Category: RBI News

Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.

HARBINGER 2021 invites innovative ideas for the following problem statements in the payment and settlement systems landscape:

  1. Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode.

  2. Context-based retail payments to remove the physical act of payment.

  3. Alternate authentication mechanism for digital payments.

  4. Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.

Being part of HARBINGER 2021 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category.

Winner: ₹ 40 lakh
Runner-up: ₹ 20 lakh

Registration for the hackathon starts from November 15, 2021. More details about the event are available at https://fintech.rbi.org.in.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1168

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Reserve Bank of India – Press Releases

Press Releases

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In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect.

Background

RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1167

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Reserve Bank of India – Press Releases

Press Releases

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The Result of the auction of State Development Loans for 05 State Governments held on November 09, 2021.

Table
(Amount in ₹ crore)
  ANDHRA PRADESH 2038 ANDHRA PRADESH 2039 ASSAM 2024 ASSAM 2031
Notified Amount 500 500 500 500
Tenure 17 18 3 10
Competitive Bids Received        
(i) No. 81 75 30 64
(ii) Amount 3833 3365 2635 2910
Cut-off Yield (%) 7 7 5.25 6.94
Competitive Bids Accepted        
(i) No. 2 2 3 8
(ii) Amount 489.795 487.959 489.98 467.598
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 48.9795 48.7959 68.5657 98.9779
(ii) No. (2 bids) (2 bids) (2 bids) (4 bids)
Non-Competitive Bids Received        
(i) No. 3 2 2 8
(ii) Amount 10.205 12.041 10.02 32.402
Non-Competitive Price (₹) 100 100 100.03 100.04
Non-Competitive Bids Accepted        
(i) No. 3 2 2 8
(ii) Amount 10.205 12.041 10.02 32.402
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7 7 5.2398 6.9348
Total Allotment Amount 500 500 500 500

  RAJASTHAN 2031 TAMILNADU 2046 UTTAR PRADESH 2031 Total
Notified Amount 500 1000 2500 6000
Tenure 10 Re-issue of 6.97% Tamil Nadu SDL 2046 Issued on May 25, 2021 10  
Competitive Bids Received        
(i) No. 133 58 175 616
(ii) Amount 7110 4437 13684 37974
Cut-off Yield (%) 6.92 7.01 6.93  
Competitive Bids Accepted        
(i) No. 6 1 15 37
(ii) Amount 450 984.933 2286.644 5656.909
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 76.5217 98.4933 43.9789  
(ii) No. (5 bids) (1 bid) (9 bids)  
Non-Competitive Bids Received        
(i) No. 11 3 14 43
(ii) Amount 50.996 15.067 213.356 344.087
Non-Competitive Price (₹) 100 99.53 100.03  
Non-Competitive Bids Accepted        
(i) No. 11 3 14 43
(ii) Amount 50 15.067 213.356 343.091
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage 98.0469 – –  
(ii) No. (10 bids) – –  
Weighted Average Yield (%) 6.9198 7.01 6.9258  
Total Allotment Amount 500 1000 2500 6000

Ajit Prasad            
Director (Communications)

Press Release: 2021-2022/1166

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Reserve Bank of India – Press Releases

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Sr. No. State Amount to be raised
(₹ Cr)		 Amount Accepted
(₹ Cr)		 Cut off Price(₹)/Yield (%) Tenure
(Yrs)
1 Andhra Pradesh 500 500 7.00 17
500 500 7.00 18
2 Assam 500 500 5.25 3
500 500 6.94 10
3 Rajasthan 500 500 6.92 10
4 Tamil Nadu 1000 1000 99.53/7.0100 Re-issue of 6.97% Tamil Nadu SDL 2046 Issued on May 25, 2021
5 Uttar Pradesh 2500 2500 6.93 10
  TOTAL 6000 6000    

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1165

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Reserve Bank of India – Tenders

Tenders

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Human Resource Management Department (HRMD), Reserve Bank of India (RBI), Central Office, 20th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001 invites bids through e-Tendering process from for printing and supply of the Bank’s House Journal “Without Reserve” to be brought out by the Bank for the period, January 01, 2022 – December 31, 2022. The Printers intending to bid for the same should submit bids online as per the Tender document which may be may downloaded from RBI website (https://rbi.org.in) or MSTC website (http://www.mstcecommerce.com/eprochome/RBI).

The tender document shall not be issued by any other means under any circumstances whatsoever. Corrigenda or clarifications, if any, shall be hosted on the above-mentioned websites only. RBI reserves the right to accept or reject any tender without assigning any reasons therefor.

Last date for submission of tender: 1600 hrs of December 02, 2021

CGM-in-Charge

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Reserve Bank of India – Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,65,908.55 3.29 0.10-3.50
     I. Call Money 11,119.48 3.31 2.00-3.45
     II. Triparty Repo 3,54,304.65 3.28 2.81-3.42
     III. Market Repo 1,00,484.42 3.34 0.10-3.50
     IV. Repo in Corporate Bond 0.00   –
B. Term Segment      
     I. Notice Money** 804.85 3.27 2.50-3.45
     II. Term Money@@ 461.50 – 3.15-3.60
     III. Triparty Repo 70.00 3.30 3.30-3.30
     IV. Market Repo 150.00 2.50 2.50-2.50
     V. Repo in Corporate Bond 2,300.00 3.80 3.80-3.80
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Mon, 08/11/2021 1 Tue, 09/11/2021 2,56,290.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
           
3. MSF Mon, 08/11/2021 1 Tue, 09/11/2021 335.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -2,55,955.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Wed, 03/11/2021 15 Thu, 18/11/2021 1,158.00 3.75
    (iv) Special Reverse Repoψ Wed, 03/11/2021 15 Thu, 18/11/2021 291.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Wed, 03/11/2021 15 Thu, 18/11/2021 4,34,492.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 02/11/2021 7 Tue, 09/11/2021 1,50,015.00 3.95
  Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -5,28,625.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -7,84,580.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 08/11/2021 6,24,964.54  
     (ii) Average daily cash reserve requirement for the fortnight ending 19/11/2021 6,34,320.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 08/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 22/10/2021 11,79,109.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£  As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/1163

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Reserve Bank of India – Press Releases

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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. NGP.DOS.SSM-2 No.S-817/15.04.168/2021-22 dated November 08, 2021, has issued certain Directions to “Babaji Date Mahila Sahakari Bank Ltd., Yavatmal”, whereby, as from the close of business on November 8, 2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated November 8, 2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. Considering the bank’s present liquidity position, a sum not exceeding ₹5000/- (Rupees Five Thousand only) from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.

2. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

3. These Directions shall remain in force for a period of six months from the close of business on November 8, 2021 and are subject to review.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1162

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/120
A.P. (DIR Series) Circular No. 16

November 08, 2021

To

All Authorised Persons

Madam / Sir

Investment by Foreign Portfolio Investors (FPIs) in Debt – Review

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 1 to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA.396/2019-RB dated October 17, 2019, as amended from time to time and the relevant Directions issued thereunder.

2. A reference is also invited to the following Directions issued by the Reserve Bank:

a. A.P. (DIR Series) Circular No. 31 dated June 15, 2018, as amended from time to time; and

b. A.P. (DIR Series) Circular No. 34 dated May 24, 2019, as amended from time to time.

3. An announcement was made in the Union Budget 2021-22 that debt financing of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) by Foreign Portfolio Investors (FPIs) will be enabled by making suitable amendments in the relevant legislations. Accordingly, it has been decided to permit FPIs to invest in debt securities issued by InvITs and REITs. Necessary amendments to Foreign Exchange Management (Debt Instruments) Regulations, 2019 (Notification No. FEMA 396/2019-RB dated October 17, 2019) have been notified on October 21, 2021 and are annexed to this circular.

4. FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term Framework (MTF) or the Voluntary Retention Route (VRR). Such investments shall be reckoned within the limits and shall be subject to the terms and conditions for investments by FPIs in debt securities under the respective regulations of MTF and VRR.

5. AD Category-I banks may bring the contents of the circular to the notice of their customers/constituents concerned.

6. The Directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully

(Dimple Bhandia)
Chief General Manager

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