Press Releases

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

The Reserve Bank of India today released on its website the results of the following Surveys: Urban Consumer Confidence Survey (UCCS) – November 2025 Rural Consumer Confidence Survey (RCCS) – November 2025 Inflation Expectations Survey of Households (IESH) – November 2025 Survey of Professional Forecasters on Macroeconomic Indicators – Round1 97th The Survey results are based on the feedback received from the respondents to the Surveys and do not necessarily reflect the views of the Reserve Bank of India.

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2024 2025 Variation Nov. 29 Nov. 21 Nov. 28 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 16465 27060 18966 -8094 2501 * Data are provisional; difference, if any, is due to rounding off.

The Reserve Bank of India had issued draft circular on ‘Forms of Business and Prudential Regulation for Investments’ on October 04, 2024, seeking feedback from banks and other stakeholders. The objective of the draft circular was to review regulations on ringfencing of banks’ core business from other risk bearing non-core businesses as also to provide level playing field.

(Amount in ₹ Crore) Auction Results 6.48% GS 2035 I. Notified Amount 32,000 II. Competitive Bids Received (i) Number 334 (ii) Amount 65,371.890 III. Cut-off price / Yield 99.93 (YTM: 6.4881%)

6.48% GS 2035 I. Notified Amount ₹32,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 99.93 /6.4881% III. Amount accepted in the auction ₹32,000 crore IV. Devolvement on Primary Dealers NIL

Tenor 3-day Notified Amount (in ₹ crore) 1,00,000 Total amount of offers received (in ₹ crore) 1,07,887 Amount accepted (in ₹ crore) 1,00,024 Cut off Rate (%) 5.24 Weighted Average Rate (%) 5.24 Partial Acceptance Percentage of offers received at cut off rate 91.06

In the underwriting auction conducted on December 05, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government security, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations during December 2025 to inject liquidity into the banking system: a. OMO purchase auctions of Government of India securities for an aggregate amount of ₹1,00,000 crore in two tranches of ₹50,000 crore each to be held on December 11, 2025, and December 18, 2025 b. USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of three years to be held on December 16, 2025

Good morning and Namaskar. We are in the last month of an eventful and a challenging 2025. We look back at the year so far with satisfaction. The economy witnessed robust growth and benign inflation; the banking system further consolidated and the regulatory framework was refined to strengthen the financial system, enhance ease of doing business, and improve consumer protection. At the same time, we approach the new year with hope, vigour and determination to further support the economy and accelerate progress.

The Monetary Policy Committee (MPC) held its 58th meeting from December 3 to 5, 2025, under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Shri Indranil Bhattacharyya attended the meeting.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,41,845.75 5.30 4.00-6.40 I. Call Money 20,174.68 5.43 4.75-5.55 II. Triparty Repo 4,03,694.65 5.25 5.19-5.35 III. Market Repo 2,13,993.12 5.38 4.00-5.55 IV. Repo in Corporate Bond 3,983.30 5.47 5.40-6.40

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, December 05, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal

The Reserve Bank of India had, on September 29, 2025, issued two draft amendment circulars, viz.: (i) Large Exposures Framework (Amendment Circular), 2025; and (ii) Guidelines on Management of Intragroup Transactions and Exposures (Amendment Circular), 2025 seeking feedback from stakeholders. The amendment directions were aimed

The Reserve Bank of India had, on October 1, 2025, issued the draft ‘Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism (Repeal Circular), 2025, seeking feedback from the stakeholders on proposal to repeal the extant instructions issued in 2016. 2. Feedback received on the above draft Repeal Circular has been examined and it has been decided to repeal the extant instructions which were subsequently consolidated in (i) Reserve Bank of India (Commercial Banks – Concentration Risk Management) Directions, 2025; and (ii) Reserve Bank of India (Small Finance Banks – Concentration Risk Management) Directions, 2025. A statement on the feedback received for the draft Directions is provided in the Annex.

On September 29, 2025, the Reserve Bank of India had issued the draft Reserve Bank of India (Gold Metal Loans) Directions, 2025 seeking feedback from stakeholders. The draft Directions were aimed primarily to (i) consolidate the Gold Metal Loans (GML) related regulations; (ii) fill up certain

The Reserve Bank of India has, from time to time, issued several instructions/ guidelines to co-operative banks, i.e., Primary (Urban) Co-operative Banks (UCBs), State Co-operative banks (StCBs) and District Central Co-operative banks (DCCBs), related to permission for place of business, change of name and scheduling. With a view to harmonising the above instructions/ guidelines and consolidating them in one place, Draft Master Direction (MD) on Business Authorization for Co-operative Banks (Directions), 2025 was issued on July 28, 2025 seeking feedback from banks and other stakeholders.

Extant guidelines stipulate submission of credit information by Credit Institutions (CIs) to Credit Information Companies (CICs) at fortnightly or shorter intervals. Given the increasing reliance of CIs on credit information reports (CIRs) in credit underwriting processes, it is imperative that the CIRs provided by CICs reflect more recent information. Upon review, it was proposed to amend the extant instructions and transition to weekly incremental submission of credit information by CIs to CICs along with measures to facilitate faster data submission and error rectification. Accordingly, the Reserve Bank had issued Draft Reserve Bank of India (Credit Information Reporting) (1st Amendment) Directions, 2025, on September 29, 2025, inviting public comments / feedback.

The Basic Savings Bank Deposit (BSBD) account was introduced as a savings bank account which offers certain minimum facilities, free of charge, to the holders of such accounts with an objective of deepening financial inclusion. Access to financial services has improved significantly in recent years. However, the ongoing digitalisation of the banking sector requires a BSBD account that is in sync with the customer’s evolving requirements. Accordingly, it was decided to review the extant instructions and draft Reserve Bank of India (Basic Savings Bank Deposit Account) Directions, 2025 were issued on October 1, 2025 for public consultation / feedback.

Government of India has announced the sale (re-issue) of Government Security, as detailed below, through auction to be held on December 05, 2025 (Friday). As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under: (₹ crore) Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction 6.48% GS 2035 32,000 762 762

Tenor 1-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 72,377 Amount accepted (in ₹ crore) 72,377 Cut off Rate (%) 5.49 Weighted Average Rate (%) 5.48 Partial Acceptance Percentage of offers received at cut off rate NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,64,238.43 5.22 4.75-6.70 I. Call Money 18,928.82 5.35 4.75-5.60 II. Triparty Repo 3,96,732.70 5.17 5.01-5.25 III. Market Repo 2,45,396.41 5.30 4.85-5.50 IV. Repo in Corporate Bond 3,180.50 5.39 5.35-6.70

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Thursday, December 04, 2025, as under:

 In terms of GOI notification F.No.4(25)-(W&M)/2017 dated October 06, 2017 (SGB 2017-18 Series-X-Issue date December 04, 2017) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of issue of the Gold Bonds.

The Reserve Bank has today released data on Reserve Money for the fortnight ended November 28, 2025.

Auction Results 91-Day 182-Day 364-Day I. Notified Amount 7,000 6,000 6,000 II. Competitive Bids Received (i) Number 137 106 117 (ii) Amount 35,277.500 27,139.000 21,691.000 III. Cut-off price / Yield 98.6842 97.3174 94.7600 (YTM: 5.3480%) (YTM: 5.5282%) (YTM: 5.5450%) IV. Competitive Bids Accepted

I. T-Bill 91-Day 182-Day 364-Day II. Total Face Value Notified   ₹7,000 Crore   ₹6,000 Crore   ₹6,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6842 (YTM:5.3480%) 97.3174 (YTM: 5.5282%) 94.7600 (YTM: 5.5450%) IV. Total Face Value Accepted   ₹7,000 Crore

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,58,357.63 5.22 1.01-6.30 I. Call Money 18,792.22 5.34 4.75-5.50 II. Triparty Repo 4,17,433.30 5.18 5.05-5.50 III. Market Repo 2,18,770.11 5.29 1.01-6.00 IV. Repo in Corporate Bond 3,362.00 5.43 5.40-6.30 B. Term Segment I. Notice Money** 169.85 5.22 4.85-5.40

Today, the Reserve Bank released the results1 of the fifteenth round of its biennial survey on foreign collaboration in Indian industry (FCS) covering the financial years 2023-24 and 2024-25. This survey captures information on financial parameters and operations of the Indian companies having technical collaboration with foreign companies during the reference period, as per the attached schedule. In the latest survey round, 601 foreign technical collaboration (FTC) agreements were reported by 255 Indian entities, of which, 163 entities had participated in the previous survey round.

State Bank of India, HDFC Bank, and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs) under the same bucketing structure as in the 2024 list of D-SIBs. The additional Common Equity Tier 1 (CET1) requirement for these D-SIBs will be in addition to the Capital Conservation Buffer. The list of D-SIBs is as follows:

The names of the following eight Regional Rural Banks (RRBs) have been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S5379/16.13.300/2025-26 dated October 8, 2025 and published in the Gazette of India (Part III - Section 4) dated November 11, 2025: Sl. No. Name of the RRB 1 Andhra Pradesh Grameena Bank 2 Gujarat Gramin Bank 3 Karnataka Grameena Bank 4 Madhya Pradesh Gramin Bank 5 Maharashtra Gramin Bank 6 Odisha Grameen Bank 7 Rajasthan Gramin Bank 8 Uttar Pradesh Gramin Bank

“Model Co-op. Bank Ltd.” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification CO.DOR.RAUG.No.S5697/08-02-498/2025-26 dated October 20,

The name of “Uttar Pradesh Cooperative Bank Limited, Lucknow” has been changed to “Uttar Pradesh State Cooperative Bank Limited, Lucknow” in the Second Schedule to the Reserve Bank

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenor (Year) 1. Andhra Pradesh 1000 1000 7.35 11 1000 1000 7.53 15 1000 1000 7.59 19 2. Bihar* 1500 909.974 7.40 10 3. Gujarat 1000 1000 7.17 09 4. Himachal Pradesh 350 350 6.75 04

Tenor 2-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 55,944 Amount accepted (in ₹ crore) 50,017 Cut off Rate (%) 5.49 Weighted Average Rate (%) 5.49 Partial Acceptance Percentage of offers received at cut off rate 87.36

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Tuesday, December 02, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 2 10:30 AM to 11:00 AM December 04, 2025 (Thursday) 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.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,59,386.37 5.26 4.00-6.40 I. Call Money 18,280.75 5.42 4.75-5.60 II. Triparty Repo 4,15,631.00 5.20 4.70-5.32

Government of India (GoI) has announced the sale (re-issue) of one dated security for a notified amount of ₹32,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 6.48% GS 2035 October 06, 2035 32,000 F.No.4(1)-B(W&M)/2025 dated December 01, 2025 December 05, 2025 (Friday) December 08, 2025 (Monday)

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on November 01, 2025.

The Reserve Bank of India (RBI) has appointed Smt. Usha Janakiraman as Executive Director (ED) with effect from December 1, 2025. Prior to being promoted as ED, Smt. Usha Janakiraman was serving as Chief General Manager-in-Charge, Department of Regulation, Central Office, Mumbai. Smt. Usha Janakiraman has experience of over three decades in the Reserve Bank having worked in the areas of regulation, external investment and operations, banking supervision

The Reserve Bank of India (RBI) has, by an order dated November 27, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Kallidaikurichi Co-operative Urban Bank Limited, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)’. This

The Reserve Bank of India (RBI) has, by an order dated November 27, 2025, imposed a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on The Arni Co-operative Town Bank Limited, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)’, ‘Exposure Norms and Statutory / Other Restrictions – UC

Today, the Reserve Bank of India released the balance of payments (BoP) data for the second quarter (Q2), i.e., July-September of 2025-26, on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-September

Preliminary data on India’s balance of payments (BoP) for the second quarter (Q2), i.e., July-September 2025-26, are presented in Statements I and II. Key Features of India’s BoP in Q2:2025-26 India’s current account deficit moderated to US$ 12.3 billion (1.3 per cent of GDP) in Q2:2025-26 from US$ 20.8 billion (2.2 per cent of GDP) in Q2:2024-25 (Table 1).1,2 Merchandise trade deficit at US$ 87.4 billion in Q2:2025-26 was lower than US$ 88.5 billion in Q2:2024-25. Net services receipts increased to US$ 5

Analysis of the performance under the Citizen’s Charter during the month of November 2025 has been carried out, and the summary thereof is given below –

The National Strategy for Financial Inclusion (NSFI): 2025-30, approved by the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) in its 32nd meeting, was formally released by Shri Sanjay Malhotra, Governor, RBI on December 01, 2025. 2. NSFI: 2025-30 emphasises a synergistic ecosystem approach, improving the quality and consistency of

(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) 20,883.14 5.14 3.50-5.77 I. Call Money 3,142.62 5.25 4.75-5.40 II. Triparty Repo 11,902.95 4.90 4.50-5.50 III. Market Repo 5,837.57 5.55 3.50-5.77 IV. Repo in Corporate Bond 0.00 - - B. Term Segment I. Notice Money** 0.00 - - II. Term Money@@ 0.00 - -