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The Reserve Bank of India (RBI) has imposed, by an order dated September 15, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Jawhar Urban Co-operative Bank Limited, Palghar, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC)’. 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 following 14 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.
It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A 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. GWH.DOS.ADM.No.S163/01-10-101/2023-2024 dated October 12, 2023, has issued certain Directions to The Mahabhairab Co-operative Urban Bank Ltd., Tezpur, whereby, as from the close of business on October 12, 2023, 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 October 12, 2023, 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the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.
Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 13, 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:
(₹ crore)
SecurityNotified AmountMinimum Underwriting Commitment (MUC) amount per PDMinimum bidding commitment per PD under ACU auction
7.17% GS 203012,000286286
7.18% GS 203710,000239239
7.25% GS 206312,000286286
The underwriting auction will be conducted through multiple price-based method on October 13, 2023 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09.00 A.M. and 09.30 A.M. on the day of underwriting auction.
The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume
(One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV)531,877.746.720.01-7.85 I. Call Money9,622.206.715.00-6.85 II. Triparty Repo391,078.906.736.00-6.85 III. Market Repo131,031.646.670.01-6.87 IV. Repo in Corporate Bond145.007.676.80-7.85
B. Term Segment
I. Notice Money**175.506.696.00-6.80
II. Term Money@@615.75-6.30-7.00
III. Triparty Repo0.00--
IV. Market Repo1,395.006.846.80-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFMon, 09/10/20231Tue, 10/10/202330,749.006.75
4. SDFΔMon, 09/10/20231Tue, 10/10/202340,937.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* -10,188.00
The Reserve Bank has today released data on Reserve Money for the week ended September 22, 2023. Ajit Prasad Director (Communications) Press Release: 2023-2024/1002
Auction Results 91 Days 182 Days 364 Days I.Notified Amount ₹10000 Crore ₹8000 Crore ₹6000 Crore II.Competitive Bids Received (i) Number 241173176 (ii) Amount ₹47506.755 Crore ₹21528.5 Crore ₹20035 Crore III.Cut-off price / Yield 98.321596.604393.4225 (YTM: 6.8474%)(YTM: 7.0494%)(YTM: 7.0599%) IV.Competitive Bids Accepted
I.T-Bill91 days182 days364 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 Price98.3125 (YTM: 6.8847%)96.5678 (YTM: 7.1279%)93.3485 (YTM: 7.1450%)
IV.Total Face Value Accepted₹7,000 Crore₹8,000 Crore₹9,000 Crore
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1085
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS @ Volume
(One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)531,877.746.720.01-7.85 I. Call Money 9,622.206.715.00-6.85 II. Triparty Repo 391,078.906.736.00-6.85
III. Market Repo131,031.646.670.01-6.87
IV. Repo in Corporate Bond145.007.676.80-7.85
B. Term Segment
I. Notice Money**175.506.696.00-6.80
II. Term Money@@615.75-6.30-7.00
III. Triparty Repo0.00--
IV. Market Repo1,395.006.846.80-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFMon, 09/10/20231Tue, 10/10/202330,749.006.75
4. SDFΔMon, 09/10/20231Tue, 10/10/202340,937.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* -10,188.00
Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹18,000 crore (face value). The security-wise details of the conversion/switch are given as under:
Date of AuctionSource SecuritiesAmount (FV) of Source Securities
(In ₹ crore)Destination Securities
The Reserve Bank of India has, in exercise of its power, under section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI. The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1083
The result of the auction of State Government Securities held on October 10, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2038GOA 2033GUJARAT 2028GUJARAT 2029* Notified Amount 4501001000500 Tenure 151056 Competitive Bids Received
(i) No.401610460
(ii) Amount26155526198.23682.5
Cut-off Yield (%)7.677.707.62-
Competitive Bids Accepted
(i) No.9714-
(ii) Amount416.80790.835910.823-
Partial Allotment Percentage of Competitive Bids
(i) Percentage30.458613.83580.2323-
(ii) No.(4 bids)(1 bid)(6 bids)-
Non-Competitive Bids Received
(i) No.77127
(ii) Amount33.1939.16589.17722.799
Non-Competitive Price (₹)100.26100.21100.090
Non-Competitive Bids Accepted
(i) No.7712-
(ii) Amount33.1939.16589.177-
Partial Allotment Percentage of Non-Competitive Bids
(i) Percentage----
(ii) No.----
Weighted Average Yield (%)7.64017.67027.5975-
Total Allotment Amount45010010000
PUNJAB 2036**SIKKIM 2033TAMILNADU 2053UTTAR PRADESH 2034
Notified Amount100040020002000
Tenure13103011
Competitive Bids Received
(i) No.852623140
(ii) Amount6466199780358494
Cut-off Yield (%)7.757.757.627.70
Competitive Bids Accepted
(i) No.2612248
(ii) Amount829371.4631987.5611800
Partial Allotment Percentage of Competitive Bids
(i) Percentage-4.731599.378160.6452
(ii) No.-(1 bid)(2 bids)(11 bids)
Non-Competitive Bids Received
(i) No.48317
(ii) Amount22.52228.53712.439288.902
Non-Competitive Price (₹)100.14100.30100.00100.18
Non-Competitive Bids Accepted
(i) No.48317
(ii) Amount22.52228.53712.439200
Partial Allotment Percentage of Non-Competitive Bids
(i) Percentage---69.2276
(ii) No.---(17 bids)
Weighted Average Yield (%)7.73307.70707.62007.6760
Total Allotment Amount851.52240020002000
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS @ Volume (One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)531,877.746.720.01-7.85 I. Call Money 9,622.206.715.00-6.85 II. Triparty Repo 391,078.906.736.00-6.85 III. Market Repo 131,031.646.670.01-6.87 IV. Repo in Corporate Bond145.007.676.80-7.85
B. Term Segment
I. Notice Money**175.506.696.00-6.80
II. Term Money@@615.75-6.30-7.00
III. Triparty Repo0.00--
IV. Market Repo1,395.006.846.80-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFMon, 09/10/20231Tue, 10/10/202330,749.006.75
4. SDFΔMon, 09/10/20231Tue, 10/10/202340,937.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* -10,188.00
Sr. No State Amount to be raised (₹ Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 Andhra Pradesh 1000 1000 7.46 15 2 Assam 250 250 7.47 5 3 Bihar 2000 2000 7.49 8 4 Goa 100 100 7.49 10 5 Kerala 2000 2000 7.47 14 6 Mizoram 80 80 7.46 16 7 Uttar Pradesh 3000 3000 7.49 11 TOTAL 8,430 8,430 Ajit Prasad Director (Communications) Press Release: 2023-2024/789
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹4.50 lakh (Rupees Four lakh Fifty thousand only) on The Kalyan Janata Sahakari Bank Limited, Kalyan, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rates on Deposits’ and ‘Maintenance of Deposit Accounts’. 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.
This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had (i) opened Savings Bank (SB) accounts of ineligible institutions, and (ii) levied charges for non-maintenance of minimum balances in SB accounts without notifying the customers. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the RBI directions, as stated therein.
After considering the bank’s reply to the notice, its additional submissions and the oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1074
The Reserve Bank of India (RBI) has, by an order dated September 14, 2023 imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Gadhinglaj Urban Co-operative Bank Ltd., Gadhinglaj (the bank) for contravention of Section 26A read with Section 56 of the Banking Regulation Act,1949 (BR Act) and Know Your Customer Directions issued by RBI. 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 BR Act.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and all correspondence related thereto, revealed, inter alia, that the bank (i) did not transfer eligible amounts to Depositor Education and Awareness Fund, and (ii) allotted multiple UCICs to its customers. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the direction, as stated therein.
After considering the bank’s reply to the notice, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1076
The Reserve Bank of India (RBI) has, by an order dated September 14, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Rahimatpur Sahakari Bank Ltd., Rahimatpur, Dist. Satara, (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 Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and all correspondence related thereto, revealed, inter alia, that the bank had not conducted annual review of inoperative accounts. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice and the oral submissions made by it during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1075
The Reserve Bank of India (RBI) has imposed, by an order dated September 15, 2023, a monetary penalty of ₹6.00 lakh (Rupees Six lakh only) on The Sahayadri Sahakari Bank Limited, Mumbai (the bank) for contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act), specific directions issued by RBI under the Supervisory Action Framework (SAF), and non-compliance with the RBI Directions on ‘Know Your Customer (KYC)’ and ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. 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 BR Act.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank (i) had not transferred eligible amounts to Depositor Education and Awareness Fund (DEA Fund), (ii) had offered interest rates on deposits at rate more than those offered by the State Bank of India in violation of specific directions issued under the SAF, (iii) had not put in place a system for periodic updation of KYC of its customers, (iv) had not conducted annual review of inoperative/dormant accounts, and (v) had not conducted periodic review of risk categorisation of its high-risk customers. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1077
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on SBPP Co-operative Bank Limited, Killa Pardi, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘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.
This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank had opened savings deposit accounts of trusts, whose entire income was not exempt from payment of income-tax under the Income Tax Act, 1961. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, as stated therein.
After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1078
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS @ Volume
(One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)9,604.916.685.50-7.80 I. Call Money 524.706.175.60-6.85 II. Triparty Repo 8,481.906.705.50-6.76
III. Market Repo463.316.556.25-6.60
IV. Repo in Corporate Bond135.007.807.80-7.80
B. Term Segment
I. Notice Money**8,894.886.745.00-6.85
II. Term Money@@1,234.00-6.50-7.00
III. Triparty Repo346,339.206.756.40-6.80
IV. Market Repo142,949.926.750.01-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse RepoFri, 06/10/202314Fri, 20/10/20236,668.006.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFFri, 06/10/20233Mon, 09/10/202349,317.006.75
4. SDFΔFri, 06/10/20233Mon, 09/10/202360,659.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]*
-18,010.00
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS @ Volume
(One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)18,022.806.765.00-6.83 I. Call Money 745.156.145.00-6.75 II. Triparty Repo 17,080.656.796.50-6.83 III. Market Repo 197.006.286.00-6.76
IV. Repo in Corporate Bond0.00--
B. Term Segment
I. Notice Money**0.00--
II. Term Money@@0.00--
III. Triparty Repo0.00--
IV. Market Repo0.00--
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFSat, 07/10/20232Mon, 09/10/202315,922.006.75
4. SDFΔSat, 07/10/20232Mon, 09/10/202318,552.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* -2,630.00
(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 Money0.00-- II. Triparty Repo0.00-- III. Market Repo0.00-- IV. Repo in Corporate Bond0.00-- B. Term Segment I. Notice Money**0.00-- II. Term Money@@0.00--
III. Triparty Repo0.00--
IV. Market Repo0.00--
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFSun, 08/10/20231Mon, 09/10/202394.006.75
4. SDFΔSun, 08/10/20231Mon, 09/10/20233,775.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]*
-3,681.00
Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹39,000 crore as per the following details: Sr No Security Date of Repayment Notified Amount (₹ crore) GoI specific Notification Auction Date Settlement Date 1 6.99% GS 2026 Apr 17, 2026 8,000 F.No.4(3)-B(W&M)/2023 dated August 28, 2023 September 01, 2023 (Friday) September 04, 2023 (Monday) 2 7.17% GS 2030 Apr 17, 2030 7,000 3 7.18% GS 2037 July 24, 2037
The Reserve Bank of India (RBI) has imposed, by an order dated September 14, 2023, a monetary penalty of ₹1.50 Lakh (Rupees One Lakh and Fifty Thousand only) on Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal (the bank) for non-compliance with the directions issued by RBI on “Housing Finance”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers..
The Reserve Bank of India (RBI) has, by an order dated August 31, 2023, imposed a monetary penalty of ₹1.50 Lakh (Rupees One Lakh Fifty Thousand only) on The Karnavati Co-operative Bank Ltd., 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 ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’. This penalty has been imposed in exercise of powers vested in the 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 imposed, by an order dated September 14, 2023 a monetary penalty of ₹1.00 Lakh (Rupees One Lakh only) on The Santragachi Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report revealed, inter alia, that the bank had breached prudential inter-bank (gross) exposure limit and prudential inter-bank counter-party exposure limit. Based on the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, as stated therein.
After considering the bank’s reply to the notice, additional submissions and oral submissions made by it during the personal hearing, RBI came to the conclusion that the aforementioned charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1063
The Reserve Bank of India (RBI) has imposed, by an order dated September 01, 2023, a monetary penalty of ₹2.00 Lakh (Rupees Two Lakh only) on The Gandevi People’s Co-operative Bank Ltd., Navsari, 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)’ and ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report, Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank (i) had breached prudential inter-bank counterparty exposure limit, and (ii) did not report a fraud case to the RBI within the prescribed timeline. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1065
This Statement sets out various developmental and regulatory policy measures relating to (i) Regulation (ii) Payments Systems and (iii) Consumer Protection.
The Reserve Bank of India, vide directive DEL.DOS.EXG_SSM No. S515/12-10- 013/2022-23 dated July 07, 2022, had placed Ramgarhia Co-operative Bank Ltd, New Delhi – under Directions from the close of business on July 08, 2022, for a period of six months up to January 08, 2023, the validity of which was extended up to October 08, 2023 vide directive DOR.MON/D-35/12.28.115/2023-24 dated July 06, 2023.
2. The Reserve Bank of India, in exercise of the powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till January 08, 2024, as per the directive DOR.MON/D-75/12.28.115/2023-24 dated October 06, 2023, subject to review.
3. The extension of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1068
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS @ Volume
(One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV) 501,589.146.750.01-7.85 I. Call Money 10,862.056.735.00-6.85 II. Triparty Repo 364,806.206.756.75-6.82 III. Market Repo 125,775.896.750.01-6.90 IV. Repo in Corporate Bond145.007.676.85-7.85
B. Term Segment
I. Notice Money**280.506.685.80-6.85
II. Term Money@@693.00-6.60-7.02
III. Triparty Repo752.756.686.62-6.75
IV. Market Repo607.716.656.60-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFThu, 05/10/20231Fri, 06/10/202380,502.006.75
4. SDFΔThu, 05/10/20231Fri, 06/10/202355,695.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* 24,807.00
The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹10,250 Crore (Face Value).
Sr. No. State Amount to be raised
(₹ Cr) Additional Borrowing (Greenshoe) Option
(₹ Cr) Tenure
(Year) Type of Auction
1 Andhra Pradesh 450 - 15 Yield
2 Goa 100 - 10 Yield
3 Gujarat 1000 - 5 Yield
500 - 6 Yield
4 Punjab 1000 - 13 Yield
5 Sikkim 400 - 10 Yield
6 Tamil Nadu 2000 - 30 Yield
7 Uttar Pradesh 2000 - 11 Yield
2000 - 12 Yield
8 Uttarakhand 800 - 10 Yield
TOTAL 10,250
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 10, 2023 (Tuesday). The Government Stock up to Ten per cent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions, subject to a maximum limit of One per cent of its notified amount for a single bid per stock as per the ‘Scheme for Non-competitive Bidding Facility’. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in).
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 10, 2023 (Tuesday). The competitive bids should be submitted between 10:30 A.M. and 11:30 A.M. and non-competitive bids should be submitted between 10:30 A.M. and 11:00 A.M.
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 October 04, 2023 (Wednesday) October 05, 2023 (Thursday)
2 182 Days 8,000
3 364 Days 9,000
Total 24,000
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018 and Amendment Notification No.F-4(2)-W&M/2018 dated December 23, 2021, issued by Government of India, as amended from time to time. State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. Individual investors can also place bids as per the non-competitive scheme through Retail Direct portal (https://rbiretaildirect.org.in).
The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 04, 2023, during the below given timings:
Category Timing
Competitive bids 10:30 am - 11:30 am
Non-Competitive bids 10:30 am - 11:00 am
Results will be announced on the day of the auction.
Payment by successful bidders will have to be made on Thursday, October 05, 2023.
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 October 04, 2023 (Wednesday) October 05, 2023 (Thursday)
2 182 Days 8,000
3 364 Days 9,000
Total 24,000
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018 and Amendment Notification No.F-4(2)-W&M/2018 dated December 23, 2021, issued by Government of India, as amended from time to time. State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. Individual investors can also place bids as per the non-competitive scheme through Retail Direct portal (https://rbiretaildirect.org.in).
The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 04, 2023, during the below given timings:
Category Timing
Competitive bids 10:30 am - 11:30 am
Non-Competitive bids 10:30 am - 11:00 am
Results will be announced on the day of the auction.
Payment by successful bidders will have to be made on Thursday, October 05, 2023.
The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period September 04 – September 08, 2023.
All Figures are in USD Millions
Position DateMERCHANTINTER BANK
FCY / INRFCY / FCYFCY / INRFCY / FCY
SpotForwardForward CancelSpotForwardForward CancelSpotSwapForwardSpotSwapForward
Purchases
04-09-20232,29658728741195631110,12312,3427066,0001,705365
05-09-20233,5041,6511,23638418917417,36617,6822,9718,3812,350276
06-09-20233,2621,5001,07641722821020,30413,7341,9666,8782,353213
07-09-20233,4221,03370040332429010,97919,4981,9206,6002,087131
08-09-20233,8741,66678918224217618,30318,3681,1216,9781,469362
Sales
04-09-20232,5981,05016140795631010,0888,6781995,9981,717366
05-09-20237,2222,41026439320217416,45317,2078578,3472,279277
06-09-20233,7671,87849442123021019,44215,0101,9596,8782,096213
07-09-20233,2422,09656036633629010,71015,3451,2546,6001,980131
08-09-20234,0322,17661118922617617,57214,9836687,0171,623363
(Provisional Data)
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1059
The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period September 11 – September 15, 2023.
All Figures are in USD Millions
Position DateMERCHANTINTER BANK
FCY / INRFCY / FCYFCY / INRFCY / FCY
SpotForwardForward
CancelSpotForwardForward
CancelSpotSwapForwardSpotSwapForward
Purchases
11-09-20233,55499369823621025015,55313,6001,6126,8141,773214
12-09-20234,3656504533086678512,80911,6741,6545,5192,017179
13-09-20234,2571,01571435339716114,43511,3721,8566,3401,852220
14-09-20234,36777575930239313712,35512,2469586,2401,787285
15-09-20237,3541,49759729142324417,42513,2907168,2142,147339
Sales
11-09-20234,0921,79565424823125015,36215,7717726,7791,750214
12-09-20233,4211,7563133146538412,14116,0951,8105,5222,035180
13-09-20234,2002,46655636240616414,33512,2658526,3401,873221
14-09-20234,4921,88532830938213711,94212,0056566,2491,821285
15-09-20234,9572,83198529242124517,39812,3381,0368,2322,077340
(Provisional Data)
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1060
Auction Results7.06% GS 20287.18% GS 20337.30% 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) Number112187187 (ii) Amount₹15430 Crore₹28368.375 Crore₹23353.760 Crore IV.Cut-off price / Yield98.7698.8096.78 (YTM: 7.3886%)(YTM: 7.3514%)(YTM: 7.5726%) V.Competitive Bids Accepted (i) Number3883107 (ii) Amount₹6989.317 Crore₹12964.062 Crore₹9980.364 Crore
VI.Partial Allotment Percentage of Competitive Bids78.58%67.10%64.81%
(2 Bids)(11 Bids)(2 Bids)
VII.Weighted Average Price/Yield98.7698.8097.02
(WAY: 7.3886%)(WAY: 7.3514%)(WAY: 7.5517%)
VIII.Non-Competitive Bids Received
(i) Number453
(ii) Amount₹10.683 Crore₹35.938 Crore₹19.636 Crore
IX.Non-Competitive Bids Accepted
(i) Number453
(ii) Amount₹10.683 Crore₹35.938 Crore₹19.636 Crore
(iii) Partial Allotment Percentage---
X.Amount of Underwriting accepted from primary dealers₹7000 Crore₹13000 Crore₹10000 Crore
XI.Devolvement on Primary DealersNILNILNIL
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1057
7.06% GS 20287.18% GS 20337.30% GS 2053 I.Notified Amount₹7,000 crore₹13,000 crore₹10,000 crore II.Cut off Price / Implicit Yield at cutoff 98.76/7.3886%98.80/7.3514%96.78/7.5726% III.Amount accepted in the auction₹7,000 crore₹13,000 crore₹10,000 crore IV.Devolvement on Primary DealersNILNILNIL Ajit Prasad Director (Communications)
Press Release: 2023-2024/1056
The Reserve Bank of India has launched the 63rd round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS). The survey is for the reference period July - September 2023 (Q2:2023-24).
The Reserve Bank has been conducting the Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter, backlog of orders at the beginning of the quarter, pending orders at the end of the quarter, total inventories with a breakup between finished goods (FG), work-in-progress (WiP) and raw material (RM) inventories at the end of the quarter, item-wise production in terms of quantity and value during the quarter vis-à-vis the installed capacity from the targeted group and the reasons for changes in production / installed capacity during the quarter. The level of capacity utilisation (CU) is estimated from these responses. The survey provides valuable input for monetary policy formulation. The survey findings are released on the website of the Bank regularly.
During this quarter, selected manufacturing companies will be approached by the Bank. Other manufacturing companies may also participate in the survey by downloading the survey questionnaire from the Reserve Bank’s website https://www.rbi.org.in. The survey questionnaire is placed under the head ‘Forms’ (available under the ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’. The duly authenticated filled-in survey schedule may be e-mailed as per contact details provided in the survey schedule.
Company level data are treated as confidential and never disclosed.
In case of any query/clarification, kindly contact us at the following address:
The Director,
Division of Enterprise Surveys,
Department of Statistics and Information Management,
Reserve Bank of India,
C-8, 2nd floor, Bandra-Kurla Complex, Bandra (East),
Mumbai - 400051,
Phone - 022-26578235/279;
Please click here to send email.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1055
Tenor14-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore)6,668 Amount accepted (in ₹ crore)6,668 Cut off Rate (%)6.49 Weighted Average Rate (%)6.49 Partial Acceptance Percentage of offers received at cut off rateNA Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1061
In the underwriting auctions conducted on October 06, 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 SecurityNotified AmountMinimum Underwriting Commitment (MUC) AmountAdditional Competitive Underwriting Amount AcceptedTotal Amount underwrittenACU Commission Cut-off rate
(paise per ₹100)
7.06% GS 20287,0003,5073,4937,0002.70
7.18% GS 203313,0006,5106,49013,0005.00
7.30% GS 205310,0005,0194,98110,0006.27
Auction for the sale of securities will be held on October 06, 2023.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1054
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (October 6, 2023) decided to:
- Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
- The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
The main considerations underlying the decision are set out in the statement below.
Assessment
Global Economy
2. Global growth is losing momentum. Inflation is easing gradually but remains well above target in major economies. Concerns about higher for longer rates are imparting volatility to global financial markets. Sovereign bond yields have hardened, the US dollar has appreciated, and equity markets have corrected. Emerging market economies (EMEs) are experiencing currency depreciation and volatile capital flows.
Domestic Economy
3. Real gross domestic product (GDP) posted a growth of 7.8 per cent year-on-year (y-o-y) in Q1:2023-24 (April-June), underpinned by private consumption and investment demand.
4. South-west monsoon rainfall recovered during September and ended 6 per cent below the long period average. The acreage under kharif crops was 0.2 per cent higher than a year ago. The index of industrial production rose by 5.7 per cent in July; core industries output expanded by 12.1 per cent in August. Purchasing managers’ indices (PMIs) and other high frequency indicators of the services sector exhibited healthy expansion in August-September.
5. On the demand front, urban consumption is buoyant while rural demand is showing signs of revival. Investment activity is benefitting from public sector capex. Strong growth is seen in steel consumption, cement production as well as in imports and production of capital goods. Merchandise exports and non-oil non-gold imports remained in contraction in August, although the pace of decline eased. Services exports improved in August.
6. CPI headline inflation surged by 2.6 percentage points to 7.4 per cent in July due to spike in vegetable prices, before moderating somewhat in August to 6.8 per cent. Fuel inflation edged up to 4.3 per cent in August. Core inflation (i.e., CPI excluding food and fuel) softened to 4.9 per cent during July-August 2023.
7. As on September 22, 2023, money supply (M3) expanded by 10.8 per cent (y-o-y) and bank credit grew by 15.3 per cent. India’s foreign exchange reserves stood at US$ 586.9 billion as on September 29, 2023.
The Reserve Bank of India today released on its website the results of the following Surveys: Consumer Confidence Survey (CCS) – September 2023 Inflation Expectations Survey of Households (IESH) – September 2023 OBICUS Survey on manufacturing sector – Q1:2023-24 Industrial Outlook Survey of the Manufacturing Sector for Q2:2023-24 Survey of Professional Forecasters on Macroeconomic Indicators – Round1 84rd
Bank Lending Survey for Q2:2023-24
Services and Infrastructure Outlook Survey for Q2:2023-24
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.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1070
1 The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank. Results of the previous survey round were released on the Bank’s website on August 10, 2023.
1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023Variation Sep. 30Sep. 22Sep. 29WeekYear 12345 4 Loans and Advances 4.1 Central Government00000 4.2 State Governments56111348011606-18745995 * Data are provisional. 2. Foreign Exchange Reserves* ItemAs on September 29, 2023Variation over WeekEnd-March 2023Year ₹ Cr.US$ Mn.₹ Cr.US$ Mn.₹ Cr.US$ Mn.₹ Cr.US$ Mn. 12345678 1 Total Reserves4882783586908-15553 3794128519845854879654244 1.1 Foreign Currency Assets #4328124520236-11803-31271389921054548124247429
1.2 Gold36382443731-3586-576-7676-1469578606126
1.3 SDRs14924317939-123-74-1921-4537456512
1.4 Reserve Position in the IMF415935002-40-18-876-1642238176
* Difference, if any, is due to rounding off.
# Excludes (a) SDR holdings of the Reserve Bank, as they are included under the SDR holdings; (b) investment in bonds issued by IIFC (UK); and (c) amounts lent under the SAARC Currency swap arrangements.
The Reserve Bank of India today released the data showing daily merchant and Inter-Bank transactions in foreign exchange for the period August 28 – September 01, 2023.
All Figures are in USD Millions
Position DateMERCHANTINTER BANK
FCY / INRFCY / FCYFCY / INRFCY / FCY
SpotForwardForward CancelSpotForwardForward CancelSpotSwapForwardSpotSwapForward
Purchases
28-08-20234,6081,4831,17026833819910,87416,0881,1994,9781,680306
29-08-20235,2712,7891,10750761444613,17612,5692,6686,4112,803399
30-08-20233,4781,34189749836926213,35813,9221,6747,1502,3401,202
31-08-20235,8623,46288536136343115,52619,5882,0757,0222,504578
01-09-20237,4259138338831569917,48313,4451,2707,5421,319280
Sales
28-08-20234,7062,23983426033619910,78813,8301,0484,9621,695306
29-08-20234,7522,5551,63852561844813,47411,9472,4976,4052,725399
30-08-20233,2551,77877450335626813,34613,3962,5047,1492,2571,204
31-08-20235,6303,5501,97237234142915,07319,6291,9497,0692,466579
01-09-20234,4501,73275288515610517,21613,4782,1967,5091,280280
(Provisional Data)
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1058
Kautilya in his Arthashastra more than two thousand years ago, had said: “stability enables a state not only to share its wealth equitably but also augment it”.1 These words are relevant even today. In fact, they have eternal validity. Macroeconomic stability and inclusive growth are the fundamental principles underlying a country’s progress. The policy mix that we have pursued during the recent years of multiple and unparalleled shocks has fostered macroeconomic and financial stability. The external sector also remains eminently manageable. The twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and corporates. India is poised to become the new growth engine of the world.
2. The need of the hour is to remain vigilant and not give room to complacency. Lessons from the past one and a half decades and from living through the global financial crisis and the taper tantrum tell us that risks and vulnerabilities can grow even in good times. All stakeholders in the economy, be it lenders, corporates, businesses – small and big – and even policymakers should continue to reinforce their buffers and fundamentals in the fast changing world that we live in. So far as the Reserve Bank is concerned, we have identified high inflation as a major risk to macroeconomic stability and sustainable growth. Accordingly, our monetary policy remains resolutely focused on aligning inflation to the 4 per cent target on a durable basis.
Decisions and Deliberation of the Monetary Policy Committee (MPC)
3. The Monetary Policy Committee (MPC) met on 4th, 5th and 6th October 2023. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided unanimously to keep the policy repo rate unchanged at 6.50 per cent. Consequently, the standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided by a majority of 5 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
4. I shall now briefly set out the MPC’s rationale for these decisions on the policy rate and the stance. Headline inflation had surged in July driven by tomato and other vegetable prices. It corrected partly in August and is expected to see further easing in September on the back of moderation in these prices. A silver lining amidst all these is declining core inflation (i.e., CPI excluding food and fuel). The overall inflation outlook, however, is clouded by uncertainties from the fall in kharif sowing for key crops like pulses and oilseeds, low reservoir levels, and volatile global food and energy prices. The MPC observed that the recurring incidence of large and overlapping food price shocks can impart generalisation and persistence to headline inflation. Economic activity, on the other hand, has remained resilient. Taking into account the evolving inflation-growth dynamics and the cumulative policy repo rate hike of 250 basis points which is still working through the economy, the MPC decided to keep the policy repo rate unchanged at 6.50 per cent in this meeting. The transmission of the 250 basis points (bps) increase in the policy repo rate to bank lending and deposit rates is still incomplete and hence the MPC decided to remain focused on withdrawal of accommodation.2 The MPC remains highly alert and prepared to undertake timely policy measures, as may be necessary, in order to align inflation to the target and anchor inflation expectations.
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)506,991.456.750.35-7.85 I. Call Money10,685.336.745.00-6.85 II. Triparty Repo369,086.906.756.25-6.80 III. Market Repo127,169.226.750.35-6.90 IV. Repo in Corporate Bond50.007.857.85-7.85 B. Term Segment I. Notice Money**217.606.716.10-6.80 II. Term Money@@152.00-6.75-7.30 III. Triparty Repo855.006.726.65-6.75 IV. Market Repo1,051.736.856.85-6.90 V. Repo in Corporate Bond0.00-- RBI OPERATIONS@ Auction DateTenor (Days)Maturity DateAmountCurrent Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFWed, 04/10/20231Thu, 05/10/202386,862.006.75
4. SDFΔWed, 04/10/20231Thu, 05/10/202348,970.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* 37,892.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse RepoFri, 22/09/202314Fri, 06/10/20235,995.006.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on September 22, 2023, Friday, as under:
Sl. No.Notified Amount
(₹ crore)Tenor
(day)Window TimingDate of Reversal
150,0001410:30 AM to 11:00 AMOctober 06, 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: 2023-2024/960
Reserve Bank of India launched a Centralised Web Portal उद्गम UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on August 17, 2023 for the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
The search facility was initially made available on the portal for seven banks and it was intimated to public that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023. The members of public are hereby informed that, the search facility for 30 banks has been made available on the portal on September 28, 2023, which covers around 90% of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1048
Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 06, 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:
(₹ crore)
SecurityNotified AmountMinimum Underwriting Commitment (MUC) amount per PDMinimum bidding commitment per PD under ACU auction
7.06% GS 20287,000167167
7.18% GS 203313,000310310
7.30% GS 205310,000239239
The underwriting auction will be conducted through multiple price-based method on October 06, 2023 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 10.30 A.M. and 11.00 A.M. on the day of underwriting auction.
The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1046
(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs, SFBs and PBs)ALL SCHEDULED BANKS 23-Sep-2208-SEP-2023*22-SEP-2023*23-Sep-2208-SEP-2023*22-SEP-2023* ILIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from bks.185703.85253481.66243807.14188640.83255860.31246146.77** b) Borrowings from banks57304.07188137.54195119.257338.07188207.97195203.11 c) Other demand & time liabilities46955.9469409.9270309.947474.3870117.3770375.59 IILIABILITIES TO OTHERS (A) a) Deposits (other than from banks)17031994.6219383942.24 (19240124.52)19275841.49 (19133844.78)17454902.1919823692.2 (19679874.48)19714798.74 (19572802.03) i) Demand1981190.632194425.232199832.662025927.792239958.522245091.87 ii) Time15050803.9917189516.9417076008.9115428974.417583733.6117469706.95 b) Borrowings @531878.55845916.87839112.11537170.08850211.62843305.51 c) Other demand & time liabilities691762.8873173.15878564.56704631.55887113.13892521.09
IIIBORROWINGS FROM R.B.I. (B)103965.1628186.49187948103965.1628186.49187948
Against usance bills and / or prom. Notes
IVCASH110168.299284.0194141.33113183.09101609.3696589.85
VBALANCES WITH R.B.I. (B)767170.74992545.97959345.47785714.11012625.98979142.3
VIASSETS WITH BANKING SYSTEM
a) Balances with other banks
i) In current accounts23252.839952.278640.9626501.5312651.0411236.59
ii) In other accounts164333.92175229.57173116.9201290.04213521.24211610.32
b) Money at call & short notice13576.4325533.6522686.3632417.0341662.6139873.78
c) Advances to banks (i.e. due from bks.)41529.6147364.6246799.9641977.5148185.5747554.86 £
d) Other assets55090.892373.7993496.5358659.2395276.2496272.91
VIIINVESTMENTS (At book value)5075621.985982861.04
(5869994.88)5981356.32
(5868391.34)5222891.356131108.26
(6018242.10)6128399.57
(6015434.59)
a) Central & State Govt. securities+5074818.55982086.135980660.085216388.956124176.686121397.24
b) Other approved securities803.49774.9696.246502.396931.587002.33
VIIIBANK CREDIT (Excluding Inter-Bank Advances)12629874.7915039168.68
(14444840.83)15151318.89
(14558878.43)13007886.5915433148.27
(14838820.42)15534392.74
(14941952.28)
a) Loans, cash credits & Overdrafts $12393420.7314783209.9514891524.7712768531.5815174352.4915271834.61
b) Inland Bills purchased35836.6944672.7444986.0735854.3844686.7845000.2
c) Inland Bills discounted155850.37170730.78174846.68157963.74172894.78176948.51
d) Foreign Bills purchased16882.6616713.9316500.4417061.8916943.0416735.29
e) Foreign Bills discounted27884.3323841.2523460.9628475.0124271.1623874.16
I.T-Bill91 days182 days364 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 Price98.3175 (YTM: 6.8640%)96.5808 (YTM: 7.0999%)93.3610 (YTM: 7.1306%) IV.Total Face Value Accepted₹7,000 Crore₹8,000 Crore₹9,000 Crore Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1039
The Reserve Bank of India (RBI), vide order dated October 4, 2023, has cancelled the licence of Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on October 04, 2023. The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, Government of India has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
RBI cancelled the licence of the bank as:
-
The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
-
The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
-
The continuance of the bank is prejudicial to the interests of its depositors;
-
The bank with its present financial position would be unable to pay its present depositors in full; and
-
Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
2. Consequent to the cancellation of its licence, Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 95.15% of the depositors are entitled to receive full amount of their deposits from DICGC. As on March 31, 2023, DICGC has already paid ₹294.85 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1044
RBI had released the Discussion Paper on "Introduction of Expected Credit Loss Framework for Provisioning by Banks" on January 16, 2023, soliciting inputs from all stakeholders. The ECL approach to provisioning is a paradigm shift from the current incurred loss-based provisioning regime. The Discussion Paper envisages a forward looking, principle-based framework for provisioning for credit risk, which has already been implemented under International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB).
2. Several comments have been received from various stakeholders on the issues flagged in the Discussion Paper, which are being examined by the Reserve Bank. While the regulatory stance to be taken in respect of each of the issues shall be examined by the Reserve Bank, it has been decided to constitute a Working Group in order to get independent inputs on some of the technical aspects having a bearing on the significant transition involved.
3. The Working Group will be chaired by Prof. R. Narayanaswamy, former Professor, IIM Bangalore and shall consist of domain experts from academia and industry as well as representatives from select banks as given below:
Prof. Sanjay Kallapur, ISB, Hyderabad
Shri Rajosik Banerjee, KPMG
Shri S Srinivasa Rao, SBI
Shri Rajendra Khandelwal, ICICI Bank
Shri Susanta Baishya, HDFC Bank
Shri Adish Yadav, Canara Bank
Shri Pravinkumar Taparia, Saraswat Co-operative Bank
Shri Sridharan N, Equitas Small Finance Bank
4. The Terms of Reference for the Working Group would be as follows:
Delineate the principles that will be required to be considered by banks while designing the credit risk models to be used for assessing and measuring expected credit losses.
Recommend factors that banks should consider for determination of credit risk based on the guidance provided in IFRS 9 and principles laid out by BCBS.
Suggest the methodology to be used for undertaking external independent validation of the models.
Recommend, based on comprehensive data analysis, prudential floors for provisioning.
Any other issue incidental to the above.
5. The recommendations of the Working Group would be duly factored in while framing the draft guidelines, which shall be put in the public domain for comments before issue of final guidelines.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1043
Auction Results91 Days182 Days364 Days I.Notified Amount₹7000 Crore₹8000 Crore₹9000 Crore II.Competitive Bids Received (i) Number164174209 (ii) Amount₹18860.052 Crore₹19901.450 Crore₹21501 Crore III.Cut-off price / Yield98.317596.580893.3610 (YTM: 6.8640%)(YTM: 7.0999%)(YTM: 7.1306%) IV.Competitive Bids Accepted (i) Number4484109 (ii) Amount₹6966.320 Crore₹7974.249 Crore₹8981.290 Crore V.Partial Allotment Percentage of Competitive Bids83.11%44.16%85.15% (3 Bids)(4 Bids)(1 Bid)
VI.Weighted Average Price/Yield98.334696.588993.3828
(WAY: 6.7930%)(WAY: 7.0825%)(WAY: 7.1056%)
VII.Non-Competitive Bids Received
(i) Number864
(ii) Amount₹1557.680 Crore₹449.371 Crore₹302.840 Crore
VIII.Non-Competitive Bids Accepted
(i) Number864
(ii) Amount₹1557.680 Crore₹449.371 Crore₹302.840 Crore
(iii) Partial Allotment Percentage---
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1040
Date : Oct 04, 2023 Money Market Operations as on October 03, 2023 (Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted
Average RateRange A. Overnight Segment (I+II+III+IV)518,896.836.750.03-7.85 I. Call Money12,213.066.775.00-6.90 II. Triparty Repo368,046.706.756.68-6.85 III. Market Repo138,597.076.750.03-6.90 IV. Repo in Corporate Bond40.007.857.85-7.85 B. Term Segment
I. Notice Money**344.706.676.00-6.85
II. Term Money@@603.00-6.75-7.00
III. Triparty Repo2,527.006.656.60-6.70
IV. Market Repo1,648.096.836.83-6.90
V. Repo in Corporate Bond0.00--
RBI OPERATIONS@
Auction DateTenor (Days)Maturity DateAmountCurrent Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today's Operations
1. Fixed Rate
2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFTue, 03/10/20231Wed, 04/10/202389,746.006.75
4. SDFΔTue, 03/10/20231Wed, 04/10/202357,940.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]* 31,806.00
The Reserve Bank of India (RBI) has appointed Shri Muneesh Kapur as Executive Director (ED) with effect from October 3, 2023.
Prior to being promoted as ED, Shri Kapur was Adviser-in-Charge, Monetary Policy Department and Secretary to the Monetary Policy Committee.
Over a span of nearly three decades in the Reserve Bank, Shri Kapur has worked in the areas of macroeconomic policy and research and monetary policy in Department of Economic and Policy Research and Monetary Policy Department in RBI. He also served as Adviser to Executive Director, International Monetary Fund during 2012-15.
As Executive Director, Shri Kapur will look after the Department of Economic and Policy Research.
Shri Muneesh Kapur holds a Master’s degree in Economics and is a Certified Associate of the Indian Institute of Bankers (CAIIB).
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1041
The Reserve Bank has today released data on Reserve Money for the week ended September 29, 2023 and Money Supply for the fortnight ended September 22, 2023.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1042
The rate of interest on Government of India Floating Rate Bond 2028 (GOI FRB 2028) applicable for the half year October 04, 2023 to April 03, 2024 shall be 7.69 per cent per annum.
It may be recalled that FRB 2028 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day i.e., October 04, 2023) of 182 Day T-Bills, plus a fixed spread (0.64 per cent).
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1036
The Reserve Bank of India (RBI) has imposed, by an order dated August 31, 2023, a monetary penalty of ₹6.00 Lakh (Rupees Six Lakh only) on The Sarvodaya Sahakari Bank Limited, Modasa, 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’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Interest Rate on Deposits - Directions 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report, Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank had (i) sanctioned credit facilities to relative of one of its directors and also wherein relatives of the directors stood as guarantor (ii) breached inter-bank gross exposure limit, (iii) breached inter-bank counterparty exposure limit, and (iv) not paid interest on matured fixed deposits from the date of maturity till the date of its repayment at the rate applicable to saving deposits or the contracted rate of interest, whichever is lower. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1032
The Reserve Bank of India (RBI) has imposed, by an order dated August 31, 2023, a monetary penalty of ₹6.50 lakh (Rupees Six Lakh Fifty Thousand only) on Dhanera Mercantile Co-operative Bank Ltd., Dhanera, 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’; ‘Loans and advances to directors etc. – directors as surety / guarantors – clarification’ and on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report, Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank had (i) sanctioned credit facilities to its directors / their relatives and also wherein their relative stood as guarantor, (ii) breached prudential inter-bank (gross) exposure limit, and (iii) breached prudential inter-bank counter-party exposure limit. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1033
The Reserve Bank of India (RBI) has imposed, by an order dated August 31, 2023, a monetary penalty of ₹3.50 Lakh (Rupees Three Lakh Fifty Thousand only) on The Janata Co-operative Bank Ltd., Godhra, Dist. Panchmahal, Gujarat (the bank) for non-compliance with the 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, 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 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
The Reserve Bank of India (RBI) has imposed, by an order dated September 01, 2023, a monetary penalty of ₹1.00 Lakh (Rupees One Lakh only) on Maninagar Co-operative Bank Ltd., Ahmedabad, 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)’ and ‘Co-operative Banks - Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report, Risk Assessment Report and all correspondence related thereto revealed, inter alia, that the bank had (i) breached prudential inter-bank counterparty exposure limit, and (ii) not paid interest on overdue term deposits from the date of maturity till the date of repayment at the rate applicable to savings deposits or at the contracted rate of interest, whichever is lower. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions, as stated therein.
After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1031
The result of the auction of State Government Securities held on October 03, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2034ANDHRA PRADESH 2041ASSAM 2033BIHAR 2031 Notified Amount 1000100010002000 Tenure1118108 Competitive Bids Received (i) No.38213367 (ii) Amount3015320522804745 Cut-off Yield (%)7.607.507.627.62 Competitive Bids Accepted
(i) No.1812756
(ii) Amount989.868999.961979.9071964.682
Partial Allotment Percentage of Competitive Bids
(i) Percentage43.894499.996162.80432.3048
(ii) No.(3 bids)(1 bid)(2 bids)(6 bids)
Non - Competitive Bids Received
(i) No.3236
(ii) Amount10.1320.03920.09335.318
Non-Competitive Price (₹)100.21100.00100.44100.24
Non-Competitive Bids Accepted
(i) No.3236
(ii) Amount10.1320.03920.09335.318
Partial Allotment Percentage of Non-Competitive Bids
(i) Percentage----
(ii) No.----
Weighted Average Yield (%)7.57227.50007.55597.5797
Total Allotment Amount1000100010002000
(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 Money0.00-- II. Triparty Repo0.00-- III. Market Repo0.00-- IV. Repo in Corporate Bond0.00 B. Term Segment I. Notice Money**0.00-- II. Term Money@@0.00-- III. Triparty Repo0.00-- IV. Market Repo0.00-- V. Repo in Corporate Bond0.00-- RBI OPERATIONS@ Auction DateTenor (Days)Maturity DateAmountCurrent Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today's Operations 1. Fixed Rate 2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFMon, 02/10/20231Tue, 03/10/2023298.006.75
4. SDFΔMon, 02/10/20231Tue, 03/10/20239,737.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]*
-9,439.00
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average Rate Range A. Overnight Segment (I+II+III+IV)33,345.906.415.50-6.85 I. Call Money964.406.275.75-6.85 II. Triparty Repo32,342.306.426.00-6.85 III. Market Repo39.206.365.50-6.50 IV. Repo in Corporate Bond0.00-- B. Term Segment I. Notice Money**20.006.406.40-6.40 II. Term Money@@0.00-- III. Triparty Repo10.006.256.25-6.25 IV. Market Repo0.00-- V. Repo in Corporate Bond0.00-- RBI OPERATIONS@ Auction DateTenor (Days)Maturity DateAmountCurrent Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today's Operations 1. Fixed Rate
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)25,282.496.695.60-6.95 I. Call Money3,310.456.435.60-6.80 II. Triparty Repo18,243.006.796.70-6.95 III. Market Repo3,729.046.446.25-6.95 IV. Repo in Corporate Bond0.00-- B. Term Segment I. Notice Money**9,528.906.865.60-6.95 II. Term Money@@74.00-6.80-6.93 III. Triparty Repo290,928.906.806.70-7.00 IV. Market Repo140,822.196.820.02-6.95 V. Repo in Corporate Bond0.00-- RBI OPERATIONS@ Auction DateTenor (Days)Maturity DateAmountCurrent Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today's Operations 1. Fixed Rate 2. Variable Rate&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSFFri, 29/09/20234Tue, 03/10/2023150,692.006.75
4. SDFΔFri, 29/09/20234Tue, 03/10/202359,782.006.25
5. Net liquidity injected from today's operations [injection (+)/absorption (-)]*
90,910.00
The value of exports and imports of services during August 2023 is given in the following table. International Trade in Services (US$ Million) MonthReceipts (Exports)Payments (Imports) April – 202325,781 (7.2)13,959 (-0.7) May – 202326,997 (7.4)15,881 (4.5) June – 202327,796 (3.3)15,609 (-1.0) July – 202326,228 (8.1)13,754 (-2.2) August – 202328,719 (8.4)15,103 (-0.8)
The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) both, through Automatic Route and Approval Route, for the month of August 2023.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1037
Sr. NoStateAmount to be raised (₹ Crore)Amount Accepted (₹ Crore)Cut off Yield (%)Tenure (Year) 1Andhra Pradesh100010007.6011 100010007.5018 2Assam100010007.6210 3Bihar200020007.628 4Chhattisgarh100010007.548 5Haryana5005007.5310 100010007.5912 6Kerala100010007.4922 7Madhya Pradesh200020007.5512 100010007.5115 8Punjab150015007.6712 9Rajasthan100010007.5410 10Tamil Nadu100010007.5210 11Telangana100010007.559 100010007.4921 12Uttar Pradesh300030007.5612 13Uttarakhand5005007.5410 14West Bengal200020007.5916 TOTAL22,50022,500
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1029
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. In order to complete the exercise in a time bound manner and to provide adequate time to members of the public, the banks were advised to provide deposit and / or exchange facility for ₹2000 banknotes until September 30, 2023. The exchange facility was also made available at the 19 Regional Offices (ROs) of RBI having Issue Departments (RBI Issue Offices)1. The RBI has been keeping members of the public informed about the status of the withdrawal exercise through monthly Press Releases.
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 7.06% GS 2028 Apr 10, 2028 7,000 F.No.4(3)-B(W&M)/2023 dated September 29, 2023 October 06, 2023 (Friday) October 09, 2023 (Monday) 2 7.18% GS 2033 Aug 14, 2033 13,000
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume(One Leg)Weighted Average RateRange A. Overnight Segment (I+II+III+IV)28,923.546.785.00-7.24 I. Call Money841.006.595.80-6.85 II. Triparty Repo27,261.006.785.00-7.24 III. Market Repo821.546.786.20-6.90
The 28th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to Micro, Small and Medium Enterprises (MSME) sector was held under the chairmanship of Shri Swaminathan J, Deputy Governor, Reserve Bank of India on September 29, 2023 in Lucknow. The meeting was attended by Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Government of India; Chairman, SIDBI, Executive Director, RBI, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi & Village Industries Commission, Indian Banks’ Association and MSME Associations.The Deputy Governor in his keynote address emphasised the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047. He stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of MSMEs. Deputy Governor highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator (AA) framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending. He also dwelt on the important role of Industry Associations in information dissemination and capacity building among MSMEs.
1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item20222023 Variation Sep. 23Sep. 15Sep. 22 Week Year 12345 4 Loans and Advances 4.1 Central Government 00000 4.2 State Governments 65151693913480-34596965 * Data are provisional. 2. Foreign Exchange Reserves* ItemAs on September 22, 2023Variation over WeekEnd-March 2023 Year
Today, the Reserve Bank of India (RBI), vide order dated September 28, 2023, has cancelled the licence of Lucknow Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 29, 2023. The Commissioner and Registrar of Cooperative, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949; The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
In the underwriting auctions conducted on September 28, 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 SecurityNotified AmountMinimum Underwriting Commitment (MUC) AmountAdditional Competitive Underwriting Amount AcceptedTotal Amount underwrittenACU Commission Cut-off rate (paise per ₹100) 6.99% GS 20268,0004,0113,9898,0000.63
The Reserve Bank of India (RBI) has imposed, by an order dated September 22, 2023, a monetary penalty of ₹23 lakh (Rupees Twenty Three lakh only) on Saraswat Co-operative Bank Limited, Mumbai (the bank) for contravention of the provisions of Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (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 September 22, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Rajkot Nagarik Sahakari Bank Ltd., Rajkot (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.Background The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had failed to pay eligible interest at the time of repayment (i) on term deposits which matured on a Sunday / holiday / non-business working day, and paid on the succeeding working days, and (ii) on matured unpaid term deposits for the period they remained unclaimed with the bank. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the RBI directions, as stated therein.
The Reserve Bank of India (RBI) has, by an order dated September 22, 2023, imposed a monetary penalty of ₹25 lakh (Rupees Twenty Five lakh only) on Bassein Catholic Co-operative Bank Ltd., Vasai, Maharashtra (the bank) for contravention of the provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The statutory inspection of the bank conducted by RBI with reference to its financial position as on March 31, 2021, and examination of the Risk Assessment Report, Inspection Report and all related correspondence pertaining to the same, revealed, inter alia, that the bank had granted multiple unsecured loans to one of its director / his proprietorship firm. Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the BR Act and the RBI directions, as stated therein.
After considering the bank’s reply to the notice, its additional submissions and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of contravention of the statutory provisions and the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1015
(Amount in ₹ crore, Rate in Per cent)MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)463,422.356.770.05-6.90 I. Call Money9,782.406.775.00-6.85 II. Triparty Repo320,314.856.776.75-6.79 III. Market Repo133,325.106.790.05-6.90 IV. Repo in Corporate Bond0.00-- B. Term Segment
Today, the Reserve Bank released data relating to India’s International Investment Position for end-June 2023[1]. Key Features of India’s IIP in end-June 2023: Net claims of non-residents on India increased by US$ 12.1 billion during Q1:2023-24 and stood at US$ 379.7 billion as at end-June 2023.The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India (US$ 36.2 billion) when compared with Indian residents’ overseas financial assets (US$ 24.1 billion) (Table 1).Increase in reserve assets (US$ 16.6 billion) was the largest contributor to the rise in Indian residents’ foreign assets during April-June 2023, followed by direct investment, loans and trade credit.Inward portfolio investment (US$ 15.0 billion) and foreign direct investment (US$ 8.9 billion) together accounted for two thirds of the rise in foreign liabilities of Indian residents.Reserve assets accounted for 64.2 per cent of India’s international financial assets at end-June 2023 (Tables 1 and 2).
The stock of external debt at end-June 2023 as well as revised data for earlier quarters are set out in Statements I (IMF format1) and II (old format). The major developments relating to India’s external debt as at end-June 2023 are presented below.Highlights At end-June 2023, India’s external debt was placed at US$ 629.1 billion, recording an increase of US$ 4.7 billion over its level at end-March 2023 (Table 1).The external debt to GDP ratio declined to 18.6 per cent at end-June 2023 from 18.8 per cent at end-March 2023.
Earlier today, the Reserve Bank of India released balance of payments (BoP) data for April-June 2023 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-June 2023 are detailed below: Sources of Variation in Foreign Exchange Reserves: April-June 2023 During April-June 2023, there was an increase in the foreign exchange reserves, the sources of which are set out in Table.
Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1), i.e., April-June 2023-24, are presented in Statements I (BPM6 format) and II (old format).Key Features of India’s BoP in Q1:2023-24.India’s current account deficit (CAD) narrowed to US$ 9.2 billion (1.1 per cent of GDP) in Q1:2023-24 from US$ 17.9 billion (2.1 per cent of GDP) in Q1:2022-23 but it was higher than US$ 1.3 billion (0.2 per cent of GDP) in the preceding quarter.1
The widening of CAD on a quarter-on-quarter basis was primarily on account of a higher trade deficit coupled with a lower surplus in net services and decline in private transfer receipts.Net services receipts decreased sequentially, primarily due to a decline in exports of computer, travel and business services, though remained higher on a year-on-year (y-o-y) basis.
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 October 04, 2023 (Wednesday) October 05, 2023 (Thursday)2 182 Days 8,000 3 364 Days 9,000 Total 24,000 The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018 and Amendment Notification No.F-4(2)-W&M/2018 dated December 23, 2021, issued by Government of India, as amended from time to time. State Governments, Union Territories with legislature, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. Individual investors can also place bids as per the non-ccompetitive scheme through Retail Direct portal (https://rbiretaildirect.org.in).
Auction Results6.99% GS 20267.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount₹8000 Crore₹7000 Crore₹12000 Crore₹12000 Crore II.Underwriting Notified Amount₹8000 Crore₹7000 Crore₹12000 Crore₹12000 Crore III.Competitive Bids Received
(i) Number82103180163 (ii) Amount₹14727.548 Crore₹14952 Crore₹26238 Crore₹23041 Crore IV.Cut-off price / Yield99.3399.5498.5397.35 (YTM: 7.2802%)(YTM: 7.2584%)(YTM: 7.3494%)(YTM: 7.4578%) V.Competitive Bids Accepted (i) Number333696137
6.99% GS 20267.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount₹8,000 crore₹7,000 crore ₹12,000 crore₹12,000 crore II.Cut off Price / Implicit Yield at cut-off 99.33/7.2802%99.54/7.2584%98.53/7.3494%97.35/7.4578% III.Amount accepted in the auction₹8,000 crore₹7,000 crore₹12,000 crore₹12,000 crore IV.Devolvement on Primary DealersNILNILNILNIL Shweta Sharma Deputy General Manager Press Release: 2023-2024/1012
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) for the month of September 2023.Highlights: Lending Rates:The weighted average lending rate (WALR) on fresh rupee loans of SCBs increased by 3 basis points (bps) from 9.44 per cent in July 2023 to 9.47 per cent in August 2023.1-Year median Marginal Cost of Fund based Lending
Data on sectoral deployment of bank credit for the month of August 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 15.0 per cent in August 20233 as compared with 16.0 per cent a year ago.
The Reserve Bank has today released data on Reserve Money for the week ended September 22, 2023. Ajit Prasad Director (Communications) Press Release: 2023-2024/1002
The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter October – December 2023, is expected to be ₹2,37,263 Crore.The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts
Auction Results91 Days 182 Days364 Days I.Notified Amount₹10000 Crore₹8000 Crore₹6000 Crore II.Competitive Bids Received (i) Number176172160 (ii) Amount₹27820.173 Crore₹23042.850 Crore₹22874.950 Crore III.Cut-off price/Yield98.317396.591193.4010
I.T-Bill91 days182 days364 days II.Total Face Value Notified₹10,000 Crore₹8,000 Crore₹6,000 Crore III.Cut-off Price and Implicit Yield at Cut-Off Price98.3173 (YTM: 6.8648%)96.5911 (YTM: 7.0778%)93.4010(YTM: 7.0846%) IV.Total Face Value Accepted₹10,000 Crore₹8,000 Crore₹6,000 Crore
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)499,967.986.770.01-7.00 I. Call Money9,413.456.735.00-6.85 II. Triparty Repo353,740.706.766.35-6.79
The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹22,500 Crore (Face Value).Sr. No.StateAmount to be raised (₹ Cr)Additional Borrowing (Greenshoe) Option (₹ Cr)Tenure (Year)Type of Auction1Andhra Pradesh1000-11Yield
Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 29, 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:(₹ crore)SecurityNotified AmountMinimum Underwriting Commitment (MUC) amount per PDMinimum bidding commitment per PD under ACU auction
The Government of Maharashtra has declared September 29, 2023 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023 declared earlier has been cancelled.2. To ensure smooth functioning of the financial markets and non-disruptive settlement of transactions especially in view of the quarter / half year end
In order to enable institutional and retail investors to plan their investments efficiently and to provide transparency and stability to the Government Securities Market, the Reserve Bank of India, in consultation with the Government of India,
The result of the auction of State Government Securities held on September 26, 2023 is as under: (Amount in ₹ Crore) BIHAR 2031CHHATTISGARH 2030GOA 2033GUJARAT 2031 Notified Amount200010001501500 Tenure87108 Competitive Bids Received
The Central Government has re-appointed Shri M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India for a period of one year with effect from October 09, 2023, or until further orders, whichever is earlier. (Yogesh Dayal) Press Release: 2023-2024/997 Chief General Manager Chief General Manager
ରିଜର୍ଭ ବ୍ୟାଙ୍କ ଅଫ୍ ଇଣ୍ଡିଆ ମୋବାଇଲ୍ ଆପ୍ଲିକେସନ୍ ଇନଷ୍ଟଲ୍ କରନ୍ତୁ ଏବଂ ଲାଟେଷ୍ଟ ନିଉଜ୍ କୁ ଶୀଘ୍ର ଆକ୍ସେସ୍ ପାଆନ୍ତୁ!
ପେଜ୍ ଅନ୍ତିମ ଅପଡେଟ୍ ହୋଇଛି: ଜୁଲାଇ 19, 2024
