Press Releases

The Reserve Bank of India (RBI), vide order dated July 05, 2024, has cancelled the licence of “Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District, Karnataka”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on July 05, 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 July 03, 2024 imposed a monetary penalty of ₹1,31,80,000 (Rupees One crore thirty one lakh eighty thousand only) on Punjab National Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, and ‘Reserve Bank of India (Know Your Customer (KYC) Direction, 2016’. 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 section 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India hosted the 4th Suresh Tendulkar Memorial Lecture on July 5, 2024 in Mumbai. The lecture was delivered by Dr. John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of New York. The text of his lecture titled “Managing the Known Unknowns” is available on the RBI website.
 

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹6,100 Crore (Face Value). Sr. No. State/UT Amount to be raised (₹ Crore) Additional Borrowing (Greenshoe) Option (₹ Crore) Tenure (Year) Type of Auction 1. Goa 100 - 15 Yield 2. Haryana 1000 - 12 Yield 3. Jammu & Kashmir 1000 - 25 Yield

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 last extended up to close of business on July 08, 2024 vide directive DOR.MON.D-1/12.28.115/2024-25 dated April 04, 2024.

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 8,000 July 10,2024 (Wednesday) July 11,2024 (Thursday) 2 182 Days 6,000 3 364 Days 6,000 Total 20,000

1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2023 2024 Variation Jun. 30 Jun. 21 Jun. 28 Week Year 1 2 3 4 5 4 Loans and Advances 4.1 Central Government 0 0 0 0 0 4.2 State Governments 9835 4039 7286 3247 -2549 * Data are provisional; difference, if any, is due to rounding off.

Auction Results 7.02% GS 2027 7.23% GS 2039 7.30% GS 2053 I. Notified Amount ₹6,000 Crore ₹12,000 Crore ₹10,000 Crore II. Underwriting Notified Amount ₹6,000 Crore ₹12,000 Crore ₹10,000 Crore III. Competitive Bids Received (i) Number 116 291 320 (ii) Amount ₹29338.000 Crore ₹38400.500 Crore ₹30879.250 Crore IV. Cut-off price / Yield 100.15 101.72 102.64 (YTM: 6.9577%) (YTM: 7.0391%) (YTM: 7.0837%) V. Competitive Bids Accepted (i) Number 16 80 133 (ii) Amount ₹5984.513 Crore ₹11983.921 Crore ₹9988.250 Crore

7.02% GS 2027 7.23% GS 2039 7.30% GS 2053 I. Notified Amount ₹6,000 crore ₹12,000 crore ₹10,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 100.15/6.9577% 101.72/7.0391% 102.64/7.0837% III. Amount accepted in the auction ₹6,000 crore ₹12,000 crore ₹10,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

The Reserve Bank of India has launched the 66th round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS). The survey is for the reference period April - June 2024 (Q1:2024-25).

Tenor 3-day Notified Amount (in ₹ crore) 1,00,000 Total amount of offers received (in ₹ crore) 61,731 Amount accepted (in ₹ crore) 61,731 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

In the underwriting auctions conducted on July 05, 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) 7.02% GS 2027 6,000 3,003 2,997 6,000 0.06 7.23% GS 2039 12,000 6,006 5,994 12,000 0.08 7.30% GS 2053 10,000 5,019 4,981 10,000 0.12 Auction for the sale of securities will be held on July 05, 2024.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 552,720.38 6.36 0.01-6.70 I. Call Money 12,084.89 6.50 5.10-6.55 II. Triparty Repo 389,141.30 6.35 6.32-6.70 III. Market Repo 150,674.19 6.36 0.01-6.50 IV. Repo in Corporate Bond 820.00 6.59 6.55-6.65

The Reserve Bank of India (RBI), vide order dated July 03, 2024, has cancelled the licence of “Banaras Merchantile Co-operative Bank Limited, Varanasi”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on July 04, 2024. The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on July 05, 2024, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 3 10:30 AM to 11:00 AM July 08, 2024 (Monday) 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.

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 33,020 Amount accepted (in ₹ crore) 33,020 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on July 04, 2024, Thursday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 1 12:45 PM to 1:15 PM July 05, 2024 (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.

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on July 05, 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) 563,426.90 6.35 1.00-6.80 I. Call Money 12,119.80 6.49 5.10-6.55 II. Triparty Repo 393,536.70 6.34 6.24-6.40 III. Market Repo 156,965.40 6.36 1.00-6.74 IV. Repo in Corporate Bond 805.00 6.57 6.55-6.80

The Governor, Reserve Bank of India held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 3, 2024, in Mumbai. These interactions are part of the Reserve Bank's continuous engagement with the Senior Management of its Regulated Entities. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with Executive Directors-in-Charge of Regulation and Supervision functions. The previous such meeting was held on February 14, 2024.

The Reserve Bank has today released data on Reserve Money for the week ended June 28, 2024.

Auction Results 91 Days 182 Days 364 Days I. Notified Amount ₹8000 Crore ₹6000 Crore ₹6000 Crore II. Competitive Bids Received (i) Number 87 149 136 (ii) Amount ₹ 29591.105 Crore ₹ 27489.300 Crore ₹ 23189.700 Crore III. Cut-off price / Yield 98.3375 96.6739 93.5185 (YTM: 6.7810%) (YTM: 6.9000%) (YTM: 6.9498%) IV. Competitive Bids Accepted (i) Number 15 28 50 (ii) Amount ₹ 7934.710 Crore ₹ 5965.425 Crore ₹ 5962.296 Crore V. Partial Allotment Percentage of Competitive Bids 90.22% 15.01% 49.96% (2 Bids) (4 Bids) (1 Bid)

Tenor 2-day Notified Amount (in ₹ crore) 50,000 Total amount of offers received (in ₹ crore) 25,145 Amount accepted (in ₹ crore) 25,145 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

I. T-Bill 91 days 182 days 364 days II. Total Face Value Notified ₹8,000 Crore ₹6,000 Crore ₹6,000 Crore III. Cut-off Price and Implicit Yield at Cut-Off Price 98.3375 (YTM:6.7810%) 96.6739 (YTM: 6.9000%) 93.5185 (YTM: 6.9498%) IV. Total Face Value Accepted ₹8,000 Crore ₹6,000 Crore ₹6,000 Crore

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on July 03, 2024, Wednesday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 2 12:30 PM to 01:00 PM July 05, 2024 (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.

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@  Volume  (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 584,261.28 6.37 0.52-6.75 I. Call Money 12,233.49 6.49 5.00-6.60 II. Triparty Repo 409,653.25 6.35 6.20-6.43 III. Market Repo 161,529.54 6.41 0.52-6.60 IV. Repo in Corporate Bond 845.00 6.65 6.65-6.75

The following Nine 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of cancellation of CoR 1 Vigfin Holdings Private Limited New No. 24, Old No. 15, Yogambal Street, T Nagar, Chennai, Tamil Nadu – 600 017 B-07.00369 February 27, 2002 May 06, 2024 2 Strip Commodeal Pvt Ltd Haute Street, 86A, Topsia Road South, 2nd Floor, Kolkata, West Bengal - 700046 B-05.05669 October 16, 2003 May 09, 2024

The result of the auction of State Government Securities held on July 02, 2024 is as under: (Amount in ₹Crore) ANDHRA PRADESH 2033 ANDHRA PRADESH 2036 ANDHRA PRADESH 2041 ANDHRA PRADESH 2045 Notified Amount 1000 1000 1000 1000 Tenure 9 12 17 21 Competitive Bids Received (i) No. 68 77 33 28 (ii) Amount 4330 5300 2320 2450 Cut-off Yield (%) 7.37 7.37 7.36 7.36 Competitive Bids Accepted (i) No. 31 26 10 13 (ii) Amount 937.817 961.397 999.96 999.974

Over the years, the Reserve Bank has been progressively liberalising policies governing foreign exchange transactions, under FEMA, 1999. In continuation of these efforts, as announced in the Statement on Developmental and Regulatory Policies of June 2024, it has been decided to rationalise regulations that cover export and import transactions. The proposed regulations are intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers.

Sr. No. State/UT Amount to be raised (₹Crore) Amount Accepted (₹ Crore) Cut off Yield (%) Tenure (Year) 1 Andhra Pradesh 1000 1000 7.37 09 1000 1000 7.37 12 1000 1000 7.36 17 1000 1000 7.36 21 1000 1000 7.36 24 2 Jammu and Kashmir 500 500 7.36 22 3 Kerala 1500 1500 7.42 22 4 Manipur 200 200 7.39 12 5 Meghalaya 400 400 7.39 10 . 6 Punjab* 1000 992.875 7.38 9 1500 1500 7.38 10 7 Tamil Nadu 2000 2000 7.35 10 8 Telangana 1000 1000 7.36 13 1000 1000 7.37 18 Total 14,100 14,092.875

Tenor 3-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 38,227 Amount accepted (in ₹ crore) 38,227 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on July 02, 2024, Tuesday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 75,000 3 12:30 PM to 1:00 PM July 05, 2024 (Friday)

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 601,609.81 6.46 0.01-6.80 I. Call Money 10,820.99 6.54 5.10-6.65 II. Triparty Repo 407,011.70 6.45 6.10-6.53 III. Market Repo 182,932.12 6.47 0.01-6.65 IV. Repo in Corporate Bond 845.00 6.74 6.70-6.80

Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹28,000 crore as per the following details:

Sr No    Security    Date of Repayment    Notified Amount
(₹ crore)    GoI specific Notification    Auction 
Date    Settlement Date
1    7.02% GS 2027    May 27, 2027    6,000    F.No.4(3)-B(W&M)/2024 dated
July 01, 2024
July 05, 2024 (Friday)    July 08, 2024
(Monday)
2    7.23% GS 2039    Apr 15, 2039    12,000            
3    7.30% GS 2053    Jun 19, 2053    10,000            
     Total        28,000               

2. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.  

The Reserve Bank of India (RBI) has appointed Smt. Charulatha S Kar as Executive Director (ED) with effect from July 01, 2024. Prior to being promoted as ED, Smt. Kar was serving as Chief General Manager-in-Charge in the Human Resource Management Department.

The Reserve Bank of India (RBI) has, by an order dated June 25, 2024, imposed a monetary penalty of ₹7.50 lakh (Rupees Seven lakh Fifty thousand only) on The Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Financial Statements - Presentation and Disclosures’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, ‘Co-operative Banks - Interest Rate on Deposits’ and contravention of the provisions of sub-section (2) of section 35 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 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act as well as provisions of section 47A(1)(a) read with sections 46(2) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated June 26, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and fifty thousand only) on The Rohika Central Co-operative Bank Limited, Madhubani, Bihar (the bank) for non-compliance with certain Directions issued by RBI on ‘Know Your Customer (KYC)’. 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) and Section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 27, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 June 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bank Employees’ Co-operative Bank Ltd., West Bengal (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 vested in RBI, conferred 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 appointed Shri Arnab Kumar Chowdhury as Executive Director (ED) with effect from June 3, 2024. Prior to being promoted as ED, Shri Chowdhury was serving as Chief General Manager-in-Charge in the Department of Supervision.

In terms of Para 13 (ii) of Government of India Notification F.No.4(10)- B(W&M)/2020 dated June 26, 2020 on Floating Rate Savings Bonds, 2020 (Taxable)- FRSB 2020 (T), the coupon/interest rate of the bond would be reset half yearly, starting with January 01, 2021 and the coupon/interest rate will be set at a spread of (+) 35 bps over the prevailing National Savings Certificate (NSC) rate. 2. Accordingly, the coupon rate on FRSB 2020 (T) for the period July 01, 2024 to December 31, 2024 and payable on January 1, 2025 remains at 8.05% (7.70%+0.35%), unchanged from the previous half-year.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on June 03, 2024.

Tenor 4-day Notified Amount (in ₹ crore) 75,000 Total amount of offers received (in ₹ crore) 4,200 Amount accepted (in ₹ crore) 4,200 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

Reserve Bank of India has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) – the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments. While India and its partner countries can continue to benefit through such bilateral connectivity of Fast Payment Systems, a multilateral approach will provide further impetus to our efforts in expanding the international reach of Indian payment systems.

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on July 01, 2024, Monday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 75,000 4 12:45 PM to 01:15 PM July 05, 2024 (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.

(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) 29,911.03 6.46 5.50-6.80 I. Call Money 396.40 6.04 5.50-6.25 II. Triparty Repo 28,744.95 6.48 6.01-6.80 III. Market Repo 769.68 6.08 5.50-6.26 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) 19,237.28 6.63 5.50-7.10 I. Call Money 3,215.15 6.60 5.50-6.85 II. Triparty Repo 14,174.05 6.63 6.30-6.81 III. Market Repo 1,000.08 6.36 6.25-6.50 IV. Repo in Corporate Bond 848.00 7.01 7.00-7.10

Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of June 2024 are set out in Tables 1 to 7. Highlights: Lending Rates: • The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.39 per cent in May 2024 (9.55 per cent in April 2024). • The WALR on outstanding rupee loans of SCBs was unchanged at 9.83 per cent in May 2024. • 1-Year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs moved to 8.85 per cent in June 2024 from 8.79 per cent in May 2024.

The value of exports and imports of services during May 2024 is given in the following table. International Trade in Services (US$ million) Month Receipts (Exports) Payments (Imports) January – 2024 31,009 (10.7) 14,842 (0.1) February – 2024 28,335 (3.4) 15,231 (1.7) March – 2024 30,014 (-1.4) 16,599 (-2.1) April – 2024