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The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1 crore (Rupees One Crore only) on State Bank of India (the bank) for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (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

A scrutiny was carried out by the RBI in a customer account maintained with the bank and the examination of the scrutiny report and all related correspondence pertaining to the same, revealed, inter alia, non-compliance with the aforesaid directions to the extent of delay in reporting of fraud in the said account to RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause why penalty should not be imposed on it for such non-compliance with the said directions.

After considering the bank’s reply to the notice and oral submissions made by the bank in 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 non-compliance with the aforesaid directions.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1060

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The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1.95 crore (Rupees One Crore and Ninety-five Lakh only) on Standard Chartered Bank – India (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ read with ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 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 (ISE) 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 and all related correspondence pertaining to the same, revealed, inter-alia, non-compliance with the above-mentioned directions to the extent of (i) failure to credit (shadow reversal) the amount involved in the unauthorised electronic transactions, (ii) not reporting cyber security incident within the prescribed time period, (iii) authorising the direct sales agents (outsourced third party) to conduct KYC verification, and (iv) failure to ensure integrity and quality of data submitted in CRILC. 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 contravention of / non-compliance with the afore-said directions, as stated therein.

After considering the bank’s replies to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank, RBI came to the conclusion that the charge of contravention of / non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank, to the extent of non-compliance with the aforesaid directions.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1059

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Reserve Bank of India – Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on October 20, 2021, Wednesday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor
(day)		 Window Timing Date of Reversal
1 2,00,000 6 10:30 AM to 11:00 AM October 26, 2021
(Tuesday)

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.

Ajit Prasad
Director   

Press Release: 2021-2022/1058

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A. Source Security 5.09% GS 2022 5.09% GS 2022 5.09% GS 2022 8.08% GS 2022 8.08% GS 2022 8.08% GS 2022
B. Notified Amount (amount in ₹ cr) 8,000 6,000 6,000 7,000 5,000 4,000
Destination Security GOI FRB 2031 GOI FRB 2034 GOI FRB 2028 GOI FRB 2031 GOI FRB 2034 GOI FRB 2028
C. i. No. of offers received 17 16 23 7 15 6
ii. Total amount of Source Security offered (Face value in ₹ cr) 9774.970 10210.000 5665.000 7900.769 8935.000 3912.000
iii. No of offers accepted 2 6 10 3 10 6
iv. Total amount of source security accepted (Face value in ₹ cr) 4000.000 6000.000 4750.000 3000.769 5000.000 3912.000
v. Total amount of destination security issued (Face value in ₹ cr) 3973.352 6032.824 4773.312 3065.728 5170.137 4043.150
vi. Cut-off price/yield for destination security 101.30/4.4190 100.05/4.4447 100.10/4.0231 101.30/4.4190 100.05/4.4447 100.10/4.0231

Ajit Prasad
Director   

Press Release: 2021-2022/1057

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The Result of the auction of State Development Loans for 3 State Governments held on October 18, 2021.

Table
(Amount in ₹ crore)
  GUJARAT 2026 HARYANA 2031 KARNATAKA 2031 KARNATAKA 2034
Notified Amount 1500 1500 1000 1000
Tenure 5 10 10 13
Competitive Bids Received        
(i) No. 73 111 163 116
(ii) Amount 9155 7920 9895 4090
Cut-off Yield (%) 6.04 6.99 6.95 7.08
Competitive Bids Accepted        
(i) No. 7 24 4 42
(ii) Amount 1484.999 1406.495 901.900 918.590
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 83.9621 3.4409 91.8931 29.7436
(ii) No. (3 bids) (10 bids) (3 bids) (16 bids)
Non – Competitive Bids Received        
(i) No. 2 8 10 9
(ii) Amount 15.001 93.505 98.100 81.410
Non-Competitive Price (₹) 100.03 100.22 100.02 100.13
Non-Competitive Bids Accepted        
(i) No. 2 8 10 9
(ii) Amount 15.001 93.505 98.100 81.410
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 6.0329 6.9584 6.9467 7.0644
Total Allotment Amount 1500 1500 1000 1000

  Total
Notified Amount 5000
Tenure  
Competitive Bids Received  
(i) No. 463
(ii) Amount 31060
Cut-off Yield (%)  
Competitive Bids Accepted  
(i) No. 77
(ii) Amount 4711.984
Partial Allotment Percentage of Competitive Bids  
(i) Percentage  
(ii) No.  
Non – Competitive Bids Received  
(i) No. 29
(ii) Amount 288.016
Non-Competitive Price (₹)  
Non-Competitive Bids Accepted  
(i) No. 29
(ii) Amount 288.016
Partial Allotment Percentage of Non-Competitive Bids  
(i) Percentage  
(ii) No.  
Weighted Average Yield (%)  
Total Allotment Amount 5000

Ajit Prasad
Director   

Press Release: 2021-2022/1056

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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) 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 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  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 Sun, 17/10/2021 1 Mon, 18/10/2021 5,311.00 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 Sun, 17/10/2021 1 Mon, 18/10/2021 8.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -5,303.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo Sat, 16/10/2021 2 Mon, 18/10/2021 51,112.00 3.35
  Fri, 15/10/2021 3 Mon, 18/10/2021 1,124.00 3.35
  Thu, 14/10/2021 4 Mon, 18/10/2021 208,245.00 3.35
    (iii) Special Reverse Repo~ Fri, 08/10/2021 14 Fri, 22/10/2021 6,402.00 3.75
    (iv) Special Reverse Repoψ Fri, 08/10/2021 14 Fri, 22/10/2021 2,894.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 08/10/2021 14 Fri, 22/10/2021 400,002.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 12/10/2021 8 Wed, 20/10/2021 200,013.00 3.90
3. MSF Sat, 16/10/2021 2 Mon, 18/10/2021 28.00 4.25
  Fri, 15/10/2021 3 Mon, 18/10/2021 595.00 4.25
  Thu, 14/10/2021 4 Mon, 18/10/2021 450.00 4.25
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 (-)]*     -761,381.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -766,684.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 17/10/2021 615,549.93  
     (ii) Average daily cash reserve requirement for the fortnight ending 22/10/2021 630,289.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 14/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 24/09/2021 1,205,314.00  
@ 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: 2021-2022/1054

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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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) 3,210.95 3.24 2.00-3.45
     I. Call Money 904.35 3.20 2.70-3.40
     II. Triparty Repo 2,306.60 3.26 2.00-3.45
     III. Market Repo 0.00   –
     IV. Repo in Corporate Bond 0.00   –
B. Term Segment      
     I. Notice Money** 7,117.92 3.30 1.95-3.50
     II. Term Money@@ 38.00 – 3.30-3.30
     III. Triparty Repo 3,32,762.50 3.23 3.08-3.36
     IV. Market Repo 1,02,728.11 3.09 0.01-3.50
     V. Repo in Corporate Bond 0.00 – –
  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 Thu, 14/10/2021 4 Mon, 18/10/2021 2,08,245.00 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 Thu, 14/10/2021 4 Mon, 18/10/2021 450.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -2,07,795.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 08/10/2021 14 Fri, 22/10/2021 6,402.00 3.75
    (iv) Special Reverse Repoψ Fri, 08/10/2021 14 Fri, 22/10/2021 2,894.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 08/10/2021 14 Fri, 22/10/2021 4,00,002.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 12/10/2021 8 Wed, 20/10/2021 2,00,013.00 3.90
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 (-)]*     -5,01,973.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -7,09,768.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 14/10/2021 6,72,719.50  
     (ii) Average daily cash reserve requirement for the fortnight ending 22/10/2021 6,30,289.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 14/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 24/09/2021 12,05,314.00  
@ 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: 2021-2022/1052

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The Reserve Bank of India, in the public interest, had issued Directions to Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on November 17, 2020. The validity of the directions was extended from time-to-time, the last being up to October 16, 2021.

The Reserve Bank of India has now further extended the Directions for a period of two months from October 17, 2021 to December 16, 2021, subject to review. The Directions stipulate certain restrictions and/ or ceiling on withdrawal/ acceptance of deposits. The detailed Directions are displayed on the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications of the Directions depending upon circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1051

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