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Reserve Bank of India – Tenders

Tenders

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The Pre-Bid meeting for the captioned work was conducted as per schedule on August 31, 2021 – 11:00 AM at Conference Hall-III, Third Floor, Reserve Bank of India, Chennai. The minutes of pre-bid meeting is as under:

Sl. No Query/Proposal Clarifications furnished by the Bank 1 Only 2 Nos. Addressable Control modules for AHU’s and dampers were given in BOQ? The quantity of item No 16 i.e. addressable relay has been revised to 19 Nos. Further the item shall be read as “MODULES: Addressable Relay Modules: Supply, Installation, Testing and Commissioning of Addressable Relay Modules for AHUs and Control Dampers etc”.

Accordingly, quantity has been revised in price bid.

2 Hostile area smoke detectors with filter system to remove particles at least 25 microns is more complicated and the same is not available in any brand except Vesda Systems which is very costlier. It has been decided to delete the item No 06. from the scope of the work. Vendors are requested to make a note and not to quote for this item.

Accordingly, quantity has been revised in price bid.

3 Revision in quantity of item Nos 4 i.e. Multi sensor detector below false ceiling: Supply Installation testing and Commissioning (SITC) of Intelligent Addressable type multi sensor detector below false ceiling (Photo + Fixed Temp. + Rate of Rise Temp.) with base for use as heat or smoke or combined both automatic electronic addressing, microprocessor type with operating temperature from -20⁰C to + 60⁰C. Detector shall have auto learn, drift compensation etc. It shall be UL / EN approved. The quantity of item Nos.04 has been revised from 500 to 525 Nos as per site requirement.

Accordingly, quantity has been revised in price bid.

4 Cables used for Fire Alarm System is in serviceable condition or not? Existing fire alarm system is in operation and hence cables connected are in serviceable condition. 5 How many loops are available in existing system? There are 4 loops in the system installed for MOP and 2 loops in Annex building panel. 6 False Ceiling Clearance shall be given at a time for entire building or department wise? It will be given in a phased manner. However, Bank’s engineer will coordinate the work and provide required assistance, wherever needed. 7 EMD exemptions will be extended to MSME vendors or not? There are no exemptions. The EMD shall be submitted as per the tender provision. 8 Warranty for the system shall be provided for full life period for the system (8 years)? DLP period is one year from the date of handing over the system and CAMC period is for 7 years after DLP of one year. 9 Number of services to be carried out during DLP and AMC period? Please refer clause 17(a) of tender Part I. 10 Requested to include makes other than mentioned in the Tender? Advised to quote only for the makes as indicated in the tender. 11 Instead of 8 Loops in single panel whether integration of two separate panels are allowed? Not allowed. Single panel with minimum 8 loops is accepted as per tender. 12 Display system shall have minimum of 640 characters or not? It is informed by the vendors that display system differ from one manufacturer to other. Therefore, display as per manufacturer standard is acceptable to the Bank. 13 Whether the battery backup is required for the hooter also? Yes, battery shall have sufficient capacity for the fire alarm system for not less than 30 minutes in alarm condition and at least 60 hours in normal condition. 14 Make of the Digital Heat Sensing cable? UL / EN listed make is allowed. 15 Whether the make of Beam Detector is of the same brand of the fire alarm system? Approved brand as mentioned in the tender is accepted. 16 Requested for Plan/Drawing for the building? The same will be provided to the L1 bidder during the execution of the work. 17 Whether FAS should be complied with latest version (7th edition) of UL 864? UL 864 – 6TH edition or above is acceptable. 18 Any additional cabling will be paid separately or not? Cables are measured and paid as per actuals. 19 Payments terms – against delivery of material is 60% of the contract amount is not adequate. As requested by the tenderers and considering the current pandemic situation the following terms of payment is considered.

a. 75% of the quoted rate pro rata against receipt of the material at site and on submission of the documents as mentioned in the tender.

b. 25% of the quoted rate against Erection, Testing, Commissioning and Handing over the system to the Bank and on submission of the Bank Guarantee as per the tender clause.

Note: Above amendments/clarifications are issued for the information for all intending bidders. Minutes of pre-bid meeting shall form the part of bid document/Agreement. Rest of the terms and conditions and specifications of the bid document shall continue to remain same. Hence, it shall be signed and submitted along with the tender by the tenderers. Submission of Bids shall be construed to be in conformity to the bid document and amendments/clarifications.

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Reserve Bank of India – Press Releases

Press Releases

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In the underwriting auctions conducted on September 03, 2021 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)
4.26% GS 2023 3,000 1,512 1,488 3,000 0.24
6.10% GS 2031 14,000 7,014 6,986 14,000 0.64
6.76% GS 2061 9,000 4,515 4,485 9,000 0.88
Auction for the sale of securities will be held on September 03, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/802

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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) 420,839.20 3.07 1.95-5.30
     I. Call Money 7,113.30 3.16 1.95-3.40
     II. Triparty Repo 319,120.00 3.06 2.90-3.08
     III. Market Repo 94,600.90 3.11 2.00-3.25
     IV. Repo in Corporate Bond 5.00 5.30 5.30-5.30
B. Term Segment      
     I. Notice Money** 314.85 3.29 2.40-3.40
     II. Term Money@@ 629.50 – 3.10-3.53
     III. Triparty Repo 95.00 3.05 3.05-3.05
     IV. Market Repo 100.00 2.90 2.90-2.90
     V. Repo in Corporate Bond 780.00 3.52 3.45-5.35
  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, 02/09/2021 1 Fri, 03/09/2021 714,231.00 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, 02/09/2021 1 Fri, 03/09/2021 19.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -714,212.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 27/08/2021 13 Thu, 09/09/2021 6,574.00 3.75
    (iv) Special Reverse Repoψ Fri, 27/08/2021 13 Thu, 09/09/2021 611.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 27/08/2021 13 Thu, 09/09/2021 300,027.00 3.42
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
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
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
D. Standing Liquidity Facility (SLF) Availed from RBI$       28,295.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -194,574.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -908,786.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 02/09/2021 615,399.45  
     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 628,268.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 02/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 13/08/2021 1,132,933.00  
@ 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.
~ 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: 2021-2022/801

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has, by an order dated September 02, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kosamba Mercantile Co-operative Bank Ltd., Kosamba, Dist. Surat (Gujarat) (the bank) for non-compliance with directions issued by RBI contained in the Circular on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’ dated April 29, 2003. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

This action is based on 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 of the bank conducted by RBI with reference to the bank’s financial position as on March 31, 2019, the Inspection Report pertaining thereto and examination of all related correspondence revealed, inter alia, that the bank had sanctioned loans to relatives of a director resulting in non-compliance with aforesaid directions issued by RBI. 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 for non-compliance with the aforesaid directions issued by RBI.

After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the aforesaid RBI direction was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/800

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Reserve Bank of India – Press Releases

Press Releases

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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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Reserve Bank of India – Press Releases

Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on September 03, 2021

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:

(₹ crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
4.26% GS 2023 3,000 72 72
6.10% GS 2031 14,000 334 334
6.76% GS 2061 9,000 215 215

The underwriting auction will be conducted through multiple price-based method on September 03, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director   

Press Release: 2021-2022/798

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Reserve Bank of India – Press Releases

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) 3,95,759.78 3.09 1.95-5.30
     I. Call Money 7,572.61 3.19 1.95-3.40
     II. Triparty Repo 2,94,846.15 3.07 3.03-3.13
     III. Market Repo 93,271.02 3.13 2.00-3.25
     IV. Repo in Corporate Bond 70.00 5.30 5.30-5.30
B. Term Segment      
     I. Notice Money** 262.05 2.97 2.50-3.35
     II. Term Money@@ 166.00 – 3.10-3.45
     III. Triparty Repo 0.00 – –
     IV. Market Repo 187.01 3.19 3.00-3.40
     V. Repo in Corporate Bond 861.00 3.55 3.45-5.35
  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 Wed, 01/09/2021 1 Thu, 02/09/2021  6,62,871.00 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 Wed, 01/09/2021 1 Thu, 02/09/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -6,62,871.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 27/08/2021 13 Thu, 09/09/2021 6,574.00 3.75
    (iv) Special Reverse Repoψ Fri, 27/08/2021 13 Thu, 09/09/2021 611.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 27/08/2021 13 Thu, 09/09/2021 3,00,027.00 3.42
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
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
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
D. Standing Liquidity Facility (SLF) Availed from RBI$       28,295.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,94,574.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -8,57,445.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 01/09/2021 6,19,275.94  
     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 6,28,268.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 01/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 13/08/2021 11,32,933.00  
@ 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.
~ 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: 2021-2022/797

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Reserve Bank of India – Tenders

Tenders

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The Department of Economic & Policy Research, Reserve Bank of India (hereinafter referred to as ‘’ the Bank ’’ or ‘’ DEPR ’’) invites e-Tenders from eligible tenderers for providing of Concurrent Auditors for the period October 01, 2021 to September 30, 2022 for audit of DEPR Cluster, subject to the terms and conditions of this Tender. The contract will be valid for a period of one year from 1st October 2021 to 30th September 2022 and is extendable on an yearly basis for a maximum of two more years, subject to satisfactory performance/service rendered by the Tenderer.

The Tendering will be done through the e-Tendering portal of MSTC Ltd. (https://www.mstcecommerce.com/eprochome/rbi). Interested tenderers must register themselves with MSTC Ltd through the above-mentioned website to participate in the tendering process.

Tender document can be downloaded from both the RBI website www.rbi.org.in under tender section and www.mstcecommerce.com. Any Amendment(s) / Corrigendum / Clarification(s) with respect to this Tender shall be uploaded only on the RBI website / MSTC e-portal and will not be published in the newspaper. The Tenderer should check the above website / e-portal for any Amendment / Corrigendum / Clarification before submitting the bid. The Bank shall have the right to cancel, modify the Tender and extend the deadline for submission of Tender. Further, the Bank reserves the right to accept any Tender, either in full or in part and to reject any or all the Tenders without assigning any reason thereof.

SCHEDULE OF TENDER (SOT)

a. e-Tender No. RBI/Central Office/DEPR/1/21-22/ET/129
b. Name of Tender Appointment of Concurrent Auditors for the period October 01, 2021 to September 30, 2022 for audit of DEPR Cluster.
c. Mode of Tender e-Procurement System
(Online Part – I – Pre-qualification criteria and Techno-Commercial Bid and
Part – II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
d. Date of Notice Inviting Tender (NIT) available to parties to download September 01, 2021 from 07:00 PM
e. Date of Starting of e-Tender for submission of online Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi September 01, 2021 from 07:00 PM
f. Date of closing of online e-Tender for submission of Techno-Commercial Bid & Price Bid September 14, 2021 at 09:00 PM
g. Date and time of opening of Tender September 15, 2021 at 11:00 AM
h. Transaction Fee Payment of Transaction Fee, as mentioned in the MSTC portal, through MSTC payment gateway by NEFT / RTGS in favour of MSTC LIMITED
i. Address for Communication The General Manager
Department of Economic & Policy Research,
Reserve Bank of India, Central Office,
Shahid Bhagat Singh Marg, Fort, Mumbai – 400001
e-mail: mmsenapati@rbi.org.in

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated September 01, 2021, a monetary penalty of ₹25 lakh (Rupees Twenty five lakh only) on Axis Bank Limited (the bank) for contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. The penalty has been imposed in exercise of powers vested in RBI under provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949 (the Act).

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 RBI during February 2020 and March 2020 in a customer account maintained with the bank and it was observed that the bank had failed to comply with the aforesaid directions issued by RBI, ie., the bank failed to monitor/carry out on-going due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer’s business and risk profile. 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 contravention of the said directions, 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 contravention of/non-compliance with the aforesaid RBI directions were substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with the aforesaid direction.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/796

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The Reserve Bank of India (RBI) has imposed, by an order dated September 1, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Prathamik Shikshak Sahakari Bank Ltd., Satara (the bank) for contravention of/non-compliance with the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs. 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) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

The action is based on 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 inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, that the bank had not adhered to prudential inter-bank single counter party limit. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid direction.

After considering the bank’s reply to the Notice and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with the RBI direction was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/795

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