Press Releases

In view of the half day closing on January 22, 2024 (Monday) announced by the Government of India, the trading hours for the various markets regulated by the Reserve Bank of India will be as under: Market Timings on January 22, 2024 Call/notice/term money 2:30 PM to 5:00 PM Market repo in Government Securities

The facility of exchange / deposit of ₹2000 banknotes will not be available on Monday, January 22, 2024 at any of the 19 Issue Offices[1] of the Reserve Bank of India due to the half-day closure announced by the Government of India. The facility will resume on Tuesday, January 23, 2024.

The Reserve Bank of India issued Directions to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2598/12-07-005/2022-2023 dated July 21, 2022, for a period of six months up to the close of business on January 22, 2023, as modified from time to time, which was last extended up to the close of business on January 22, 2024 vide Directive DOR.MON.D-79/12.22.705/2023-24 dated October 18, 2023.

Auction Results 7.33% GS 2026 7.18% GS 2037 7.25% GS 2063 New GOI SGrB 2054 I. Notified Amount ₹8000 Crore ₹10000 Crore ₹12000 Crore ₹5000 Crore II. Underwriting Notified Amount ₹8000 Crore ₹10000 Crore ₹12000 Crore ₹5000 Crore III. Competitive Bids Received

7.33% GS 2026 7.18% GS 2037 7.25% GS 2063 New GOI SGrB 2054 I. Notified Amount ₹8,000 crore ₹10,000 crore ₹12,000 crore ₹5,000 crore II. Cut off Price / Implicit Yield at cut-off 100.67/ 7.0533% 99.01/ 7.2964% 97.83/ 7.4198% 7.37%

Tenor 3-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 1,35,211 Amount allotted (in ₹ crore) 50,007 Cut off Rate (%) 6.73 Weighted Average Rate (%) 6.74 Partial Allotment Percentage of bids received at cut off rate (%) 49.64 Ajit Prasad Director (Communications) Press Release: 2023-2024/1705
 

In the underwriting auctions conducted on January 19, 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:

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A.  Overnight Segment (I+II+III+IV) 536,853.38 6.77 5.00-7.90 I. Call Money 13,269.39 6.76 5.00-6.88 II. Triparty Repo 374,788.00 6.76 6.45-6.85 III. Market Repo 148,740.99 6.79 6.25-6.90 IV. Repo in Corporate Bond 55.00 7.55 7.25-7.90

The Reserve Bank of India (RBI) has, by an order dated December 22, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Idar Nagarik Sahakari Bank Limited, Idar, Dist. Sabarkantha, 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 conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated December 26, 2023, imposed, a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on The Patdi Nagarik Sahakari Bank Limited, Patdi, Dist. Surendranagar, 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’, ‘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 ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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.

The Reserve Bank of India (RBI) has, by an order dated December 29, 2023, imposed a monetary penalty of ₹7.00 lakh (Rupees Seven lakh only) on Mehsana Nagrik Sahakari Bank Limited, Mehsana, 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’, ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’ and contravention of the provisions of section 26A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).

As part of the Reserve Bank’s continuing engagement with regulated entities, the second Conference of Internal Ombudsmen on the theme “Orchestrating Customer Delight through an Empowered Internal Ombudsman”, was held in Mumbai on January 16, 2024. This Conference was attended by Managing Director & CEOs, Executive Director in-charges of customer service verticals, Internal Ombudsmen, Principal Nodal Officers of select regulated entities from among Banks, NBFCs and CICs and senior officials from the Reserve Bank of India.

The Reserve Bank of India (RBI) has, by an order dated January 12, 2024, imposed a monetary penalty of ₹50 lakh (Rupees Fifty lakh only) on NKGSB Co-operative Bank Ltd. (the bank) for non-compliance with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ 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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 17, 2024, imposed a monetary penalty of ₹15.00 lakh (Rupees Fifteen lakh only) on New India Co-operative Bank Limited, Mumbai (the bank) for non-compliance with the directions issued by RBI on ‘Donations/Contributions for public/charitable purposes out of profits of UCBs’. 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.

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo auction on January 19, 2024, Friday, as under: Sl. No. Notified Amount

Today, the Reserve Bank released the January 2024 issue of its monthly Bulletin. The Bulletin includes seven speeches, six articles, current statistics. Financial Stability Report December 2023 and Report on Trend and Progress of Banking 2022-23 are supplements to the January 2024 Bulletin.

The Reserve Bank has launched the 105th round of the quarterly Industrial Outlook Survey (IOS) of the Indian manufacturing sector for the reference period January-March 2024. The survey assesses business sentiment for the current quarter (Q4:2023-24) and expectations for the ensuing quarter (Q1:2024-25), based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment conditions and the price situation. The outlook on key parameters for the two subsequent quarters (Q2:2024-25 and Q3:2024-25) are also covered.

The Reserve Bank has launched the 40th round of the quarterly Services and Infrastructure Outlook Survey (SIOS) for the reference period January-March 2024. The survey assesses the business situation for the current quarter (Q4:2023-24) from selected companies in the services and infrastructure sectors in India and their expectations for the ensuing quarter (Q1:2024-25) based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment conditions and the price situation. The outlook on key parameters for the two subsequent quarters (Q2:2024-25 and Q3:2024-25) are also covered.

Government of India has announced the sale (issue/re-issue) of Government Securities, as detailed below, through auctions to be held on January 19, 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) 525,707.74 6.77 5.00-7.90 I. Call Money 12,730.79 6.76 5.00-6.85 II. Triparty Repo    369,261.85 6.76 6.75-6.80 III. Market Repo 143,660.10 6.80 5.00-6.95 IV. Repo in Corporate Bond    55.00 7.55 7.25-7.90

The Reserve Bank has today released data on Reserve Money for the week ended January 12, 2024. Ajit Prasad Director (Communications) Press Release: 2023-2024/1690

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹8000 Crore ₹10000 Crore ₹9000 Crore II. Competitive Bids Received    (i) Number 71 144 151 (ii) Amount ₹17692.857 Crore ₹22271.412 Crore ₹25904.200 Crore III. Cut-off price / Yield 98.2920 96.5482 93.3407 (YTM: 6.9698%) (YTM: 7.1701%) (YTM: 7.1540%) IV. Competitive Bids Accepted    (i) Number 46 98 67 (ii) Amount ₹7952.262 Crore ₹9968.982 Crore ₹8934.647 Crore

I. T-Bill 91 days182 days 364 days II. Total Face Value Notified ₹8,000 Crore ₹10,000 Crore ₹9,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price ₹98.2920 (YTM: 6.9698%)

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 530,981.62 6.77 5.00-7.00 I. Call Money 12,850.53    6.76 5.00-6.85 II. Triparty Repo 375,180.30 6.76 6.66-6.77 III. Market Repo 142,765.08 6.79 5.42-6.90 IV. Repo in Corporate Bond 185.71 6.95 6.90-7.00

The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018, had placed The City Co-operative Bank Ltd, Mumbai under Directions from the close of business on April 17, 2018. The validity of the directions was extended from time-to-time, the last being up to close of business on January 16, 2024.

The Reserve Bank of India today placed on its website the Report of the Working Group on State Government Guarantees.   During the 32nd Conference of the State Finance Secretaries held on July 07, 2022, it was decided to constitute a Working Group comprising members drawn from the Ministry of Finance, Government of India; Comptroller and Auditor General of India; and some State Governments.

The result of the auction of State Government Securities held on January 16, 2024 is as under:

Sr. No. State Amount to be raised (₹ Cr) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 ; Andhra Pradesh 450 450 7.64 7 1000 1000 7.67 14 1000 1000 7.60 20 2 Assam 750 750 7.68 7 3 Bihar 2000 2000 7.73

(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 522,630.80 6.76 0.01-7.25 I. Call Money 11,226.35    6.78 5.00-6.86 II. Triparty Repo 369,144.50 6.75    6.71-6.80 III. Market Repo 142,229.95 6.78 0.01-6.95 IV. Repo in Corporate Bond    30.00 7.25 7.25-7.25

In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on October 06, 2023, the Reserve Bank has today placed on its website, a ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for Regulated Entities’.  The draft omnibus framework contains broad parameters applicable to any Self-Regulatory Organisation (SRO) viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition to the SRO.

The Reserve Bank of India today released the draft circular on ‘Review of regulatory framework for HFCs and harmonisation of regulations applicable to HFCs and NBFCs’. Comments on the draft circular are invited from NBFCs (including HFCs) and other stakeholders by February 29, 2024. 

Government of India (GOI) has announced the sale (issue/re-issue) of four dated securities for a notified amount of ₹35,000 crore as per the following details:

A. Source Security 8.40% GS 2024 8.40% GS 2024 GOI FRB, 2024 GOI FRB, 2024 GOI FRB, 2024 GOI FRB, 2024 B. Notified Amount (amount in ₹ cr) 1,000 1,000 3,000 1,000 2,000 1,000 Destination Security 8.97% GS 2030 6.76% GS 2061 8.32% GS 2032 7.73% GS 2034 8.33% GS 2036 8.17% GS 2044 C. i. No. of offers received 4 0 6 5 5 5 ii. Total amount of Source Security offered (Face value in ₹ cr) 1,695.750 0.000 4,800.000 1,485.000 695.000 840.000 iii. No of offers accepted 2 0 4 5 5 5 iv. Total amount of source security accepted (Face value in ₹ cr) 1,000.000 0 3,000.000 1,000.000 695.000 840.000 v. Total amount of destination security issued (Face value in ₹ cr) 917.193 0 2,799.633 965.324 641.069 772.508 vi. Cut-off price (₹) / yield (%) for destination security 109.72/7.1551 NA 107.09/7.1939 103.50/7.2593 108.32/7.2969 108.52/7.3633 

FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV)  0.00 - - I. Call Money 0.00 - - II. Triparty Repo 0.00 - - III. Market Repo 0.00 - - IV. Repo in Corporate Bond 0.00 - -

(Amount in ₹ Crore, Rate in Per cent)  MONEY MARKETS@   Volume  (One Leg)  Weighted Average Rate  Range  A.  Overnight Segment (I+II+III+IV)  0.00  -  -  I. Call Money 0.00  -  -  II. Triparty Repo   0.00  -  -  III. Market Repo 0.00  -  -  IV. Repo in Corporate Bond   0.00  -  -  B.  Term Segment I. Notice Money**     0.00  -  -  II. Term Money@@  0.00  -  -

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A.  Overnight Segment (I+II+III+IV)  5,17,222.87  6.73  0.01-7.25  I. Call Money 11,190.51 6.78  5.00-6.85 II. Triparty Repo 3,69,718.70 6.72 6.25-6.77 III. Market Repo 1,36,283.66  6.75  0.01-6.87 IV. Repo in Corporate Bond 30.00 7.25 7.25-7.25

The Central Government has re-appointed Dr. Michael Debabrata Patra as Deputy Governor, Reserve Bank of India for a further period of one year with effect from January 15, 2024, or until further orders, whichever is earlier.

The Reserve Bank of India (RBI), vide order dated January 12, 2024, has cancelled the license of “Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024. Registrar of Cooperative Societies, Gujarat has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank of India (RBI), vide order dated January 12, 2024, has cancelled the licence of “The Hiriyur Urban Co-operative Bank Ltd., Hiriyur”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024. The Registrar of Cooperative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank of India (RBI) has, by an order dated January 03, 2024 imposed a monetary penalty of ₹1 crore (Rupees One Crore only) on Punjab and Sind Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 08, 2024, imposed a monetary penalty of ₹120.47 lakh (Rupees One crore twenty lakh and forty-seven thousand only) on Dhanlaxmi Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of lndia (Interest Rate on Deposits) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 05, 2024 imposed a monetary penalty of ₹29.55 Lakh (Rupees Twenty Nine Lakh and Fifty Five Thousand only) on ESAF Small Finance Bank Limited (the bank) for non-compliance with the directions issued by RBI on ‘Customer Service in Banks’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated January 02, 2024, imposed a monetary penalty of ₹6.00 Lakh (Rupees Six Lakh only) on Sakthi Finance Limited, Coimbatore, Tamil Nadu (the company) for non-compliance with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹19,200 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 - 7 Yield 1000 - 14 Yield 1000 - 20 Yield 2 Assam 750 - 7 Yield

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

1. Reserve Bank of India - Liabilities and Assets*  (₹ Crore)  Item  2023  2024  Variation  Jan. 6  Dec. 29  Jan. 5  Week  Year  1  2  3  4  5  4 Loans and Advances 4.1 Central Government  0  0  0  0  0  4.2 State Governments  17380  2579  21139  18560  3759  * Data are provisional; difference, if any, is due to rounding off.

Auction Results 7.37% GS 2028 7.18% GS 2033 7.30% GS 2053 I. Notified Amount ₹7000 Crore ₹16000 Crore ₹10000 Crore II. Underwriting Notified Amount ₹7000 Crore ₹16000 Crore ₹10000 Crore III. Competitive Bids Received    (i) Number 96 192 367 (ii) Amount ₹16158 Crore ₹33079.010 Crore ₹34739.750 Crore IV. Cut-off price / Yield 101.21 100.01 98.69 (YTM: 7.0629%) (YTM: 7.1773%) (YTM: 7.4093%) V. Competitive Bids Accepted    (i) Number 48 109 123

Government Stock - Auction Results: Cut-off 7.37% GS 2028  7.18% GS 2033  7.30% GS 2053  I.  Notified Amount  ₹7,000 crore  ₹16,000 crore  ₹10,000 crore  II.  Cut off Price / Implicit Yield at cut-off  101.21/ 7.0629%  100.01/ 7.1773%  98.69/ 7.4093%  III.  Amount accepted in the auction  ₹7,000 crore  ₹16,000 crore  ₹10,000 crore  IV.  Devolvement on Primary Dealers  NIL  NIL  NIL Ajit Prasad Director (Communications) Press Release: 2023-2024/1662

Tenor 13-day Notified Amount (in ₹ crore) 1,75,000 Total amount of bids received (in ₹ crore) 3,92,484 Amount allotted (in ₹ crore) 1,75,010 Cut off Rate (%) 6.71 Weighted Average Rate (%) 6.72 Partial Allotment Percentage of bids received at cut off rate (%) 65.40 Ajit Prasad Director (Communications) Press Release: 2023-2024/1661