Press Releases

The Reserve Bank of India (RBI) has, by an order dated August 05, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Nidhi Co-operative Bank Ltd., Ahmedabad, 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’. 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 56 of the Banking Regulation Act, 1949.

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on August 09, 2024, Friday, as under:  Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 14 10:30 AM to 11:00 AM August 23, 2024 (Friday) 2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Deputy General Manager (Communications) Press Release: 2024-2025/855

As the statutory inspection of the Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District (hereinafter referred to as “the bank”) with respect to its financial position as on March 31, 2021 revealed significant deterioration of its financials, with assessed CRAR at (-)79.74%, net worth at ₹(-)4.67 crore and deposit erosion at 19.61%, the Reserve Bank of India vide its Directive No. BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023, placed the bank under All Inclusive Directions (AID) from the close of business on February 24, 2023. The AID was extended from time to time and the last extension is valid up to the close of business on August 24, 2024.

Government of India has announced the sale (issue/re-issue) of Government Securities, as detailed below, through auctions to be held on August 09, 2024. 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)

Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures relating to (i) Regulations; and (ii) Payment Systems. I.    Regulations 1.    Public Repository of Digital Lending Apps Guidelines on Digital Lending addressing protection of customers interest, data privacy, concerns on interest rates and recovery practices, mis-selling, etc. were issued on September 02, 2022. However, media reports have highlighted continued presence of unscrupulous players in digital lending who falsely claim their association with RBI regulated entities (REs). Accordingly, to aid the customers in verifying the claim of Digital Lending App’s (DLAs) association with REs, Reserve Bank is creating a public repository of DLAs deployed by the REs which will be available on RBI’s website. The repository will be based on data submitted by the REs (without any intervention by RBI) directly to the repository and will get updated as and when the REs report the details, i.e., add 

This was the 50th meeting of the Monetary Policy Committee (MPC) since its inception in September 2016. The flexible inflation targeting (FIT) framework will soon complete eight years of its functioning. The framework has worked well in maintaining macroeconomic stability even during times of extreme stress. Its embedded flexibility has withstood the pandemic-related stress, the spillovers from the war in Ukraine and the continuing geopolitical crisis. Today, while India’s growth remains strong, inflation is broadly on a declining trajectory. Strong macroeconomic fundamentals have led to greater confidence in India’s prospects.

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (August 8, 2024) decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 501,423.01 6.37 5.00-7.00 I. Call Money 10,908.38 6.48 5.10-6.75 II. Triparty Repo 342,161.25 6.36 6.27-6.85 III. Market Repo 147,380.38 6.39 5.00-7.00 IV. Repo in Corporate Bond 973.00 6.50 6.50-6.51

The Reserve Bank has today released data on Reserve Money for the week ended August 02, 2024 and Money Supply for the fortnight ended July 26, 2024.

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹ 8000 Crore ₹ 6000 Crore ₹ 6000 Crore II. Competitive Bids Received (i) Number 87 128 124 (ii) Amount ₹ 24048.705 Crore ₹ 24361.500 Crore ₹ 37186.100 Crore III. Cut-off price / Yield 98.3727 96.7539 93.7106 (YTM:6.6351%) (YTM:6.7284%) (YTM:6.7300%)