The Reserve Bank of India (RBl) has, by an order dated February 27, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy-Five thousand only) on Jila Sahakari Kendriya Bank Maryadit, Sehore, Madhya Pradesh (the bank) for non-compliance with the provisions of section 27 read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated February 27, 2024 imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Janata Co-operative Bank Limited, Malegaon, Nashik, Maharashtra (the bank) for non-compliance with RBI directions on ‘Management of Advances-UCBs’ and ‘Exposure Norms and Statutory/Other Restrictions- UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated February 27, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Pragati Mahila Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh (the bank) for non-compliance with RBI directions on ‘Exposure Norms and Statutory/Other Restrictions -UCBs’ and ‘Know Your Customer (KYC) Directions, 2016. This penalty has been imposed in exercise of powers vested in RBI, conferred under provisions of section 47A (1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated March 04, 2024, imposed a monetary penalty of ₹26.60 lakh (Rupees Twenty Six lakh Sixty thousand only) on The Kalupur Commercial Co-operative Bank Ltd., Ahmedabad (the bank), for contravention of the provisions of section 26 A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with RBI directions 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, conferred under provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated March 01, 2024, imposed a monetary penalty of ₹13.30 lakh (Rupees Thirteen Lakh and Thirty Thousand only) on Karad Urban Co-operative Bank Ltd. Karad (the bank), for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on March 22, 2024, Friday, as under:   Sl. No.  Notified Amount (₹ crore)  Tenor (day)  Window Timing  Date of Reversal  1  25,000  14  10:30 AM to 11:00 AM  April 05, 2024  (Friday)   2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

The rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) applicable for the half year March 22, 2024 to September 21, 2024 shall be 8.34 percent per annum.

The result of the auction of State Government Securities held on March 21, 2024 is as under: (Amount in ₹Crore) MAHARASHTRA 2034 MAHARASHTRA  2037 MAHARASHTRA  2038 MAHARASHTRA  2039 Notified Amount 3000 3000 3000 3000 Tenure 10 13 14 15 Competitive Bids  Received  (i) No. 236 225 224 165  

Pursuant to the announcement made in the Statement on Developmental and Regulatory Policies of the Reserve Bank, as part of its Monetary Policy Statement – 2023-24 (dated October 06, 2023), a draft framework titled ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities’ was issued for public comments on December 21, 2023. Based on the examination of the inputs received, the Reserve Bank has now finalised the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities, which is given in the Annex.

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs) ALL SCHEDULED BANKS 10-Mar-23 23-FEB-2024 * 08-MAR-2024 * 10-Mar-23 23-FEB-2024 * 08-MAR-2024 * I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 218699.94 266228.42 293601.62 220990.08 269753.71 297404.13 **  b) Borrowings from banks 81541.3 178118.67 182369.52 81963.31 178124.17 183015.74  c) Other demand & time liabilities 59183.75 71817.98 71907.6 59827.09 72457.75 72556.82

RBI had announced a Financial Literacy Ideathon for post graduate students on February 26, 2024 with a timeline of March 20, 2024 for submission of entries. In view of requests received for an extension of the timeline, the Reserve Bank of India (RBI) is pleased to announce the extension of last date of submission, to April 15, 2024.

Sr. No. State Amount to be raised (₹Crore) Amount Accepted (₹ Crore) Cut off  Yield (%) Tenure (Year) 1 Maharashtra 3000 3000 7.42 10 3000 3000
 

Result of the 5-day Variable Rate Repo (VRR) auction held on March 21, 2024

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on March 21, 2024, Thursday, as under:

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 501,781.74 6.49 5.00-6.95 I. Call Money 12,124.25 6.48 5.00-6.78 II. Triparty Repo 309,961.15 6.49 6.25-6.95 III. Market Repo 178,838.34 6.47 5.50-6.88 IV. Repo in Corporate Bond 858.00 6.62 6.60-6.85 B. Term Segment I. Notice Money** 973.85 6.53 6.25-6.55

The Reserve Bank has today released data on Reserve Money for the week ended March 15, 2024 and Money Supply for the fortnight ended March 08, 2024.

I. T-Bill 91 days 182 days 364 days II. Total Face Value Notified ₹10,000 Crore ₹15,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price

The Reserve Bank of India issued All Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Colour Merchants Co-operative Bank Ltd., Ahmedabad vide Directive AMD.DOS.SSM.No.S1053/11-03-039/2023-2024 dated September 25, 2023, for a period of six months up to close of business on March 25, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on March 25, 2024.

(Amount in ₹ Crore, Rate in Per cent) MONEY  MARKETS@  Volume 
(One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV) 5,09,855.096.395.00-6.77 I. Call Money 11,489.516.515.00-6.77 II. Triparty Repo 3,27,872.256.346.20-6.50 III. Market Repo 1,69,440.336.475.60