilful defaulters have been revised after a review of the extant instructions and consideration of various judgments/ orders from the Hon’ble Supreme Court and Hon’ble High Courts, as well as representations

MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A.Overnight Segment (I+II+III+IV)514,470.156.775.00-7.80 I. Call Money7,402.616.765.00-6.95 II. Triparty Repo350,960.256.766.75-6.77 III. Market Repo155,907.296.816.00-6.95 IV. Repo in Corporate Bond200.007.246.75-7.80 B. Term Segment I. Notice Money**343.606.676.10-6.85 II. Term Money@@197.00-6.75-7.10 III. Triparty Repo0.00-- IV. Market Repo1,610.226.956.90-6.99

Continuing the outreach of the Reserve Bank of India (RBI) to the boards of banks, Shri Swaminathan J, Deputy Governor held a meeting with Heads of the Customer Service Committee of the Board, Managing Directors, Executive Directors in-charge of customer service verticals and Principal Nodal Officers of major banks on September 21, 2023 at Mumbai. The meeting was also attended by Executive Director and other senior officials of Consumer Education and Protection Department of RBI.

The Deputy Governor in his keynote address, while emphasizing the pivotal role that customer service plays in fostering trust and confidence in the financial system, stressed that the focus of the Top Management and Customer Service Committees of the Board should be on nurturing a customer-centric approach for continuing the trust of the customer in banking system. The Deputy Governor highlighted five key areas for the Regulated Entities to focus upon viz. (i) need for a customer centric approach, (ii) addressing the root cause of complaints, (iii) importance of resolution at first point of contact, (iv) responsible handling of complaints including equipping front-line staff with authority, tools and training and (v) combatting cybercrime. He also emphasized the importance of cultivating a culture of continuous improvement as ensuring quality of customer service is a journey and not a destination.

Discussions during the meeting revolved around approaches to address customer grievances promptly, streamlining grievance redressal mechanism, leveraging technology to enhance customer experiences, prevention of frauds and the loss mitigation, the need for creating more awareness and responsible policies to achieve excellence in customer service.

(Shweta Sharma)      
Deputy General Manager

Press Release: 2023-2024/966

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 22, 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, 

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on September 22, 2023, Friday, as under:  Sl. No. Notified Amount (₹ crore)Tenor (day) Window Timing Date of Reversal 150,0001410:30 AM to 11:00 AMOctober 06, 2023 (Friday

Reserve Bank of India (RBI) is satisfied to notify The Ananthasayanam Co-operative Bank Ltd., Trivandrum as a non-banking institution under Section 36A(2) read with Section 56 of the Banking Regulation Act, 1949. Accordingly, RBI has cancelled the licence dated December 19, 1987, granted to The Ananthasayanam Co-operative Bank Ltd., Trivandrum, Kerala to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act,1949 with effect from the close of business on September 21, 2023. This makes it obligatory on the part of The Ananthasayanam Co-operative Bank Ltd., Trivandrum to stop conducting the business of ‘banking’ within the meaning of section 5(b) of the Act ibid, including acceptance of deposits from non-members with immediate effect. Further, The Ananthasayanam Co-operative Bank Ltd., Trivandrum shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as non-banking Institution.

The Reserve Bank has today released data on Money Supply for the fortnight ended September 08, 2023.Ajit Prasad  Director (Communications) Press Release: 2023-2024/958

Sr. No State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹) / Yield (%) Tenure (Year)  1 Andhra Pradesh100010007.4413  2 Bihar200020007.498 3 Chhattisgarh100010007.477  4 Goa1001007.4610  5 Gujarat100010007.404  6 Haryana100010007.4510  100010007.4512  7 Jammu and Kashmir3733737.4130  8 Madhya Pradesh5005007.4412  500500100.30/7.4273Reissue of 7.46% Madhya Pradesh SGS 2039 issued on September 13, 2023  

The Reserve Bank has today released data on Reserve Money for the week ended September 15, 2023.

Auction Results91 Days182 Days364 DaysI.Notified Amount₹10000 Crore₹8000 Crore₹6000 Crore II.Competitive Bids Received (i) Number241173176 (ii) Amount₹47506.755 Crore₹21528.5 Crore₹20035 Crore III.Cut-off price / Yield98.321596.604393.4225

T-Bill91 days182 days364 days II.Total Face Value Notified₹10,000 Crore₹8,000 Crore₹6,000 Crore III.Cut-off Price and Implicit Yield at Cut-Off Price98.3215 (YTM: 6.8474%) 96.6043 (YTM: 7.0494%)93.4225 (YTM: 7.0599%) IV.Total Face Value Accepted₹10,000 Crore₹8,000 Crore₹6,000 Crore

T-Bill91 days182 days364 days II.Total Face Value Notified₹10,000 Crore₹8,000 Crore₹6,000 Crore III.Cut-off Price and Implicit Yield at Cut-Off Price98.3215 (YTM: 6.8474%) 96.6043 (YTM: 7.0494%)93.4225 (YTM: 7.0599%) IV.Total Face Value Accepted₹10,000 Crore₹8,000 Crore₹6,000 Crore

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRangeA. Overnight Segment (I+II+III+IV)0.00-- I. Call Money0.00--II. Triparty Repo0.00-- III. Market Repo0.00-- IV. Repo in Corporate Bond0.00--

The Reserve Bank of India (RBI) has imposed, by an Order dated August 22, 2023, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on Lalbaug Co-operative Bank Ltd., 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 vested in the 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 imposed, by an order dated August 22, 2023, a monetary penalty of ₹3.00 Lakh (Rupees Three Lakh only) on The Harij Nagrik Sahakari Bank Ltd., Harij, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Cash Reserve Ratio (CRR)’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, and ‘Interest Rate on Deposits - Directions, 2016’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies 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.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks’. 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 22, 2023, a monetary penalty of ₹3.50 Lakh (Rupees Three Lakh Fifty Thousand only) on The Co-operative Bank of Mehsana Ltd., Mehsana, 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’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

A.Source SecurityGOI FRB 2024GOI FRB 2024GOI FRB 20247.72% GS 20258.20% GS 20258.33% GS 20268.15% GS 20268.24% GS 2027

B.Notified Amount (amount in ₹ cr)4,0004,0001,0003,5001,0002,5001,0001,000

Destination Security6.68% GS 20317.40% GS 20357.57% GS 20338.32% GS 20329.20% GS 20308.32% GS 20326.80% GS 20606.80% GS 2060

C.i. No. of offers received87123322

ii. Total amount of Source Security offered (Face value in ₹ cr)5,400.0007,200.000300.0003,000.0001060.1002250.000400.000600.000

iii. No of offers accepted44003000

iv. Total amount of source security accepted (Face value in ₹ cr)4,000.0004,000.000001,000.000000

v. Total amount of destination security issued (Face value in ₹ cr)4126.0493956.67200921.983000

vi. Cut-off price (₹) / yield (%) for destination security96.93/7.1916101.08/7.2629NANA110.49/7.2667NANANA

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/938

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 NoSecurityDate of RepaymentNotified Amount
(₹ crore)GoI specific NotificationAuction DateSettlement Date

17.06% GS 2028Apr 10, 20288,000F.No.4(3)-B(W&M)/2023 dated September 18, 2023September 22, 2023
(Friday)September 25, 2023
(Monday)

27.18% GS 2033Aug 14, 203314,000

37.30% GS 2053June 19, 205311,000

Total
33,000

2. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.

3. The securities will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001. The sale will be subject to the terms and conditions spelt out in the ‘Specific Notification’ mentioned above and the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018.

4. The auction will be conducted using uniform price method for 7.06% GS 2028, 7.18% GS 2033 and multiple price method for 7.30% GS 2053. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 22, 2023 (Friday). The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m. The result will be announced on the same day and payment by successful bidders will have to be made on September 25, 2023 (Monday).

(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 Money0.00--  II. Triparty Repo0.00--   III. Market Repo0.00-- IV. Repo in Corporate Bond0.00--

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@
Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)0.00-- I. Call Money0.00-- II. Triparty Repo0.00-- III. Market Repo0.00-- IV. Repo in Corporate Bond0.00-- B. Term Segment I.Notice Money**0.00--

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV) 7,605.226.615.60-6.85 I.Call Money 555.206.075.60-6.80 II. Triparty Repo5,018.556.686.20-6.85 III. Market Repo1,475.476.456.25-6.50 IV. Repo in Corporate Bond 556.006.856.75 6.85 B.Term Segment I.Notice Money**9,889.506.745.00-6.90

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹12,723 Crore (Face Value).

Sr. No.State / UTAmount to be raised
(₹ Cr)Additional Borrowing (Greenshoe) Option
(₹ Cr)Tenure (Year)Type of Auction

1Andhra Pradesh1000-13Yield

2Bihar2000-8Yield

3Chhattisgarh1000-7Yield

4Goa100-10Yield

5Gujarat1000-4Yield

6Haryana1000-10Yield

1000-12Yield

7Jammu and Kashmir373-30Yield

8Madhya Pradesh500-12Yield

500-Reissue of 7.46% Madhya Pradesh SGS 2039 issued on September 13, 2023Price

9Punjab500-Reissue of 7.45% Punjab SGS 2034 issued on September 06, 2023Price

500-Reissue of 7.48% Punjab SGS 2034 issued on September 13, 2023Price

10Sikkim250-10Yield

11Telangana500-7Yield

12West Bengal2500-19Yield

TOTAL12,723

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 21, 2023 (Thursday). The Government Stock up to Ten per cent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions, subject to a maximum limit of One per cent of its notified amount for a single bid per stock as per the ‘Scheme for Non-competitive Bidding Facility’. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal

Today, the Reserve Bank released the September 2023 issue of its monthly Bulletin. The Bulletin includes six speeches, five articles and current statistics.

The five articles are: I. State of the Economy; II. Fiscal Costs of Reverting to the Old Pension System by the Indian States – An Assessment; III. An Analysis of the Recent Performance of NBFC Sector; IV. Inflation and Inflation Expectations: A Distributional Mapping; and V. Private Consumption Drivers in India: A Thick Modelling Approach.

7.17% GS 2030 7.18% GS 2037 7.25% GS 2063 I.Notified Amount    ₹7,000 crore ₹12,000 crore ₹12,000 crore II. Cut off Price / Implicit Yield at cut-off 100.10/7.1490%    99.36/7.2525% 99.04/7.3233% III. Amount accepted in the auction 7,000 crore ₹12,000 crore ₹12,000 crore

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)526,884.476.765.00-7.85 I. Call Money10,178.966.735.00-6.85 II. Triparty Repo377,532.906.756.75-6.90 III. Market Repo138,994.046.796.50-7.70 IV. Repo in Corporate Bond178.577.176.90-7.85 B. Term Segment

In the underwriting auctions conducted on September 15, 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 Security

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023Variation Sep. 9Sep. 1Sep. 8WeekYear 12345 4 Loans and Advances 4.1 Central Government00000 4.2 State Governments15914229042491520119002 * Data are provisional.

The Reserve Bank of India (RBI) has, by an order dated September 13, 2023, imposed a monetary penalty of ₹1.55 lakh (Rupees One lakh fifty-five thousand only) on Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited) (the company) for non-compliance with certain provisions of the Non-Banking Financial Company - Housing Fin

The Reserve Bank of India (RBI) has, by an order dated September 14, 2023, imposed a monetary penalty of ₹20 lakh (Rupees Twenty lakh only) on Dhani Loans and Services Limited (the company) for non-compliance with certain provisions of the

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details: Sr. No.Treasury BillNotified Amount (in ₹ Crore)Auction DateSettlement Date 191 Days10,000September 20, 2023 (Wednesday)September 21, 2023 (Thursday)

In consultation with the concerned stakeholders including the Government, the Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, which was first published in August 2021 for the FY ending March 2021.

Today, the Reserve Bank released its annual publication titled “Handbook of Statistics on the Indian Economy, 2022-23” (HBS). This publication, the 25th in the series, disseminates time series data on major economic and financial indicators relating to the Indian economy.

The current volume contains 240 statistical tables covering macroeconomic and financial variable pertaining to national income aggregates, output, prices, money, banking, financial markets, public finances, foreign trade and balance of payments as well as select socio-economic indicators. Longer time-series on these variables are also available on the Reserve Bank’s next generation Data Warehouse ‘Centralised

Auction Results7.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount₹7000 Crore₹12000 Crore₹12000 Crore II.Underwriting Notified Amount₹7000 Crore₹12000 Crore₹12000 Crore III.Competitive Bids Received (i) Number101121163 (ii) Amount₹14820 Crore₹20440.250 Crore₹28115.250 Crore

The Reserve Bank of India (RBI) has imposed, by an order dated August 22, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Baramati Sahakari Bank Ltd., Baramati, Pune, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks.’ 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 Banking Regulation Act, 1949.

The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2023-24.

2. The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-T

The Reserve Bank of India (RBI) has imposed, by an order dated August 22, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Becharaji Nagarik Sahakari Bank Ltd., Dist. 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)’. This penalty has been imposed in exercise of powers vested in the 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 imposed, by an Order dated August 22, 2023, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Waghodia Urban Co-operative Bank Ltd., Dist. Vadodara, 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 ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an Order dated August 22, 2023, a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, Dist. Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘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 specific directions issued by RBI under the Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRangeA. Overnight Segment(I+II+III+IV)538,262.186.760.01-7.85 I. Call Money9,402.466.745.00-6.85 II. Triparty Repo389,354.556.756.70-6.76 III. Market Repo139,480.176.780.01-7.00 IV. Repo in Corporate Bond25.007.857.85-7.85
B. Term Segment

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 August 2023.

Ajit Prasad           
Director (Communications)

Press Release: 2023-2024/918

Reserve Bank of India has been, from time to time, taking various measures to spread financial literacy among different sections of population. As a unique initiative targeted at children, RBI conducted an All-India Quiz on Financial Literacy for students of classes VIII, IX and X of government and municipal schools across the country. The multi-level quiz was initiated at the block levels in all States and Union Territories. The winning teams competed at district and State levels and winners of the State level competitions participated in six zonal rounds held at Chandigarh, Hyderabad, New Delhi, Mumbai, Kolkata and Guwahati on different dates.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 15, 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:

The Reserve Bank has today released data on Reserve Money for the week ended September 08, 2023. Ajit Prasad Director (Communications) Press Release: 2023-2024/914

Auction Results91 Days182 Days364 Days I.Notified Amount₹10000 Crore₹8000 Crore₹6000 Crore II.Competitive Bids Received(i) Number241173176 (ii) Amount₹47506.755 Crore₹21528.5 Crore₹20035 Crore III.Cut-off price / Yield98.321596.604393.4225 (YTM: 6.8474%)(YTM: 7.0494%)(YTM: 7.0599%) IV.Competitive Bids Accepted

T-Bill91 days182 days364 days II.Total Face Value Notified₹10,000 Crore₹8,000 Crore₹6,000 Crore III.Cut-off Price and Implicit Yield at Cut-Off Price98.3215 (YTM: 6.8474%)96.6043 (YTM: 7.0494%)93.4225 (YTM: 7.0599%) IV.Total Face Value Accepted₹10,000 Crore₹8,000 Crore₹6,000 Crore

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)538,249.696.755.00-6.90 I. Call Money8,882.076.735.00-6.85 II. Triparty Repo391,568.756.756.60-6.78 III. Market Repo137,798.876.765.00-6.90 IV. Repo in Corporate Bond0.00-- B. Term Segment

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 AuctionSource SecuritiesAmount (FV) of Source Securities
(In ₹ crore)Destination Securities

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)520,457.946.685.00-6.90 I. Call Money10,039.566.675.00-6.80 II. Triparty Repo357,334.956.686.51-6.80III. Market Repo153,083.436.695.50-6.90 IV. Repo in Corporate Bond0.00-- B. Term Segment

The Reserve Bank of India had issued a Discussion Paper (DP) on January 14, 2022 proposing revisions to the current norms for the classification, valuation, and operation of investment portfolios of commercial banks. After considering the feedback received on the DP, the Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023 has been issued today.

2. The revised Directions include principle-based classification of investment portfolio, tightening of regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, inclusion of non-SLR securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.

3. These Directions are expected to enhance the quality of banks' financial reporting, improve disclosures (disclosures of fair value of investments in HTM category, fair value hierarchy, sales out of HTM, etc.), provide a fillip to the corporate bond market, facilitate the use of derivatives for hedging, and strengthen the overall risk management framework of banks. While the revised Directions align the accounting norms for banks' investment portfolios with global financial reporting standards, important prudential safeguards such as investment fluctuation reserve (IFR), due diligence/limits with respect to non-SLR investments, internal control systems, reviews and reporting etc. have been retained and prudential concerns on reliability of valuation have been addressed.

4. The revised Directions shall apply to all commercial banks (excluding Regional Rural Banks) from the financial year commencing on April 1, 2024.

Today, the Reserve Bank released the provisional results of the 2022-231 round of the annual census on foreign liabilities and assets (FLA) covering cross-border liabilities and assets of the entities (viz., companies, limited liability partnerships (LLPs), alternative investment funds (AIFs) and partnership firms) with inward/outward direct investment (DI).

The result of the auction of State Government Securities held on September 12, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2038ANDHRA PRADESH 2041ASSAM 2033*GOA 2038 Notified Amount10001000500100 Tenure15181015 Competitive Bids Received (i) No.39233212 (ii) Amount381046102135385 Cut-off Yield (%)7.487.46-7.46 Competitive Bids Accepted

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.

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

1Pooram Finserv Private Limited25/395/27, First Floor, Pathayapura Round South, Thrissur, Kerala - 680001B-16.00199December 09, 2015August 11, 2023

As such, the above company shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/907

The following Eight 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.

i) Due to exit from Non-Banking Financial Institution (NBFI) business:

Sr. No.Name of the CompanyRegistered Office AddressCoR No.CoR Issued onDate of Cancellation of CoR

1North Eastern Publishing and Advertising Co Ltd.Room No. 5, 1st Floor, H. M. Market, T. R. Phookan Road, Guwahati, Assam - 78100108.00039May 25, 1998August 24, 2023

2Purbanchal Prestressed LtdRoom No. 5, 1st Floor, H. M. Market, T. R. Phookan Road, Guwahati, Assam - 78100108.00003March 11, 1998August 24, 2023

3Imperial Credit Pvt Ltd8-2-337, Road No. 3 Banjara Hills, Hyderabad, Telangana - 500034N-09.00461December 21, 2018August 24, 2023

4Layana Finance and Leasing LimitedFlat No. 403, 4th Floor, Sri Sai Rajendra Pinnacle, 1-10-12/5, 6 & 7,
Street No. 4, Ashok Nagar, Hyderabad, Telangana - 50002009.00042March 02, 1998August 24, 2023

ii) Due to NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc.:

Sr. No.Name of the CompanyRegistered Office AddressCoR No.CoR Issued onDate of Cancellation of CoR

1Twinvest Financial Services LimitedPlot No.318, Road No. 25, Jubilee Hills, Hyderabad, Telangana - 500033B-09.00346May 09, 2001August 09, 2023

2JM Financial Capital Limited7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra -400025N-13.02140November 03, 2016August 23, 2023

3Kampani Consultants Ltd141, Maker Chambers III Nariman Point, Mumbai, Maharashtra - 40002113.00387March 23, 1998August 23, 2023

4Samvardhana Motherson International Limited
(CIN No U74900MH2004PLC287011)Unit-705, C Wing, One BKC, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra -400051N-13.02168March 07, 2017August 30, 2023

Further, the following Asset Reconstruction Company has surrendered the CoR granted by RBI. The RBI, in exercise of powers conferred on it under section 4 (1) (a) of the SARFAESI Act, 2002, has therefore cancelled the CoR.

i) Due to exit from securitisation/ asset reconstruction business:

Sr. No.Name of the CompanyRegistered Office AddressCoR No.CoR Issued onDate of Cancellation of CoR

1Arcion Revitalization Private LimitedG1/G19, Grand Hyatt Shopping Plaza, Off Western Express Highway, Vakola, Santacruz (E), Mumbai, Maharashtra- 400055028/2018August 10, 2018August 28, 2023

(Yogesh Dayal)      
Chief General Manager

Press Release: 2023-2024/906

Amount to be raised (₹ Crore)    Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1    Andhra Pradesh 1000 1000 7.48 15 1000 1000 7.46 18 2 Assam* 500 - - 10 3    Goa    100    100    7.46    15 4    Haryana 1500 1500    7.47    10 5    Jammu and Kashmir    500 500    7.43    30

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)0.00-- I. Call Money0.00-- II. Triparty Repo0.00-- III. Market Repo0.00-- IV. Repo in Corporate Bond0.00-- B. Term Segment I. Notice Money**0.00--

Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹31,000 crore as per the following details:

Sr NoSecurityDate of RepaymentNotified Amount
(₹ crore)GoI specific NotificationAuction DateSettlement Date

17.17% GS 2030Apr 17, 20307,000F.No.4(3)-B(W&M)/2023 dated September 11, 2023September 15, 2023
(Friday)September 18, 2023
(Monday)

27.18% GS 2037July 24, 203712,000

37.25% GS 2063June 12, 206312,000

Total
31,000

2. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.

3. The securities will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001. The sale will be subject to the terms and conditions spelt out in the ‘Specific Notification’ mentioned above and the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018.

4. The auction will be conducted using uniform price method for 7.17% GS 2030, 7.18% GS 2037 and multiple price method for 7.25% GS 2063. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 15, 2023 (Friday). The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m. The result will be announced on the same day and payment by successful bidders will have to be made on September 18, 2023 (Monday).

5. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 09:00 a.m. up to 09:30 a.m. on September 15, 2023 (Friday) on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

6. The Stocks will be eligible for “When Issued” trading for a period commencing from September 12 – September 15, 2023.

7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/903

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)523,440.136.700.01-7.85 I. Call Money8,626.506.715.00-6.85 II. Triparty Repo365,089.956.716.41-6.77 III. Market Repo149,678.686.690.01-6.80 IV. Repo in Corporate Bond45.007.857.85-7.85 B. Term Segment

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, vide Directive DoS.CO.NSUCBs-West/D-4/S3706/12.07.005/2021-22 dated March 09, 2022 for a period of six months up to September 09, 2022, as modified from time to time, which were last extended up to September 09, 2023 vide Directive DOR.MON/D-31/12.22.613/2023-24 dated June 09, 2023. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond September 09, 2023.

2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on September 09, 2023 to close of business on December 09, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/883

The Reserve Bank of India, vide directive CO.DOS.SED.No.S8241/12-22-316/2022-2023 dated March 09, 2023, had placed Defence Accounts Cooperative Bank ltd, Pune under Directions from the close of business on March 10, 2023.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till close of business on December 10, 2023 as per the directive DOR.MON.D-73/12.22.262/2023-24 dated September 08, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated September 08, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/896

Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan was placed under All-Inclusive Directions from close of business on November 09, 2018 for a period of six months, subject to review, vide Directive dated October 26, 2018. The validity of the directions was last extended vide Directive dated June 07, 2023 for three months up to close of business on September 09, 2023, subject to review.

It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated October 26, 2018, issued to the above bank, the validity of which was last extended up to close of business on September 09, 2023, shall continue to apply to the bank for a further period of three months from close of business on September 09, 2023 to close of business on December 09, 2023, vide Directive dated September 07, 2023, subject to review.

All the other terms and conditions of the Directive under reference shall remain unchanged. A copy of the above Directive dated September 07, 2023 notifying the extension is displayed at the bank’s premises for the perusal of public.

The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/894

The Reserve Bank of India, vide directive CO.DOS.SED.No.S8240/12-22-493/2022-2023 dated March 09, 2023, had placed Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra under Directions from the close of business on March 10, 2023, for a period of six months.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directions for a further period of three months from close of business on September 10, 2023, to close of business on December 10, 2023 as per the Directive ‘DOR.MON.D-72/12.22.493/2023-2024' dated September 07, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the Directive dated September 07, 2023, notifying the above extension is displayed at the bank’s premises for the perusal of the public.

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/900

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023Variation Sep. 2Aug. 25Sep. 1WeekYear 12345 4 Loans and Advances 4.1 Central Government00000 4.2 State Governments87761647022904643414128 * Data are provisional.2. Foreign Exchange Reserves*

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).