Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Dwarkadas Mantri Nagari Sahakari Bank Ltd, Beed – Withdrawal of Directions

Today, the Reserve Bank released its quarterly house price index (HPI)[1] (base: 2010-11=100) for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities[2]. Time series data on all-India and city-wise HPIs are available at the Bank’s database on Indian economy (DBIE) portal (https://cimsdbie.rbi.org.in/DBIE/#/dbie/home> Statistics > Real Sector > Prices & Wages).

The Reserve Bank of India (RBI) has, by an order dated February 26, 2024, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on State Bank of India (the bank) for contravention of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act), and sub-section (2) of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme, 2014. 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated February 09, 2024, imposed a monetary penalty of ₹16 lakh (Rupees Sixteen lakh only) on Ocean Capital Market Limited, Rourkela, Odisha (the company), for non-compliance with certain provisions of the “Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and specific directions issued by RBI to the company, on submission of returns on XBRL platform. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

The Reserve Bank of India (RBI) has, by an order dated February 06, 2024 imposed a monetary penalty of ₹32.30 lakh (Rupees Thirty two lakh thirty thousand only) on Canara Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’ and ‘Resolution Framework - 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’. 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 Banking Regulation Act, 1949 and section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated February 08, 2024, imposed a monetary penalty of ₹66.00 lakh (Rupees Sixty-six lakh only) on City Union Bank Limited (the bank) for non-compliance with certain directions issued by RBI on 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts' and ‘Reserve Bank of lndia (Know Your Customer (KYC)) 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, vide Directive: LKO.DoS.SED.No.S-381/10.12.359/2023-24 dated August 28, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the Purvanchal Co-operative Bank Ltd., Ghazipur (U.P) under Directions from the close of business on August 29, 2023 and being valid upto close of business on February 29, 2024.

A. Source Security 8.20% GS 2025 7.59% GS 2026 7.59% GS 2026 7.59% GS 2026 6.99% GS 2026 6.99% GS 2026 B. Notified Amount (amount in ₹ cr) 2,000 2,000 1,000 1,000 2,000 1,000 Destination Security 9.20% GS 2030 8.28% GS 2032 6.80% GS 2060 8.33% GS 2036 8.24% GS 2033 6.76% GS 2061

(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 - -

MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 0.00 - - I. Call Money  

Tenor 3-day Notified Amount (in ₹ crore) 1,50,000 Total amount of bids received (in ₹ crore) 2,40,910 Amount allotted (in ₹ crore) 1,50,006 Cut off Rate (%) 6.63 Weighted Average Rate (%) 6.67 Partial Allotment Percentage of bids received at cut off rate (%) 69.25  Ajit Prasad Director (Communications) Press Release: 2023-2024/1933

Reserve Bank of India (RBI) is observing the Financial Literacy Week (FLW) 2024 from February 26 to March 1, 2024 on the theme “Make a Right Start – Become Financially Smart”. FLW has been observed every year since 2016 with the aim of promoting financial literacy.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume  (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 552,935.91 6.67 3.00-7.80 I. Call Money 12,722.44 6.68 5.00-6.95 II. Triparty Repo 373,074.50 6.67 6.50-6.96 III. Market Repo 166,518.97 6.67 3.00-7.00 IV. Repo in Corporate Bond 620.00 6.93 6.85-7.80

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of 32,849 Crore (Face Value). 

The Reserve Bank of India issued Directions to Thodupuzha Urban Co-operative Bank Ltd, Kerala under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive No. CO.DOS.SED.No.S3361/12-07-005/2022-2023 dated August 23, 2022, from close of business on August 23, 2022, for a period of six months, which were extended from time to time, last being up to February 23, 2024, vide Directive No. DOR.MON.D-94/12.16.051/2023-24 dated November 21, 2023.

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

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2023 2024 Variation Feb. 17 Feb. 9 Feb. 16 

The Reserve Bank of India, in exercise of its powers under section 35A of the Banking Regulation Act, 1949, had put certain business restrictions on Paytm Payments Bank, vide Press Releases dated March 11, 2022, January 31 and February 16, 2024. RBI also released a set of FAQs on February 16, 2024 for the benefit of customers, wallet holders and merchants who are availing banking services from Paytm Payments Bank.

Tenor 13-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 2,04,960 Amount allotted (in ₹ crore) 1,00,004 Cut off Rate (%) 6.62 Weighted Average Rate (%) 6.64 Partial Allotment Percentage of bids received at cut off rate (%) 33.27  Ajit Prasad Director (Communications) Press Release: 2023-2024/1925

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs) ALL SCHEDULED BANKS 10-Feb-23 26-JAN-2024 * 09-FEB-2024 * 10-Feb-23 26-JAN-2024 * 09-FEB-2024 * I LIABILITIES TO THE BKG.SYSTEM (A)   

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 26, 2024, Monday, as under:

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 535,694.11 6.38 5.00-7.55 I. Call Money 10,475.36 6.55 5.00-6.75

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 23, 2024, Friday, as under:
 

The Reserve Bank of India (RBI) has, by an order dated February 14, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Hanamasagar Urban Co-operative Bank Ltd., Hanamasagar, Karnataka (the bank) for non-compliance with the directions issued by RBI on “Frauds in UCBs: Changes in Monitoring and Reporting mechanism” read with the directions issued by RBI on “Master Circular on Frauds-Classification and Reporting” and “Reporting of Frauds on XBRL-FMR submission, FMR 2 discontinuation and introduction of FMR-3”. 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.

The Reserve Bank of India (RBI) has, by an order dated February 7, 2024, imposed a monetary penalty of ₹26.60 lakh (Rupees Twenty-Six lakh Sixty thousand only) on G P Parsik Sahakari Bank Ltd., Thane (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’ and on ‘Basic Savings Bank Deposit Account’ (BSBD Account).

The Reserve Bank of India (RBl) has, by an order dated February 13, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Janseva Co-operative Bank Limited, Nashik, Maharashtra (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’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated February 14, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Transport Co-operative Bank Ltd., Indore, Madhya Pradesh (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 on ‘Investments by Primary (Urban) Co-operative Banks’.

The forty seventh meeting of the Monetary Policy Committee (MPC), constituted under Section 45ZB of the Reserve Bank of India Act, 1934, was held during February 6 to 8, 2024.

The Reserve Bank of India issued Directions to Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive NGP.DOS.SSM 2.No.S1389/15-04-616/2022-2023 dated February 23, 2023, for a period of six months up to August 24, 2023 as modified from time to time which were last extended up to close of business on February 24, 2024 vide Directive DOR.MON/D-88/12.22.275/2023-24 dated November 13, 2023.

The Reserve Bank of India (RBI) has, by an order dated February 13, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and Fifty thousand only) on The Adinath Co-operative Bank Limited, Dist. Surat, 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 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)

Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹19,000 crore (face value). The security-wise details of the conversion/switch are given as under:

The Reserve Bank has today released data on Reserve Money for the week ended February 16, 2024 and Money Supply for the fortnight ended February 09, 2024. Ajit Prasad Director (Communications) Press Release: 2023-2024/1911

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹10000 Crore ₹15000 Crore ₹9000 Crore II. Competitive Bids Received (i) Number 127 164 148 (ii) Amount ₹ 37544.202 Crore ₹ 42469.850 Crore ₹ 39805.460 Crore III. Cut-off price / Yield 98.2803 96.5395 93.3584 (YTM:7.0184%) (YTM:7.1888%) (YTM:7.1336%)

I. T-Bill 91 days 182 days 364 days II. Total Face Value Notified ₹10,000 Crore ₹15,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.2803 (YTM: 7.0184%) 96.5395 (YTM: 7.1888%) 93.3584 (YTM: 7.1336%) IV. Total Face Value Accepted ₹10,000 Crore ₹15,000 Crore ₹9,000 Crore Ajit Prasad Director (Communications) Press Release: 2023-2024/1909

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume  (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 536,559.80 6.52 5.00-6.90 I. Call Money 11,932.40 6.70 5.00-6.80 II. Triparty Repo 357,597.30 6.46 6.05-6.70 III. Market Repo 166,404.39 6.64 5.00-6.80 IV. Repo in Corporate Bond 625.71 6.90 6.89-6.90

The result of the auction of State Government Securities held on February 20, 2024 is as under:

Today, the Reserve Bank released the February 2024 issue of its monthly Bulletin. The Bulletin includes monetary policy statement, five speeches, four articles, current statistics.

Sr. No. State/UT Amount to be raised (₹ Cr) Amount Accepted (₹ Crore) Cut off Price (₹) / Yield (%) Tenure (Year) 1 Andhra Pradesh 900 900 7.44 15 2 Bihar 2000 2000

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District) vide Directive No. AP.DOS.INSP1.No.S89/03-02-097/2022-2023 dated February 23, 2023, for a period of six months up to the close of business on August 24, 2023 as modified from time to time, which was last extended up to the close of business on February 24, 2024 vide Directive DOR.MON/D-92/12.22.789/2023-24 dated November 15, 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 the close of business on February 24, 2024.

(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) 13,481.34 6.36 5.05-6.75 I. Call Money 737.13 6.20 5.70-6.75 II. Triparty Repo 12,391.10 6.38 6.10-6.64 III. Market Repo 353.11 5.77 5.05-6.10

Tenor 3-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 68,640 Amount allotted (in ₹ crore) 50,003 Cut off Rate (%) 6.55 Weighted Average Rate (%) 6.60 Partial Allotment Percentage of bids received at cut off rate (%) 91.19  Ajit Prasad Director (Communications) Press Release: 2023-2024/1900

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 8,386.18 6.52 5.75-6.90 I. Call Money 812.53 6.14 5.75-6.75 II. Triparty Repo 7,108.65 6.54 6.00-6.74

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

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023, as modified from time to time, which were last extended up to close of business on February 24, 2024 vide Directive DOR.MON/D-91/12.23.292/2023-24 dated November 15, 2023.

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 January 2024. Ajit Prasad              
Director (Communications) Press Release: 2023-2024/1896

The Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, had put certain business restrictions on Paytm Payments Bank Ltd (PPBL or the bank), vide Press Releases dated March 11, 2022 and January 31, 2024