Press Releases

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

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV)  0.00 - - I. Call Money 0.00 - - II. Triparty Repo 0.00 - - III. Market Repo 0.00 - - IV. Repo in Corporate Bond 0.00 - -

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

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A.  Overnight Segment (I+II+III+IV)  5,17,222.87  6.73  0.01-7.25  I. Call Money 11,190.51 6.78  5.00-6.85 II. Triparty Repo 3,69,718.70 6.72 6.25-6.77 III. Market Repo 1,36,283.66  6.75  0.01-6.87 IV. Repo in Corporate Bond 30.00 7.25 7.25-7.25

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

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

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

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

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

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