Category: Press Releases

On a review of current liquidity and financial conditions, the Reserve Bank of India has decided to conduct simultaneous purchase and sale of Government securities under Open Market Operations (OMO) for an aggregate amount of ₹10,000 crore each on May 06, 2021.

2. Accordingly, the details of securities for the simultaneous purchase and sale of Government securities under Open Market Operations (OMOs) are as under:

Purchase

The Reserve Bank of India will purchase the following securities using the multiple price auction method:

Sale

The Reserve Bank of India will simultaneously sell the following securities using the multiple price auction method:

3. The Reserve Bank reserves the right to:

• decide on the quantum of purchase/sale of individual securities.

• accept bids/offers for less than the aggregate amount.

• purchase/sell marginally higher/lower than the aggregate amount due to rounding-off.

• accept or reject any or all the bid/offers either wholly or partially without assigning any reasons.

4. Eligible participants should submit their bids/offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on May 06, 2021. Only in the event of system failure, physical bids/offers would be accepted. Such physical bid/offer should be submitted to Financial Markets Operations Department (email; Phone no: 022-22630982) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before 11:00 am.

5. The result of the auctions will be announced on the same day and successful participants should ensure availability of funds/securities in their Current account/SGL account, as the case may be, by 12 noon on May 07, 2021.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/132

The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a Member on April 23, 2021.

Launched at the Paris One Planet Summit on December 12, 2017, the NGFS is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy.

The Reserve Bank expects to benefit from the membership of NGFS by learning from and contributing to global efforts on Green Finance which has assumed significance in the context of climate change.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/131

The Reserve Bank of India (RBl) has imposed, by an order dated April 29, 2021, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Yavatmal Urban Cooperative Bank Limited, Yavatmal, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by RBI to Urban Cooperative Banks on Frauds – Classification and 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) 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.

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 inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the directions issued by Reserve Bank of India (RBI) on Frauds – Classification and Reporting. 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 directions.

After considering the bank’s replies, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/130

Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on April 30 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:

The underwriting auction will be conducted through multiple price-based method on April 30, 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.

Rupambara
Director   

Press Release: 2021-2022/129

Rupambara
Director   

Press Release: 2021-2022/124

Rupambara
Director   

Press Release: 2021-2022/123