Press Releases

The Reserve Bank today held a Conference in Mumbai for the Directors and MD/ CEOs of Asset Reconstruction Companies (ARCs). The conference was attended by over 80 participants representing all 27 ARCs. This event, with the theme ‘Governance in ARCs – Towards Effective Resolutions’, is a part of the series of supervisory engagements the Reserve Bank has been organising over the last one year with its Regulated Entities. As part of this series, the Conference for the Board of Directors and MD/ CEOs of Scheduled Commercial Banks and Urban Co-operative Banks were held earlier.

The Reserve Bank of India (RBI) has, by an order dated May 14, 2024 imposed a monetary penalty of ₹59,10,000 (Rupees Fifty Nine Lakh Ten Thousand only) on Karnataka Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949

The Reserve Bank of India, in consultation with the Government of India, hereby, notifies the calendar for the issuance of Treasury Bills for the remaining period of Q1: 2024-25 as under:

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item    2023    2024    Variation May 12    May 3    May 10    Week    Year 1    2    3    4    5 4 Loans and Advances    4.1 Central Government    0    0    0    0    0 4.2 State Governments    12451    19755    11584    -8170    -866 * Data are provisional; difference, if any, is due to rounding off. 

Auction Results 7.10% GS 2034 7.34% GS 2064 I. Notified Amount ₹20,000 crore ₹11,000 crore II. Underwriting Notified Amount ₹20,000 crore ₹11,000 crore III. Competitive Bids Received  (i)  Number 361 322 (ii) Amount ₹ 52959.953 Crore ₹ 33389.473 Crore IV. Cut-off price / Yield 100.37 101.95 (YTM:7.0458%) (YTM:7.1902%) V. Competitive Bids Accepted  (i)  Number 137 84

7.10% GS 2034 7.34% GS 2064 I. Notified Amount ₹20,000 crore ₹11,000 crore II. Cut off Price / Implicit Yield at cut-off 100.37/ 7.0458% 101.95/ 7.1902% III. Amount accepted in the auction ₹20,000 crore ₹11,000 crore IV. Devolvement on Primary Dealers NIL NIL

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank Limited, Nashik, Maharashtravide Directive DCBS.CO.BSD-I/D-7/12.22.395/2017-18 dated May 18, 2018, for a period of six months up to November 18, 2018 as modified from time to time, which were last extended up to close of business on May 17, 2024 vide Directive DOR.MON.D-124/12.22.395/2023-24 dated February 14, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive beyond May 17, 2024.

Tenor 14-day Notified Amount (in ₹ crore) 1,25,000 Total amount of bids received (in ₹ crore) 1,95,115 Amount allotted (in ₹ crore) 1,25,009 Cut off Rate (%) 6.65 Weighted Average Rate (%) 6.68 Partial Allotment Percentage of bids received at cut off rate (%) 61.43

In the underwriting auctions conducted on May 17, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: (₹ crore) Nomenclature of the Security  Notified Amount  Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten  ACU Commission Cut-off rate (paise per ₹100) 7.10% GS 2034 20,000 10,017 9,983 20,000 0.12 7.34% GS 2064 11,000 5,502 5,498 11,000 0.17

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@  Volume  (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 489,608.60 6.28 0.01-7.35 I. Call Money 12,716.71 6.48 4.75-6.65 II. Triparty Repo 303,732.00 6.25 6.10-6.36 III. Market Repo 172,199.89 6.31 0.01-7.35 IV. Repo in Corporate Bond 960.00 6.52 6.50-6.75

The Government of India has announced the buyback of its Securities through auction for an aggregate amount of ₹60,000 crore (face value). The following securities will be offered for buyback

The Reserve Bank of India (RBI) has, by an order dated April 26, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Sutex Co-operative Bank Ltd., Surat, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’ and ‘Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts’. 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.

The Reserve Bank of India (RBI) has, by an order dated May 8, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Bapunagar Mahila 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)’. 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 May 17, 2024, Friday, as under:

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹5200 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹Crore) Additional Borrowing (Greenshoe) Option (₹Crore) Tenure (Year) Type of Auction 1 Andhra Pradesh 1000 - 17 Yield 1000 - 20 Yield 2 Haryana 1000 - 10 Yield 3 Jammu and Kashmir 500 - 27 Yield 4 Manipur 200 - 12 Yield 5 Rajasthan 750 - 08 Yield 750 - 10 Yield Total 5200

The Reserve Bank today held a Conference in Mumbai for the Heads of Assurance Functions (i.e., Chief Compliance Officers, Chief Risk Officers and Heads of Internal Audit) of select Urban Co-operative Banks (UCBs). The Conference was attended by about 300 participants representing more than 120 UCBs. This event, with the theme ‘Resilient Financial System – Role of Effective Assurance Functions’, is a part of the series of supervisory engagements the Reserve Bank has been organising over the last one year with its Regulated Entities. As part of this series, Conference for the Heads of Assurance Functions of Scheduled Commercial Banks and Non-Banking Financial Companies were held earlier.

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs,SFBs and PBs)    ALL SCHEDULED BANKS 5-May-23    19-APR-2024 *    03-MAY-2024 *    5-May-23    19-APR-2024 *    03-MAY-2024 * I    LIABILITIES TO THE BKG.SYSTEM (A)    a) Demand & Time deposits from banks    243113.97    292789.19    291062.05    245662.62    297191.96    292738.77 ** b) Borrowings from banks    37219.65    172085.68    168949.53    37411.07    172085.68    171440.46 c) Other demand & time liabilities    59771.4    74776.64    76698.85    60435.9    75015.18    76967.9 

I. SUMMARY RESULTS Aggregate amount (Face Value) notified by RBI ₹ 60,000.000 crore Total amount offered (Face Value) by participants ₹ 40,595.449 crore Total amount accepted (Face Value) by RBI ₹ 2,069.999 crore II. DETAILS OF EACH SECURITY Security 6.18% GS 2024 9.15% GS 2024 6.89% GS 2025 No. of offers received 24 12 27 Total amount (Face Value) offered (₹ Crore) 26,877.161 6,479.791 7,238.497 No of offers accepted 6 2 1 Total amount (Face Value) accepted by RBI (₹ Crore) 552.999 1,513.000 4.000 Cut off price (₹) 99.61 100.98 99.86 Weighted Avg Price (₹) 99.60 100.98 99.86

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on May 17, 2024. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 490,995.72 6.32 4.00-6.80 I. Call Money 12,016.96 6.48 5.40-6.55 II. Triparty Repo 309,533.65 6.29 6.10-6.40 III. Market Repo 168,275.11 6.38 4.00-6.65 IV. Repo in Corporate Bond 1,170.00 6.59 6.45-6.80 B. Term Segment I. Notice Money** 160.75 6.43 5.80-6.50 II. Term Money@@ 10.00 - 6.65-6.65 III. Triparty Repo 1,001.50 6.27 6.25-6.50 IV. Market Repo 1,915.98 6.77 6.50-7.00 V. Repo in Corporate Bond 0.00 - -