Press Releases

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on December 13, 2024, Friday, as under:

The Reserve Bank of India (RBI) has, by an order dated December 10, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Ropar Central Co-operative Bank Ltd., Ropar, Punjab (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act). 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 BR Act.

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 November 2024.

Government of India has announced the sale (issue / re-issue) of Government Securities, as detailed below, through auctions to be held on December 13, 2024.

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs) ALL SCHEDULED BANKS 01-Dec-2023 15-Nov-2024* 29-Nov-2024* 01-Dec-2023 15-Nov-2024* 29-Nov-2024* I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 249012.95 286037.41 273721.88 252864.88 291221.79 278500.30** b) Borrowings from banks 200300.56 135263.61 136378.04 200371.41 135338.08 136401.00 c) Other demand & time liabilities 71526.81 24650.32 24840.15 72234.28 25006.84 25175.79

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 587,676.92 6.66 3.00-7.15 I. Call Money 11,007.27 6.70 5.50-6.90 II. Triparty Repo 424,300.60 6.65 6.00-6.78 III. Market Repo 151,000.35 6.67 3.00-6.90 IV. Repo in Corporate Bond 1,368.70 6.86 6.85-7.15

The Reserve Bank has today released data on Reserve Money for the week ended December 06, 2024 and Money Supply for the fortnight ended November 29, 2024.

Shri Sanjay Malhotra, an Indian Administrative Service Officer of 1990 Batch Rajasthan Cadre, took over charge as the 26th Governor of the Reserve Bank of India effective December 11, 2024. Immediately prior to this appointment, Shri Malhotra was Secretary, Department of Revenue (DOR) in the Ministry of Finance, Government of India, before which Shri Malhotra held the post of Secretary in Department of Financial Services in the Ministry of Finance, Government of India.

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Amanath Co-operative Bank Ltd., Bangalore vide Directive No. CO.DOS.SED.No.S1931/12.23.001/2024-2025 dated June 12, 2024, for a period of six months upto December 12, 2024. 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 12, 2024

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹7000 Crore ₹6000 Crore ₹6000 Crore II. Competitive Bids Received (i) Number 99 73 77 (ii) Amount ₹ 27635.000 Crore ₹ 13477.100 Crore ₹ 16529.150 Crore III. Cut-off price / Yield 98.4179 96.8092 93.8439 (YTM:6.4478%) (YTM:6.6100%) (YTM:6.5780%) IV. Competitive Bids Accepted (i) Number 25 52 37 (ii) Amount ₹ 6958.793 Crore ₹ 5983.673 Crore ₹ 5986.534 Crore V. Partial Allotment Percentage of Competitive Bids 45.96% 12.07% 9.12% (1 Bid) (2 Bids) (1 Bid) VI. Weighted Average Price/Yield 98.4195 96.8211 93.8597 (WAY: 6.4412%) (WAY: 6.5846%) (WAY: 6.5600%)

I. T-Bill 91 days 182 days 364 days 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 98.4179 (YTM:6.4478%) 96.8092 (YTM: 6.6100%) 93.8439 (YTM: 6.5780%) IV. Total Face Value Accepted ₹7,000 Crore ₹6,000 Crore ₹6,000 Crore

Tenor 2-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 62,877 Amount allotted (in ₹ crore) 25,005 Cut off Rate (%) 6.64 Weighted Average Rate (%) 6.65 Partial Allotment Percentage of bids received at cut off rate (%) 74.23

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on December 11, 2024, Wednesday, 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) 586,544.31 6.64 0.01-7.00 I. Call Money 12,645.15 6.67 5.50-6.85 II. Triparty Repo 417,331.55 6.64 6.59-7.00 III. Market Repo 155,239.91 6.66 0.01-6.85 IV. Repo in Corporate Bond 1,327.70 6.80 6.79-6.81

In terms of GOI Notification F.No.4(25)–W&M /2017 dated October 06, 2017 (SGB 2017-18 Series XI -Issue date December 11, 2017) and in terms of GOI Notification F.No.4(7)-B(W&M)/2019 dated May 30, 2019 (SGB 2019-20 Series I - Issue date June 11, 2019) 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 December 11, 2024.

The Reserve Bank of India, vide directive CO.DOS.SED.No.S8240/12-22-493/2022-2023 dated March 09, 2023, had placed Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra under Directions from the close of business on March 10, 2023, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to December 10, 2024.

The Reserve Bank of India, vide directive CO.DOS.SED.No.S8241/12-22-316/2022-2023 dated March 09, 2023, had placed Defence Accounts Cooperative Bank ltd, Pune under Directions from the close of business on March 10, 2023.

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Karwar Urban Co-operative Bank Ltd., Karwar vide Directive No. CO.DOS.SED.No.S1932/12-23-065/2024-2025 dated June 12, 2024, for a period of six months up to close of business on December 12, 2024. 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 close of business on December 12, 2024.

The result of the auction of State Government Securities held on December 10, 2024 is as under: (Amount in ₹ Crore) GUJARAT 2033 HARYANA 2037 JAMMU AND KASHMIR UT 2046 KARNATAKA 2035 Notified Amount 1000 1000 400 2000 Tenure 9 13 22 Re-issue of 6.61% Karnataka SDL 2035 issued on September 02, 2020

Sr. No. State/UT Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Price (₹)/ Yield (%) Tenure (Year) 1. Gujarat 1000 1000 7.04 09 2. Haryana 1000 1000 7.09 13 3. Jammu and Kashmir 400 400 7.08 22 4. Karnataka 2000 2000 96.31/7.1055 Re-issue of 6.61% Karnataka SDL 2035 issued on September 02, 2020

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 573,183.80 6.54 3.00-7.05 I. Call Money 11,618.93 6.56 5.50-6.75 II. Triparty Repo 404,756.00 6.52 6.25-6.60 III. Market Repo 155,430.17 6.57 3.00-7.05 IV. Repo in Corporate Bond 1,378.70 6.74 6.70-6.95 

Government of India (GOI) has announced the sale (issue / re-issue) of three dated securities for a notified amount of ₹37,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ Crore) GoI specific Notification Auction Date Settlement Date 1 6.79% GS 2034 Oct 07, 2034 22,000 F.No.4(3)-B(W&M)/2024 dated December 09, 2024 December 13, 2024 (Friday) December 16, 2024 (Monday) 2 New GOI SGrB 2054 Dec 16, 2054 5,000 3 7.09% GS 2074 Nov 25, 2074 10,000 Total 37,000 

In terms of GOI Notification F.No.4(7)-B(W&M)/2019 dated September 30, 2019 (SGB 2019-20 Series VII - Issue date December 10, 2019) 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 due date of premature redemption of the above tranche shall be December 10, 2024. 

The Reserve Bank of India, vide directive CDG.DOS.RSG.No.S1645/16-03-46/2022-23 dated March 9, 2023, had placed Imperial Urban Cooperative Bank Ltd., Jalandhar– under Directions from the close of business on March 10, 2023, for a period of six months up to September 10, 2023, the validity of which was last extended up to close of business

The Reserve Bank of India (RBI) has, by an order dated December 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Halol Mercantile Co-operative Bank Ltd., Dist. Panchmahal, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’ and ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’. 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 December 04, 2024, imposed a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Apani Sahkari Bank Ltd., Ahmedabad, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Know Your Customer (KYC)’. 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 BR Act.

Today, the Reserve Bank of India released the ninth edition of its statistical publication titled “Handbook of Statistics on Indian States, 2023-24”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economies of India.

(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) 31,609.43 6.56 5.50-6.75 I. Call Money 1,101.40 6.15 5.50-6.70 II. Triparty Repo 30,406.80 6.57 6.20-6.75 III. Market Repo 101.23 6.25 6.25-6.25 IV. Repo in Corporate Bond 0.00 - - B. Term Segment I. Notice Money** 2.00 6.24 6.24-6.24 II. Term Money@@ 0.00 - - III. Triparty Repo 0.00 - - IV. Market Repo 0.00 - - V. Repo in Corporate Bond 0.00 - -

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 40,630 Amount allotted (in ₹ crore) 40,630 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.53 Partial Allotment Percentage of bids 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) 7,783.35 6.46 5.50-6.85 I. Call Money 1,281.60 6.24 5.50-6.70 II. Triparty Repo 5,063.05 6.45 6.00-6.75 III. Market Repo 0.00 - - IV. Repo in Corporate Bond 1,438.70 6.70 6.55-6.85

As part of the events to commemorate the 90th year of the Reserve Bank of India, a nationwide quiz for undergraduate college students named RBI90Quiz was launched on August 20, 2024. The quiz attracted widespread interest with participation of 1,58,206 students from 13,961 colleges, spread across 734 districts of the country. 

The rate of interest on Government of India Floating Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2024 to June 06, 2025 shall be 7.59 per cent per annum.

The following State Governments/UT have offered to sell stock by way of auction, for an aggregate amount of ₹ 11,400 Crore (Face Value). Sr. No. State/UT Amount to be raised. (₹Crore) Tenure (Year) Type of Auction 1. Gujarat 1000 09 Yield 2. Haryana 1000 13 Yield 3. Jammu and Kashmir 400 22 Yield 4. Karnataka 2000 Re-issue of 6.61% Karnataka SDL 2035 issued on September 02, 2020 Price 2000 Re-issue of 6.75% Karnataka SDL 2035, issued on November 04, 2020 Price 5. Tamil Nadu 2000 10 Yield 6. Uttar Pradesh 3000 14 Yield Total 11400

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 December 11, 2024 (Wednesday) December 12, 2024 (Thursday) 2 182 Days 6,000 3 364 Days 6,000 Total 19,000

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on December 09, 2024, Monday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 1 10:00 AM to 10:30 AM December 10, 2024 (Tuesday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

The Reserve Bank of India today released on its website the results of the following Surveys: i) Consumer Confidence Survey (CCS) – November 2024 ii) Inflation Expectations Survey of Households (IESH) – November 2024 iii) Survey of Professional Forecasters on Macroeconomic Indicators –Round 91st 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 2023 2024 Variation Dec. 1 Nov. 22 Nov. 29 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 21748 22714 16465 -6249 -5283 * Data are provisional; difference, if any, is due to rounding off.

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to National Mercantile Co-operative Bank Ltd., Lucknow vide Directive No. LKO.DOS.SED.No.S875/10-03-759/2022-2023 dated March 09, 2023, for a period of six months up to close of business on September 10, 2023, as modified from time to time, which were last extended up to close of business on December 10, 2024 vide Directive No. DOR.MON/D-50/12-28-015/2024-2025 dated September 04, 2024. 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 close of business on December 10, 2024

Auction Results New GS 2027 6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹7,000 crore ₹13,000 crore ₹10,000 crore II. Underwriting Notified Amount ₹7,000 crore ₹13,000 crore ₹10,000 crore III. Competitive Bids Received (i) Number 73 169 218 (ii) Amount ₹ 21411.000 Crore ₹ 23251.218 Crore ₹ 25882.504 Crore IV. Cut-off price / Yield - 100.38 100.93 (YTM:6.64%) (YTM:6.8783%) (YTM:7.0140%)

New GS 2027 6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹7,000 crore ₹13,000 crore ₹10,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 6.64% 100.38/6.8783% 100.93/7.0140% III. Amount accepted in the auction ₹7,000 crore ₹13,000 crore ₹10,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

In the underwriting auctions conducted on December 06, 2024, 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)

This Statement sets out various developmental and regulatory policy measures relating to (i) Liquidity and Financial Markets; (ii) Regulation; (iii) Communication; (iv) Financial Inclusion; (v) Payment Systems; and (vi) Fintech. I. Liquidity and Financial Markets 1. Reduction in Cash Reserve Ratio It has been decided to reduce the cash reserve ratio (CRR) of all banks by 50 bps in two equal tranches of 25 bps each to 4.0 per cent of net demand and time liabilities (NDTL) with effect from the fortnight beginning December 14, 2024 and December 28, 2024, respectively.

As we stand at the threshold of 2025, let me reflect upon the eventful journey of 2024. In line with the trend in the last few years, central banks were once again put to the ultimate test to stabilise their economies against continuous, colossal and complex shocks. Central banks are constantly adapting to the new global economic and financial landscape created by geopolitical conflicts, geoeconomic fragmentation, financial market volatility and continuing uncertainties, all of which are testing the resilience of the global economy. The last mile of disinflation is turning out to be prolonged and arduous, both for advanced and emerging market economies (EMEs). Maintaining macroeconomic and financial stability, and building buffers, continue to be the lodestar for the EMEs.

Monetary Policy Decisions After assessing the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 6, 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) 596,951.64 6.54 5.00-6.90 I. Call Money 12,150.79 6.53 5.10-6.75 II. Triparty Repo 435,140.30 6.54 6.39-6.75 III. Market Repo 148,181.85 6.54 5.00-6.90 IV. Repo in Corporate Bond 1,478.70 6.69 6.65-6.85

The Reserve Bank of India (RBI) has, by an order dated December 4, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Kulithalai Co-operative Urban Bank Ltd., Tamil Nadu (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’ and certain directions issued by RBI on ‘Issue and regulation of share capital and securities - 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.

The Reserve Bank of India (RBI) has, by an order dated December 04, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Bapatla Co-operative Urban Bank Ltd., Andhra Pradesh (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’, ‘Exposure Norms and Statutory / Other Restrictions - UCBs’ and ‘Know Your Customer (KYC)’. 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 imposed, by an order dated December 05, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on Zila Sahkari Bank Ltd., Mirzapur (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act). 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 BR Act.

Government of India has announced the sale (issue / re-issue) of Government Securities, as detailed below, through auctions to be held on December 06, 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), are as under: