Press Releases - ربی - Reserve Bank of India
Press Releases
The result of the auction of State Government Securities held on October 17, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2037ANDHRA PRADESH 2043ASSAM 2033BIHAR 2031 Notified Amount5005001000200 Tenure1420108 Competitive Bids Received (i) No.51156496 (ii) Amount3780258549207343.5 Cut-off Yield (%)7.667.617.677.70 Competitive Bids Accepted
The result of the auction of State Government Securities held on October 17, 2023 is as under: (Amount in ₹ Crore) ANDHRA PRADESH 2037ANDHRA PRADESH 2043ASSAM 2033BIHAR 2031 Notified Amount5005001000200 Tenure1420108 Competitive Bids Received (i) No.51156496 (ii) Amount3780258549207343.5 Cut-off Yield (%)7.667.617.677.70 Competitive Bids Accepted
The Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagarik Sahakari Bank Ltd., Babra, Gujarat (the bank) for contravention of Section 26 A (2) of the Banking Regulation Act, 1949 (BR Act) and RBI directions on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’, ‘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 conferred on 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 imposed, by an order dated September 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagarik Sahakari Bank Ltd., Babra, Gujarat (the bank) for contravention of Section 26 A (2) of the Banking Regulation Act, 1949 (BR Act) and RBI directions on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’, ‘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 conferred on 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 15, 2023, imposed a monetary penalty of ₹1.70 lakh (Rupees One lakh Seventy thousand only) on West End Housing Finance Limited (the company) for non-compliance with National Housing Bank (NHB) directions on ‘Housing Finance Companies – Approval of Acquisition or Transfer of Control (NHB) Directions 2016’ and RBI direction on ‘Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 52A read with clause (aa) of sub-section (3) of Section 49 of the National Housing Bank Act, 1987.
The Reserve Bank of India (RBI) has, by an order dated September 15, 2023, imposed a monetary penalty of ₹1.70 lakh (Rupees One lakh Seventy thousand only) on West End Housing Finance Limited (the company) for non-compliance with National Housing Bank (NHB) directions on ‘Housing Finance Companies – Approval of Acquisition or Transfer of Control (NHB) Directions 2016’ and RBI direction on ‘Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 52A read with clause (aa) of sub-section (3) of Section 49 of the National Housing Bank Act, 1987.
The Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹4.50 lakh (Rupees Four lakh Fifty thousand only) on Gujarat Mercantile 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 ‘Maintenance of Cash Reserve Ratio (CRR)’. 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 Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹4.50 lakh (Rupees Four lakh Fifty thousand only) on Gujarat Mercantile 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 ‘Maintenance of Cash Reserve Ratio (CRR)’. 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 Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Sevalia Urban Co-operative Bank Ltd., Sevalia, dist. Kheda, Gujarat (the bank) for non-compliance of 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’. 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 Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Sevalia Urban Co-operative Bank Ltd., Sevalia, dist. Kheda, Gujarat (the bank) for non-compliance of 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’. 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 Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Makarpura Industrial Estate Co-operative Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of Section 26A (2) of the Banking Regulation Act, 1949 (BR Act) and RBI directions on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’. 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 BR Act.
The Reserve Bank of India (RBI) has imposed, by an order dated September 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Makarpura Industrial Estate Co-operative Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of Section 26A (2) of the Banking Regulation Act, 1949 (BR Act) and RBI directions on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’. 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 BR Act.
A.Source SecurityGOI FRB, 2024GOI FRB, 2024GOI FRB, 20249.15% GS 20247.59% GS 20268.15% GS 20268.24% GS 20278.24% GS 2027
B.Notified Amount (amount in ₹ cr)1,50010,0002,5002,0001,0001,0001,0001,000
Destination Security7.95% GS 20327.40% GS 20359.20% GS 20308.28% GS 20327.50% GS 20346.80% GS 20607.16% GS 20506.80% GS 2060
C.i. No. of offers received627006338
ii. Total amount of Source Security offered (Face value in ₹ cr)3,425.00016,791.000002,050.000300.000350.0001,384.553
iii. No of offers accepted14002004
iv. Total amount of source security accepted (Face value in ₹ cr)1,500.0002,000.000001,000.00000434.553
v. Total amount of destination security issued (Face value in ₹ cr)1449.9372000.550001000.49600489.548
vi. Cut-off price (₹) / yield (%) for destination security103.37/7.422199.87/7.4152NANA100.53/7.4257NANA91.01/7.5216
A.Source SecurityGOI FRB, 2024GOI FRB, 2024GOI FRB, 20249.15% GS 20247.59% GS 20268.15% GS 20268.24% GS 20278.24% GS 2027
B.Notified Amount (amount in ₹ cr)1,50010,0002,5002,0001,0001,0001,0001,000
Destination Security7.95% GS 20327.40% GS 20359.20% GS 20308.28% GS 20327.50% GS 20346.80% GS 20607.16% GS 20506.80% GS 2060
C.i. No. of offers received627006338
ii. Total amount of Source Security offered (Face value in ₹ cr)3,425.00016,791.000002,050.000300.000350.0001,384.553
iii. No of offers accepted14002004
iv. Total amount of source security accepted (Face value in ₹ cr)1,500.0002,000.000001,000.00000434.553
v. Total amount of destination security issued (Face value in ₹ cr)1449.9372000.550001000.49600489.548
vi. Cut-off price (₹) / yield (%) for destination security103.37/7.422199.87/7.4152NANA100.53/7.4257NANA91.01/7.5216
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange 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--
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg)Weighted Average RateRange 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--
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)528,258.576.742.01-7.85 I. Call Money9,149.226.715.00-6.85 II. Triparty Repo383,608.556.766.60-6.78 III. Market Repo135,370.806.682.01-6.90 IV. Repo in Corporate Bond130.007.466.85-7.85 B. Term Segment
I. Notice Money**191.006.556.15-6.75
II. Term Money@@377.00-6.55-7.40
III. Triparty Repo313.506.766.75-6.80
IV. Market Repo49.397.107.10-7.10
V. Repo in Corporate Bond0.00--
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average RateRange A. Overnight Segment (I+II+III+IV)528,258.576.742.01-7.85 I. Call Money9,149.226.715.00-6.85 II. Triparty Repo383,608.556.766.60-6.78 III. Market Repo135,370.806.682.01-6.90 IV. Repo in Corporate Bond130.007.466.85-7.85 B. Term Segment
I. Notice Money**191.006.556.15-6.75
II. Term Money@@377.00-6.55-7.40
III. Triparty Repo313.506.766.75-6.80
IV. Market Repo49.397.107.10-7.10
V. Repo in Corporate Bond0.00--
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
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, 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 October 16, 2023.
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 October 16, 2023.
In terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series III - Issue date October 16, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be October 16, 2023.
In terms of GOI Notification F.No.4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18 Series III - Issue date October 16, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be October 16, 2023.
The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Suvikas People’s Co-operative Bank Limited, Ahmedabad, Gujarat with The Kalupur Commercial Co-operative Bank Limited, Ahmedabad, Gujarat. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from October 16, 2023. The branches of The Suvikas People’s Co-operative Bank Limited, Ahmedabad (Gujarat) will function as branches of The Kalupur Commercial Co-operative Bank Limited, Ahmedabad (Gujarat) with effect from October 16, 2023.
The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Suvikas People’s Co-operative Bank Limited, Ahmedabad, Gujarat with The Kalupur Commercial Co-operative Bank Limited, Ahmedabad, Gujarat. The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from October 16, 2023. The branches of The Suvikas People’s Co-operative Bank Limited, Ahmedabad (Gujarat) will function as branches of The Kalupur Commercial Co-operative Bank Limited, Ahmedabad (Gujarat) with effect from October 16, 2023.
Auction Results7.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount₹12000 Crore₹10000 Crore₹12000 Crore II.Underwriting Notified Amount₹12000 Crore₹10000 Crore₹12000 Crore
Auction Results7.17% GS 20307.18% GS 20377.25% GS 2063 I.Notified Amount₹12000 Crore₹10000 Crore₹12000 Crore II.Underwriting Notified Amount₹12000 Crore₹10000 Crore₹12000 Crore
The Reserve Bank of India (RBI) has, by an order dated October 03, 2023, imposed a monetary penalty of ₹1 Crore (Rupees One Crore only) on Union Bank of India (the bank) for non-compliance with 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.
This action is based on the 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 for Supervisory Evaluation (lSE 2021) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021. The examination of the Risk Assessment Report / Inspection Report pertaining to ISE 2021, and all related correspondence in that regard revealed, inter alia, non-compliance with the aforesaid directions by the bank, to the extent it sanctioned a term loan to a Corporation (i) in lieu of or to substitute budgetary resources envisaged for certain projects; (ii) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and (iii) the repayment / servicing of which was made out of budgetary resources. 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 said direction, 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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1106
The Reserve Bank of India (RBI) has, by an order dated October 03, 2023, imposed a monetary penalty of ₹1 Crore (Rupees One Crore only) on Union Bank of India (the bank) for non-compliance with 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.
This action is based on the 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 for Supervisory Evaluation (lSE 2021) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021. The examination of the Risk Assessment Report / Inspection Report pertaining to ISE 2021, and all related correspondence in that regard revealed, inter alia, non-compliance with the aforesaid directions by the bank, to the extent it sanctioned a term loan to a Corporation (i) in lieu of or to substitute budgetary resources envisaged for certain projects; (ii) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and (iii) the repayment / servicing of which was made out of budgetary resources. 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 said direction, 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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1106
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹64 Lakh (Rupees Sixty Four Lakh only) on RBL Bank Limited (the bank) for non-compliance with certain directions of Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions, 2015. 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.
This action is based on the 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 for Supervisory Evaluation (lSE 2020) of the bank was conducted by RBI with reference to its financial position as on March 31, 2020, and the examination of the Risk Assessment Report / Inspection Report pertaining to ISE 2020, and all related correspondence in that regard revealed, inter alia, non-compliance with the aforesaid directions by the bank, to the extent it failed to (i) obtain annual declaration in Form B from one of its major shareholders, within one month of the close of the three financial years ending on March 31, 2018, March 31, 2019 and March 31, 2020, and (ii) furnish certificates to RBI regarding continuance of the 'fit and proper’ status of one of its major shareholders, by the end of September of the said three financial years. 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 said direction, 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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1107
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹64 Lakh (Rupees Sixty Four Lakh only) on RBL Bank Limited (the bank) for non-compliance with certain directions of Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions, 2015. 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.
This action is based on the 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 for Supervisory Evaluation (lSE 2020) of the bank was conducted by RBI with reference to its financial position as on March 31, 2020, and the examination of the Risk Assessment Report / Inspection Report pertaining to ISE 2020, and all related correspondence in that regard revealed, inter alia, non-compliance with the aforesaid directions by the bank, to the extent it failed to (i) obtain annual declaration in Form B from one of its major shareholders, within one month of the close of the three financial years ending on March 31, 2018, March 31, 2019 and March 31, 2020, and (ii) furnish certificates to RBI regarding continuance of the 'fit and proper’ status of one of its major shareholders, by the end of September of the said three financial years. 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 said direction, 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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1107
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹8.50 Lakh (Rupees Eight Lakh Fifty Thousand only) on Bajaj Finance Limited, Pune, Maharashtra (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) 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.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
Background
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and Inspection Report pertaining to the aforementioned inspection and all related correspondence pertaining to the same, revealed, inter alia, non-compliance with the RBI directions to the extent of not reporting and delay in reporting of certain frauds to RBI. Consequently, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for its failure to comply with the RBI directions, as stated therein.
After considering the company’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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, to the extent of such non-compliance with such directions.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1110
The Reserve Bank of India (RBI) has, by an order dated September 28, 2023, imposed a monetary penalty of ₹8.50 Lakh (Rupees Eight Lakh Fifty Thousand only) on Bajaj Finance Limited, Pune, Maharashtra (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) 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.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
Background
The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Risk Assessment Report and Inspection Report pertaining to the aforementioned inspection and all related correspondence pertaining to the same, revealed, inter alia, non-compliance with the RBI directions to the extent of not reporting and delay in reporting of certain frauds to RBI. Consequently, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for its failure to comply with the RBI directions, as stated therein.
After considering the company’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 charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, to the extent of such non-compliance with such directions.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1110
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)528,258.576.742.01-7.85 I. Call Money9,149.226.715.00-6.85 II. Triparty Repo383,608.556.766.60-6.78 III. Market Repo135,370.806.682.01-6.90
IV. Repo in Corporate Bond130.007.466.85-7.85
B. Term Segment
I. Notice Money**191.006.556.15-6.75
II. Term Money@@377.00-6.55-7.40
III. Triparty Repo313.506.766.75-6.80
IV. Market Repo49.397.107.10-7.10
V. Repo in Corporate Bond0.00--
(Amount in ₹ crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted
Average Rate Range A. Overnight Segment (I+II+III+IV)528,258.576.742.01-7.85 I. Call Money9,149.226.715.00-6.85 II. Triparty Repo383,608.556.766.60-6.78 III. Market Repo135,370.806.682.01-6.90
IV. Repo in Corporate Bond130.007.466.85-7.85
B. Term Segment
I. Notice Money**191.006.556.15-6.75
II. Term Money@@377.00-6.55-7.40
III. Triparty Repo313.506.766.75-6.80
IV. Market Repo49.397.107.10-7.10
V. Repo in Corporate Bond0.00--
The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the Approval Route, for the month of September 2023.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1105
The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the Approval Route, for the month of September 2023.
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1105
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 18, 2023
(Wednesday) October 19, 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 18, 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 19, 2023.
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1108
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 18, 2023
(Wednesday) October 19, 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 18, 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 19, 2023.
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Ajit Prasad
Director (Communications)
Press Release: 2023-2024/1108
صفحے پر آخری اپ ڈیٹ: اگست 16, 2024