Category: Press Releases

The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Ltd., Davangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019, as modified from time to time, which were last extended upto February 07, 2021 vide Directive DOR.CO.AID.No.D-34/12.23.096/2020-21 dated November 03, 2020.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Ltd., Davangere, Karnataka, and as modified from time to time, last being vide Directive DOR.CO.AID.No.D-34/12.23.096/2020-21 dated November 03, 2020. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive DCBS.CO.BSD III.D-12/12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Ltd., Davangere, Karnataka, as modified from time to time, the validity of which was last extended upto February 07, 2021 vide Directive DOR.CO.AID.No.D-34/12.23.096/2020-21 dated November 03, 2020, shall continue to apply to the bank for a further period of three months from February 08, 2021 to May 07, 2021, subject to review.

3. Other terms and conditions of the Directives under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1061

The results of the auctions of 3.96% Government Stock, 2022 (Re-Issue), 5.15% Government Stock, 2025 (Re-Issue), 5.85% Government Stock, 2030 (Re-Issue) and 6.80% Government Stock, 2060 (Re-Issue) held on February 05, 2021 are:

Ajit Prasad
Director  

Press Release: 2020-2021/1059

Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, February 10, 2021, during the below given timings:

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Thursday, February 11, 2021.

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. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Director   

Press Release: 2020-2021/1058

As announced in the Statement on Developmental and Regulatory Policies on February 05, 2021, it has been decided to permit banks to provide funds under the On Tap TLTRO scheme to Non-Banking Financial Companies (NBFCs) for incremental lending to the sectors as indicated in RBI press release 2020-2021/763 dated December 11, 2020 in view of the important role played by NBFCs as well recognised conduits for reaching credit out to the last mile and acting as a force multiplier in expanding credit to various sectors.

All other terms and conditions of the scheme remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1057

Ajit Prasad
Director  

Press Release: 2020-2021/1056

The Reserve Bank of India (RBl) has, by an order dated February 05, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Gondia District Central Co-operative Bank Limited, Gondia (the bank) for non-compliance with certain directions issued by RBI contained in the “Master Direction – Know Your Customer (KYC) Direction, 2016”.

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, for not having in place a robust system for generating alerts and reporting of suspicious transactions to FIU-Ind, as revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018.

A notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions. After considering the bank’s reply to the notice, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

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.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1054

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Ajit Prasad
Director   

Press Release: 2020-2021/1053

In the underwriting auctions conducted on February 5, 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:

Ajit Prasad
Director   

Press Release: 2020-2021/1052