Press Releases

The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as ‘the bank’) to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards.  The bank shall, however, continue to provide services to its existing customers, including its credit card customers

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹12000 Crore ₹7000 Crore ₹8000 Crore II. Competitive Bids Received (i) Number 109 117 138 (ii) Amount ₹ 26921.600 Crore ₹ 24017.100 Crore ₹ 23187.100 Crore III. Cut-off price / Yield 98.3040 96.6110 93.4140 (YTM:6.9200%) (YTM:7.0350%) (YTM:7.0697%) IV. Competitive Bids Accepted

I. T-Bill 91 days 182 days 364 days II. Total Face Value Notified ₹12,000 Crore ₹7,000 Crore ₹8,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.3040 (YTM: 6.9200%) 96.6110 (YTM: 7.0350%) 93.4140 (YTM: 7.0697%) IV. Total Face Value Accepted ₹12,000 Crore ₹7,000 Crore ₹8,000 Crore

The Reserve Bank of India has today issued the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024. The Directions have come into effect immediately.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 5,58,929.08 6.59 0.01-7.25 I. Call Money 11,337.69 6.65 5.10-6.78 II. Triparty Repo 3,79,227.10 6.64 6.59-6.80 III. Market Repo 1,67,582.29 6.48 0.01-6.78 IV. Repo in Corporate Bond 782.00 6.82 6.75-7.25

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No.S592/45-11-001/2024-2025 dated April 23, 2024, has issued certain Directions to The Konark Urban Co-operative Bank Ltd., Ulhasnagar, whereby, as from the close of business on April 23, 2024, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated April 23, 2024, a copy of which is displayed on the bank's website / premises for perusal by interested members of the public. Considering the bank's present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.

The result of the auction of State Government Securities held on April 23, 2024 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2032 ANDHRA PRADESH 2040 ANDHRA PRADESH 2044 KERALA 2039 Notified Amount 1000 1000 1000 1000 Tenure 8 16 20 15 Competitive Bids Received

The framework on countercyclical capital buffer (CCyB) was put in place by the Reserve Bank in terms of guidelines issued on February 5, 2015 wherein it was advised that CCyB would be activated as and when circumstances warranted, and that the decision would normally be pre-announced. The framework envisages credit-to-GDP gap as the main indicator, which may be used in conjunction with other supplementary indicators.

Today, the Reserve Bank released the April 2024 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement (April 3-5) 2024-2025, five speeches, six articles, and current statistics. The six articles are: I. State of the Economy; II. What Drives India's Services Exports?; III. Food and Fuel Prices: Second Round Effects on Headline Inflation in India; IV. India's Foreign Exchange Reserves in High Volatility Episodes – An Empirical Assessment; V. Gauging Linguistic Complexity of Regulatory Communication: A Case Study for India; and VI. Off-site Monitoring System for Surveys (OMOSYS): A Geographic Information System (GIS) Based Approach for Quality Assurance.

It is hereby informed that the Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Durga Co-operative Urban Bank Ltd., Vijayawada vide Directive No. HYD.DOS.INSP4.No.S241/15-36-070/2022-2023 dated July 28, 2022 for a period of six months up to January 29, 2023 as modified from time to time, which were last extended up to the close of business on April 29, 2024 vide Directive No. DOR.MON/D-117/12.24.020/2023-24 dated January 24, 2024.

Sr. No. State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 Andhra Pradesh    1000    1000    7.50    08 1000 1000 7.49    16 1000 1000 7.48    20

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 578,249.63 6.57 1.00-7.25 I. Call Money 12,385.90 6.61 5.10-6.80 II. Triparty Repo 379,471.05 6.64 6.46-6.82 III. Market Repo 185,595.68 6.43 1.00-6.90 IV. Repo in Corporate Bond 797.00 6.83 6.75-7.25 B. Term Segment I. Notice Money** 403.15 6.65 6.20-6.70

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal) vide Directive No. CO.DOS.SED.No.S-2574/12-07-005/2022-23 dated July 21, 2022 for a period of six months up to January 22, 2023 as modified from time to time, which were last extended up to April 22, 2024 vide Directive No. DOR.MON.D-114/12.29.046/ 2023-24 dated January 15, 2024.

In terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series IV - Issue date October 23, 2017) and F.No. 4(22)-B(W&M)/2018 dated October 08, 2018 (SGB 2018-19 Series II – Issue date October 23, 2018) 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 tranches shall be April 23, 2024.

Government of India (GOI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹32,000 crore as per the following details:

The Reserve Bank of India (RBI) has, by an order dated April 01, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions issued under ‘Supervisory Action Framework’ (SAF) for Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers vested in RBI, conferred under 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 April 01, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.

The Reserve Bank of India (RBI) has imposed, by an order dated March 31, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Fatehabad Central Cooperative Bank Limited, Fatehabad (the bank) for contravention of the provisions of section 26A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated March 31, 2024, imposed a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Jogindra Central Co-operative Bank Ltd., Solan, Himachal Pradesh (the bank) for non-compliance with directions issued by National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds-Guidelines for Classification, Reporting and Monitoring’.  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 56 of the Banking Regulation Act, 1949.

Tenor 3-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 73,100 Amount allotted (in ₹ crore) 25,001 Cut off Rate (%) 6.58 Weighted Average Rate (%) 6.60 Partial Allotment Percentage of bids received at cut off rate (%) 29.7