Category: Press Releases

Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated March 18, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Vyavsayik evam Audhyogik Sahakari Bank Limited, Morena (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.

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 “Exposure Norms and Statutory/Other Restrictions -UCBs”. 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 and oral submissions made during the personal hearing, 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: 2020-2021/1269

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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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In the underwriting auctions conducted on March 19, 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)
5.15% GS 2025 11,000 5,502 5,498 11,000 11.30
5.85% GS 2030 11,000 5,502 5,498 11,000 23.00
Auction for the sale of securities will be held on March 19, 2021.

Ajit Prasad
Director   

Press Release: 2020-2021/1267

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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) 4,07,448.99 3.21 0.01-5.30
     I. Call Money 10,924.00 3.26 1.90-3.50
     II. Triparty Repo 2,93,504.20 3.26 2.90-3.35
     III. Market Repo 1,02,795.79 3.08 0.01-3.50
     IV. Repo in Corporate Bond 225.00 3.70 3.50-5.30
B. Term Segment      
     I. Notice Money** 217.30 3.21 2.50-3.60
     II. Term Money@@ 83.00 – 3.30-3.50
     III. Triparty Repo 805.00 3.33 3.15-3.35
     IV. Market Repo 520.00 1.77 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, 18/03/2021 1 Fri, 19/03/2021 3,99,249.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 18/03/2021 1 Fri, 19/03/2021 13.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,99,236.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 12/03/2021 14 Fri, 26/03/2021 2,00,007.00 3.51
  (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
D. Standing Liquidity Facility (SLF) Availed from RBI$       32,617.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,307.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,89,543.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 18/03/2021 4,35,017.17  
     (ii) Average daily cash reserve requirement for the fortnight ending 26/03/2021 4,55,339.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 18/03/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/02/2021 8,64,316.00  
@ 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. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2020-2021/1266

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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹18,315 Crore. (Face Value).

Sr. No. State/UT Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1. Arunachal Pradesh 286 – 10 Yield
2. Assam 630 – 10 Yield
3. Chhattisgarh 1000 – 8 Yield
4. Goa 200 – 10 Yield
5. Gujarat 1500 500 10 Yield
6. Jharkhand 1000 – 15 Yield
7. Kerala 1000 – 2 Yield
1000 – 6 Yield
8. Madhya Pradesh 4473 – 2 Yield
9. Meghalaya 102 – 10 Yield
10. Puducherry 100 – 13 Yield
11. Punjab 1000 – 12 Yield
1032 – Re-issue of 7.02% Punjab SDL 2028 issued on March 10, 2021 Price
1000 – Re-issue of 7.05% Punjab SDL 2031 issued on February 10, 2021 Price
12. Sikkim 15 – 10 Yield
13. Tamil Nadu 977 – Re-issue of 6.73% Tamil Nadu SDL 2030 issued on May 13, 2020 Price
14. Uttarakhand 1000 – 10 Yield
15. West Bengal 2000 – 10 Yield
  Total 18315      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 23, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 23, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on March 23, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on March 24, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on September 24 and March 24 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Director   

Press Release: 2020-2021/1265

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The Reserve Bank of India (RBI) has imposed, by an order dated March 17, 2021, a monetary penalty of ₹50.00 lakh (Rupees fifty lakh only) on The Irinjalakuda Town Co-operative Bank Ltd. No.55, Irinjalakuda, Thrissur District, Kerala (the bank) for contravention of/non-compliance with the directions issued by RBI on “Income Recognition and Asset Classification” and on “Management of Advances – UCBs”. The penalty has been imposed on the bank 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 (AACS) taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

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 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 “Income Recognition, Asset Classification, Provisioning and Other related matters” and on “Management of Advances – UCBs”. 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 written reply and the oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1264

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The Reserve Bank of India (RBI) has imposed, by an order dated March 17, 2021, a monetary penalty of ₹10.00 lakh (Rupees ten lakh only) on Priyadarshini Urban Co-operative Bank Ltd, Adoni, Kurnool District, Andhra Pradesh (the bank) for contravention of / non-compliance with the directions issued by RBI on sanction of loans to Directors of the Bank, “Income Recognition and Asset Classification norms”, and “Exposure Norms and Statutory / Other restrictions – UCBs”. This penalty has been imposed on the bank 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 (AACS) taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

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 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 Sanction of Loans to Directors, Income Recognition, Asset Classification, Provisioning Norms and Exposure Norms. 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 contravention of/ non-compliance with the directions.

After considering the bank’s written reply and the oral submissions made during the Personal Hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1263

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On a review of current liquidity and financial conditions, the Reserve Bank 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 March 25, 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 will purchase the following securities using the multiple price auction method:

Sr. No ISIN Security Date of Maturity Aggregate Amount
1 IN0020200278 5.15% GS 2025 09-Nov-2025 ₹10,000 crore
(There is no security-wise notified amount)
2 IN0020200294 5.85% GS 2030 01-Dec-2030
3 IN0020200245 6.22% GS 2035 16-Mar-2035

Sale

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

Sr. No ISIN Security Date of Maturity Aggregate Amount
1 IN0020020072 8.35% GS 2022 14-May-2022 ₹10,000 crore
(There is no security-wise notified amount)
2 IN0020120013 8.15% GS 2022 11-Jun-2022

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 March 25, 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 March 26, 2021.

6. The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1262

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A. I. SUMMARY – OMO PURCHASE RESULTS

Aggregate Amount (Face value) notified by RBI : ₹ 10,000 crore
Total amount offered (Face value) by participants : ₹ 24,931 crore
Total amount accepted (Face value) by RBI : ₹ 10,000 crore

A. II. DETAILS OF OMO PURCHASE ISSUE

Security 5.15% GS 2025 5.85% GS 2030 7.95% GS 2032
No. of offers received 167 161 54
Total amount (face value) offered (₹ in crore) 10,148 11,885 2,898
No. of offers accepted 69 54 10
Total offer amount (face value) accepted by RBI (₹ in crore) 4,169 5,024 807
Cut off yield (%) 5.8030 6.1784 6.8405
Cut off price (₹) 97.37 97.62 108.70
Weighted average yield (%) 5.8131 6.1882 6.8622
Weighted average price (₹) 97.33 97.55 108.52
Partial allotment % of competitive offers at cut off price 58.45 NA NA

B. I. SUMMARY – OMO SALE RESULTS

Aggregate Amount (Face value) notified by RBI : ₹ 10,000 crore
Total amount bid (Face value) by participants : ₹ 11,150 crore
Total amount accepted (Face value) by RBI : ₹ 4,750 crore

B. II. DETAILS OF OMO SALE ISSUE

Security 8.35% GS 2022 8.15% GS 2022
No. of bids received 14 6
Total bid amount (face value) (₹ in crore) 7,450 3,700
No. of bids accepted 4 1
Total bid amount (face value) accepted by RBI (₹ in crore) 3,750 1,000
Cut off yield (%) 4.2552 4.2641
Cut off price (₹) 104.55 104.59
Weighted average yield (%) 4.2205 4.2641
Weighted average price (₹) 104.59 104.59
Partial allotment % of competitive bids at cut off price NA NA

Ajit Prasad
Director   

Press Release: 2020-2021/1261

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A. OMO PURCHASE ISSUE

Security 5.15% GS 2025 5.85% GS 2030 7.95% GS 2032
Total amount notified (₹ in crore) Aggregate amount of ₹10,000 crore
(no security-wise notified amount)
Total amount (face value) accepted by RBI (₹ in crore) 4,169 5,024 807
Cut off yield (%) 5.8030 6.1784 6.8405
Cut off price (₹) 97.37 97.62 108.70

B. OMO SALE ISSUE

Security 8.35% GS 2022 8.15% GS 2022
Total amount notified (₹ in crore) Aggregate amount of ₹10,000 crore
(no security-wise notified amount)
Total amount (face value) accepted by RBI (₹ in crore) 3,750 1,000
Cut off yield (%) 4.2552 4.2641
Cut off price (₹) 104.55 104.59

Detailed results will be issued shortly.

Ajit Prasad
Director   

Press Release: 2020-2021/1260

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