Press Releases

December 04, 2023 RBI imposes monetary penalty on The Konark Urban Cooperative Bank Ltd., Ulhasnagar, Maharashtra  The Reserve Bank of India (RBI) has, by an order dated November 20, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Konark Urban Cooperative Bank Ltd., Ulhasnagar (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 conferred on RBI under the provisions of Section 47A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

December 04, 2023   RBI imposes monetary penalty on The Chembur Nagarik Sahakari Bank Ltd., Mumbai, Maharashtra The Reserve Bank of India (RBI) has, by an order dated November 20, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Chembur Nagarik Sahakari Bank Ltd., Mumbai (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 conferred on RBI under the provisions of section 47A (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 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    -    -

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 15,321.48 6.69    5.50-6.90 I. Call Money    961.55    6.20 5.50-6.70 II. Triparty Repo 12,206.90 6.75    6.00-6.90 III. Market Repo 2,153.03 6.57 6.50-6.60 IV. Repo in Corporate Bond 0.00 - - B. Term Segment I. Notice Money** 12,432.82 6.79 5.00-6.90 II. Term Money@@ 228.50 - 6.75-6.90 III. Triparty Repo 358,510.95    6.75 6.35-6.77 IV. Market Repo 160,757.05 6.78 0.01-6.98

The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S850/10-03-030/2022-2023 dated March 02, 2023 had placed Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) under Directions from the close of business on March 03, 2023 for a period of six months. The validity of the directions was further extended up to close of business on December 03, 2023.

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, 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 tranche shall be December 04, 2023.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹15,132 Crore (Face Value).  Sr. No.    State / UT    Amount to be raised (₹ Cr)    Additional Borrowing (Greenshoe) Option (₹ Cr)    Tenure (Year)    Type of Auction 1    Andhra Pradesh    1000    -    6    Yield 1000    -    9    Yield 1000    -    14    Yield 2    Bihar    2000    -    15    Yield 3    Haryana    1000    -    10    Yield 4    Jammu and Kashmir    600    -    27    Yield 5    Karnataka    2000    -    10    Yield

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:  Sr. No.    Treasury Bill    Notified Amount (in ₹ Crore)    Auction Date    Settlement Date 1    91 Days    7,000    November 01, 2023 (Wednesday)    November 02, 2023 (Thursday)

Auction Results 7.37% GS 2028 7.18% GS 2033 7.30% GS 2053 I. Notified Amount ₹7000 Crore ₹13000 Crore ₹10000 Crore II. Underwriting Notified Amount ₹7000 Crore ₹13000 Crore ₹10000 Crore III. Competitive Bids Received (i) Number 132 186 278 (ii) Amount ₹19766 Crore ₹30297.700 Crore ₹25849.173 Crore IV. Cut-off price / Yield 100.40 99.23 97.11 (YTM: 7.2684%) (YTM: 7.2899%) (YTM: 7.5452%) V. Competitive Bids Accepted (i) Number 40 61 159

7.37% GS 2028 7.18% GS 2033 7.30% GS 2053 I. Notified Amount ₹7,000 crore ₹13,000 crore    ₹10,000 crore II. Cut off Price / Implicit Yield at cut-off 100.40/7.2684% 99.23/7.2899% 97.11/7.5452% III. Amount accepted in the auction    ₹7,000 crore ₹13,000 crore ₹10,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL Ajit Prasad Director (Communications)  Press Release: 2023-2024/1388

Today, the Reserve Bank released the web publication ‘Deposits with Scheduled Commercial Banks – September 2023’ on its Database on Indian Economy (DBIE) portal3 (web-link: - https://dbieold.rbi.org.in/DBIE/dbie.rbi?site=BsrPublications#!21).  Scheduled commercial banks (SCBs) {excluding regional rural banks (RRBs)} report branch-wise data on type of deposits (current, savings and term), its institutional sector wise ownership, age wise distribution of deposits pertaining to individuals, maturity pattern of term deposits as well as number of bank employees in the quarterly Basic Statistical Return (BSR) – 2 to the Reserve Bank. These data are disseminated at disaggregated level (viz., type of deposits, population groups, bank groups, states, districts, centres, interest rate ranges, size and original as well as residual maturity).

Today, the Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs) - September 2023’ on its Database on Indian Economy (DBIE) portal1 (web-link: https://dbieold.rbi.org.in/DBIE/dbie.rbi?site=BsrPublications#!12). It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account and interest rates based on account-level reporting2. Data reported by 90 SCBs (excluding Regional Rural Banks) are presented for bank groups, population groups and states3.

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item    2022    2023    Variation Nov. 25    Nov. 17    Nov. 24    Week    Year 1    2    3    4    5 4 Loans and Advances         4.1 Central Government    0    0    0    0    0 4.2 State Governments    2944    17338    16275    -1062    13331 * Data are provisional; difference, if any, is due to rounding off.

The value of exports and imports of services during October 2023 is given in the following table.  International Trade in Services (US$ Million) Month    Receipts (Exports)    Payments (Imports) July – 2023    26,228 (8.1)    13,754 (-2.2) August – 2023    28,719 (8.4)    15,103

Tenor 14-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 22,468 Amount accepted (in ₹ crore) 22,468 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA Ajit Prasad Director (Communications) Press Release: 2023-2024/1389

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 has been periodically published by the RBI.  2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs, SFBs and PBs)    ALL SCHEDULED BANKS 18-Nov-22 03-NOV-2023* 17-NOV-2023* 18-Nov-22    03-NOV-2023* 17-NOV-2023* I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 197683.51 242686.81 241123.31 200234.72 246100.18 244489.89 **  b) Borrowings from banks 59717.51 195603.02 186866.5 59825.5 195669.28 186961.73 c) Other demand & time liabilities 52717.05 72833.37 72004.03 53280.8    73572.49 72619.52

In the underwriting auctions conducted on December 01, 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 Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate (paise per ₹100)

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Musiri Urban Co-operative Bank Limited, Musiri vide Directive No. CHN.DoS.UCBs.No.S1135/12-01-849/ 2022-23 dated March 02, 2023, for a period of six months up to September 02, 2023, which was last extended up to December 02, 2023 vide Directive DOR.MON/D-63/12.25.135/2023-24 dated August 29, 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 December 02, 2023.

The Reserve Bank of India issued Directions to Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive AMD.DOS.SSM.No.S1561/11-03-203/2022-2023 dated March 02, 2023, for a period of six months up to September 03, 2023, which was last extended up to December 02, 2023 vide Directive DOR.MON/D-62/12.21.203/2023-24 dated August 29, 2023.

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Faiz Mercantile Cooperative Bank Ltd., Nashik Maharashtra vide Directive no. NGP.DOS.SSM 4.No.S1412/15-03-552/2022-2023 dated March 02, 2023, for a period of six months up to September 3, 2023 and modified from time to time which were last extended up to December 3, 2023 vide Directive DOR.MON.D-64/12.22.407/2023-24 dated August 31, 2023. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive beyond December 3, 2023.

 (Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 502,797.21 6.76 0.01-7.00 I. Call Money    11,115.29 6.78 5.00-6.90 II. Triparty Repo 351,036.80 6.76 6.50-6.80 III. Market Repo 140,345.12 6.78 0.01-6.89 IV. Repo in Corporate Bond 300.00 7.00 7.00-7.00 B. Term Segment I. Notice Money** 154.00 6.53 6.00-6.85 II. Term Money@@ 219.00    - 6.75-7.00 III. Triparty Repo 310.00 6.79 6.50-6.85 IV. Market Repo 1,101.45 7.10 7.10-7.10 V. Repo in Corporate Bond    0.00

The Reserve Bank of India (RBI) and the Bank of England (BoE) today signed a Memorandum of Understanding (MoU) concerning cooperation and exchange of information in relation to the Clearing Corporation of India Limited (CCIL). The MoU establishes a framework for the BoE to place reliance on RBI’s regulatory and supervisory activities while safeguarding UK financial stability. The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE’s commitment to deference to other regulators’ regimes.

The Reserve Bank of India (RBI) has, by an order dated November 07, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Balasore Bhadrak Central Co-operative Bank Ltd., Balasore (the bank) for non-compliance with the directions issued by RBI on “Membership of Credit Information Companies (CICs)”. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 25 (1) (iii) read with section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on December 01, 2023, Friday, as under:  Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 14 10:30 AM to 11:00 AM December 15, 2023 (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 Director (Communications) Press Release: 2023-2024/1374

Data on sectoral deployment of bank credit for the month of September 20231 collected from 40 select scheduled commercial banks, accounting for about 93 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II. On a year-on-year (y-o-y) basis, non-food bank credit2 registered a growth of 15.3 per cent in September 20233 as compared with 16.9 per cent a year ago. Highlights of the sectoral deployment of bank credit3 are given below:

Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of November 2023 are set out in Tables 1 to 7.

Today, the Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q2:2023-24, based on transaction-level data received from the registration authorities in ten major cities2. Time series data on all-India and city-wise HPIs are available at the Bank’s database on Indian economy (DBIE) portal (https://dbieold.rbi.org.in/DBIE/dbie.rbi?site=statistics > Real Sector > Price & Wages> Quarterly).

Today, the Reserve Bank released data on the performance of the private corporate sector during the second quarter of 2023-24 drawn from abridged quarterly financial results of 2,835 listed non-government non-financial companies. These include data for Q2:2022-23 and Q1:2023-24 to enable comparison (web-link

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 525,397.55 6.77 0.01-7.02 I. Call Money 7,912.85 6.79 5.00-6.90 II. Triparty Repo 369,615.35 6.77 6.25-6.82 III. Market Repo 147,644.35 6.79 0.01-6.90 IV. Repo in Corporate Bond 225.00 7.02 7.02-7.02 B. Term Segment I. Notice Money** 5,024.15 6.84 5.75-6.98 II. Term Money@@ 1,933.00 - 6.55-7.07 III. Triparty Repo 1,000.00 6.87 6.85-6.88 IV. Market Repo 550.00 7.10 7.10-7.10 V. Repo in Corporate Bond 0.00 - -

The Reserve Bank of India (RBI) has, by an order dated November 03, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Dhrangadhra People’s Co-operative Bank Ltd., Dhrangadhra, Dist. Surendranagar, 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 conferred on RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 13, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and fifty thousand only) on The Patliputra Central Cooperative Bank Ltd, Bihar (the bank) for non-compliance with the directions issued by RBI on ‘The Depositor Education and Awareness Fund Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 - Operational Guidelines’ and ‘Reserve Bank of India – (Know Your Customer (KYC)) Directions, 2016’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India has imposed a monetary penalty of ₹10,000/- (Rupees Ten thousand only) on Bank of America, N.A. in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of Reserve Bank of India’s instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999.

The Reserve Bank of India has imposed a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on HDFC Bank Limited. in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of Reserve Bank of India’s directions on acceptance of deposits from non-residents.

The Reserve Bank of India (RBI) has, by an order dated October 30, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on Patan Nagarik Sahakari Bank Ltd., Patan, 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 conferred on RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 03, 2023, imposed a monetary penalty of ₹1.50 Lakh (Rupees One lakh fifty thousand only) on The Mandal Nagarik Sahakari Bank Ltd., Mandal, Dist. 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’ read with ‘Loans and Advances to Directors etc. - Directors as surety/guarantors – Clarification’ and ‘Co-operative Banks - Interest Rate on Deposits’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on December 01, 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 Money Supply for the fortnight ended November 17, 2023 Ajit Prasad Director (Communications) Press Release: 2023-2024/664

The Reserve Bank has today released data on Reserve Money for the week ended November 24, 2023. Ajit Prasad Director (Communications) Press Release: 2023-2024/1368

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹7000 Crore ₹8000 Crore ₹9000 Crore II. Competitive Bids Received (i) Number 103 94 146 (ii) Amount ₹22842.650 Crore ₹15387.150 Crore ₹27636.150 Crore III. Cut-off price / Yield 98.2944 96.5550 93.3463 (YTM:6.9599%) (YTM:7.1554%) (YTM:7.1476%) IV. Competitive Bids Accepted (i) Number 51 77 67

I. T-Bill 91 days 182 days 364 days II.    Total Face Value Notified ₹7,000 Crore ₹8,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price    98.2944 (YTM: 6.9599%) 96.5550 (YTM: 7.1554%)    93.3463 (YTM: 7.1476%) IV. Total Face Value Accepted ₹7,000 Crore ₹8,000 Crore ₹9,000 Crore Ajit Prasad Director(Communications) Press Release: 2023-2024/1366

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 571,516.68 6.79 0.01-7.80 I. Call Money 14,947.81 6.81 5.00-6.90 II. Triparty Repo 388,104.30 6.79 6.75-6.82 III. Market Repo 168,314.60 6.80 0.01-7.80 IV. Repo in Corporate Bond 149.97 7.05 7.05-7.05 B. Term Segment

The result of the auction of State Government Securities held on November 28, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2035 CHHATTISGARH 2031 GOA 2033 GUJARAT 2026 Notified Amount 1000 1000 100 1000 Tenure 12 8 10 3 Competitive Bids Received (i) No. 79 50 12 75 (ii) Amount 4836 3627 430 6230 Cut-off Yield (%) 7.77 7.74 7.75 7.58 Competitive Bids Accepted (i) No. 45 22 4

Sr. No    State / UT    Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹) / Yield (%) Tenure (Year) 1 Andhra Pradesh 1000 1000 7.77 12 2 Chhattisgarh 1000 1000 7.74 8 3 Goa 100 100 7.75 10 4 Gujarat 1000 1000 7.58 3 1000 1000 7.65 6 5 Haryana 500 500 7.71 10 1000 1000 7.75 12 6 Jammu and Kashmir 600 600 7.74 20

(Amount in ₹ crore, Rate in Per cent)MONEY MARKETS@ Volume(One Leg) WeightedAverage Rate RangeA. 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  

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 555,209.27 6.79 0.01-7.10 I. Call Money 13,372.58 6.81 5.00-6.92 II. Triparty Repo371,722.45 6.79 6.50-6.82 III. Market Rep 169,649.24 6.80 0.01-6.90

Today, the Reserve Bank of India releases Volume 43, No.2, 2022 of its Occasional Papers, a research journal containing contributions from its staff. This issue contains three articles and two book reviews.  Articles:  1. Cash versus Digital Payment Transactions in India: Decoding the Currency Demand Paradox

Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹30,000 crore as per the following details: Sr No    Security    Date of Repayment    Notified Amount (₹ crore)    GoI specific Notification    Auction Date    Settlement Date 1    7.37% GS 2028    Oct 23, 2028    7,000

In terms of GOI Notification F.No.4(19) - W&M/2014 dated October 30, 2015 (SGB 2015-I - Issue date November 30, 2015) on Sovereign Gold Bond Scheme, the Gold Bonds shall be repayable on the expiration of eight years from the date of the issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be November 30, 2023.