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Reserve Bank of India – Press Releases

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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. DoS.CO.NSUCBs-West/D-1/12.22.252/2021-22 dated October 12, 2021, has issued certain Directions to The Seva Vikas Co-operative Bank Limited, Pune, whereby, as from the close of business on October 12, 2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated October 12, 2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. In particular, a sum not exceeding ₹1000 (Rupees One Thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions.

2. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

3. These Directions shall remain in force for a period of six months from the close of business on October 12, 2021 and are subject to review.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1033

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The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Pramanand Commercial Private Limited Lower ground floor, Hindustan Times House 18-20, Kasturba Gandhi Marg, New Delhi-110001 IN B-14.03328 January 05, 2016 July 06, 2021
2 M/s Amandeep Transport and Leasing India Limited Kothi no. 1, Gaushalla Road, Sunam, Distt. Sangrur, Punjab – 148028 06.00105 May 02, 1998 July 19, 2021
3 M/s CLSA India Finance Private Limited Office No. 702, Dalamal House, 206, Jamnalal Bajaj Marg, Nariman Point, Mumbai- 400021 N-13.02366 October 10, 2019 July 19, 2021
4 M/s Subhadra Investments Private Limited Plot # 8-3-214/21, Srinivasa Nagar Colony (West), Ameerpet, Hyderabad, Telangana – 500 038 B-09.00264 August 14, 2000 July 23, 2021
5 M/s Helios Finserve Private Limited B1-604, Marathon Next Gen Compound, Off G. K. Marg, Lower Parel (W) Mumbai-400013 N-13.02239 May 16, 2018 August 05, 2021
6 M/s Altico Capital India Limited 21, 2nd Floor, 5 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai-400051 N-13.01777 January 04, 2018 August 13, 2021
7 M/s GPL Finance Limited 113/216-B, Swaroop Nagar, Kanpur, Uttar Pradesh-208002 B-12.00053 February 27, 1998 September 24, 2021

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1031

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The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Cartel Finance and Investments Private Limited KH. No. 773, Harcharan Bagh G/F, Andheria More, Mehrauli, New Delhi-110030 B-14.01612 March 08, 2000 July 05, 2021
2 M/s Alamgir Motor Finance Limited 186, St. No. 2, Dashmesh Nagar, Gill Chowk, Ludhiana, Punjab A-06.00444 November 16, 2009 July 27, 2021
3 M/s Nau-Nidh Finance Limited Ward No. 27, Raghbir Enclave, Opp. Shivalik Enclave, Near Chungi No. 03, Kotkapura Road, Moga, Punjab – 142001 06.00155 March 30, 1999 July 27, 2021
4 M/s Kim Investment Limited 206-207, Chaudhary Complex, Hide Market, Amritsar, Punjab-143001 A-06.00541 June 29, 2007 September 01, 2021
5 M/s Sambandh Finserve Private Limited Plot No. O-4/9, Civil Township, PS. Raghunathpalli, Rourkela, Sundargarh, Odisha- 769004 04.00023 November 01, 2010 September 09, 2021
6 M/s BTL Holding Company Limited SRS Multiplex, Top floor, City Centre, Sector-12, Faridabad, Haryana-121007 N-14.03297 March 05, 2014 September 17, 2021

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1032

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The Result of the auction of State Development Loans for 9 State Governments held on October 12, 2021.

Table
(Amount in ₹ crore)
  ANDHRA PRADESH 2036 ANDHRA PRADESH 2041 GUJARAT 2029* KARNATAKA 2031
Notified Amount 1000 1000 2500 1000
Tenure 15 20 8 10
Competitive Bids Received        
(i) No. 117 67 172 144
(ii) Amount 5185 4750 15250 7935
Cut-off Yield (%) 7.13 7.14 6.75 6.96
Competitive Bids Accepted        
(i) No. 40 4 11 25
(ii) Amount 947.124 971.683 965 917.347
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 32.5314 84.6294 – 76.5972
(ii) No. (12 bids) (3 bids) – (12 bids)
Non – Competitive Bids Received        
(i) No. 9 5 7 13
(ii) Amount 52.876 28.317 89.202 82.653
Non-Competitive Price (₹) 100.2 100.02 100.05 100.06
Non-Competitive Bids Accepted        
(i) No. 9 5 7 13
(ii) Amount 52.876 28.317 89.202 82.653
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7.1081 7.1379 6.7425 6.9517
Total Allotment Amount 1000 1000 1054.202 1000

  KARNATAKA 2032 MANIPUR 2031 NAGALAND 2031 PUNJAB 2033**
Notified Amount 1000 140 89 250
Tenure 11 10 10 Re-issue of 6.98% Punjab SDL 2033 Issued on September 29, 2021
Competitive Bids Received        
(i) No. 122 15 17 43
(ii) Amount 4215 995 698 1670
Cut-off Yield (%) 7.03 7 7 –
Competitive Bids Accepted        
(i) No. 37 4 4 –
(ii) Amount 931.303 138.599 88.999 –
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 25.6463 63.8818 49.579 –
(ii) No. (11 bids) (2 bids) (2 bids) –
Non – Competitive Bids Received        
(i) No. 8 2 1 4
(ii) Amount 68.697 1.401 0.001 7.581
Non-Competitive Price (₹) 100.13 100.02 100.03 0
Non-Competitive Bids Accepted        
(i) No. 8 2 1 –
(ii) Amount 68.697 1.401 0.001 –
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7.0126 6.9971 6.9955 –
Total Allotment Amount 1000 140 89 0

  PUNJAB 2031** RAJASTHAN 2031 TAMILNADU 2031 UTTAR PRADESH 2031
Notified Amount 750 1000 2000 2500
Tenure Re-issue of 6.84% Punjab SDL 2031 Issued on September 29, 2021 10 10 10
Competitive Bids Received        
(i) No. 55 110 168 171
(ii) Amount 2380 6095 9465 12614
Cut-off Yield (%) 6.9988 6.98 6.97 6.97
Competitive Bids Accepted        
(i) No. 14 25 33 11
(ii) Amount 325 900 1836.99 2253.046
Partial Allotment Percentage of Competitive Bids        
(i) Percentage – 10.4651 99.619 73.2017
(ii) No. – (9 bids) (16 bids) (6 bids)
Non – Competitive Bids Received        
(i) No. 4 13 15 16
(ii) Amount 32.01 103.654 163.01 246.954
Non-Competitive Price (₹) 98.95 100.11 100.06 100.01
Non-Competitive Bids Accepted        
(i) No. 4 13 15 16
(ii) Amount 32.01 100 163.01 246.954
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – 96.4748 – –
(ii) No. – (12 bids) – –
Weighted Average Yield (%) 6.9875 6.9643 6.9617 6.9689
Total Allotment Amount 357.01 1000 2000 2500

  Total
Notified Amount 13229
Tenure  
Competitive Bids Received  
(i) No. 1201
(ii) Amount 71252
Cut-off Yield (%)  
Competitive Bids Accepted  
(i) No. 208
(ii) Amount 10275.091
Partial Allotment Percentage of Competitive Bids  
(i) Percentage  
(ii) No.  
Non – Competitive Bids Received  
(i) No. 97
(ii) Amount 876.356
Non-Competitive Price (₹)  
Non-Competitive Bids Accepted  
(i) No. 93
(ii) Amount 865.121
Partial Allotment Percentage of Non-Competitive Bids  
(i) Percentage  
(ii) No.  
Weighted Average Yield (%)  
Total Allotment Amount 11140.212
* Gujarat has accepted partial amount of ₹1054.202 crore
** Punjab has accepted partial amount of ₹357.01 crore for re-issue of 6.84% Punjab SDL 2031 and has not accepted any amount for reissue of 6.98% Punjab SDL 2033

Ajit Prasad
Director   

Press Release: 2021-2022/1030

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Sr. No. State Notified Amount
(₹ Cr)		 Amount Accepted
(₹ Cr)		 Cut off Price(₹) /
Yield (%)		 Tenure
(Yrs)
1 Andhra Pradesh 1000 1000 7.13 15
1000 1000 7.14 20
2 Gujarat* 2500 1054.202 6.75 8
3 Karnataka 1000 1000 6.96 10
1000 1000 7.03 11
4 Manipur 140 140 7.00 10
5 Nagaland 89 89 7.00 10
6 Punjab** 750 357.01 98.87/6.9988 Re-issue of 6.84% Punjab SDL 2031 Issued on September 29, 2021
250 – NA Re-issue of 6.98% Punjab SDL 2033 Issued on September 29, 2021
7 Rajasthan 1000 1000 6.98 10
8 Tamil Nadu 2000 2000 6.97 10
9 Uttar Pradesh 2500 2500 6.97 10
  TOTAL 13229 11140.212    
*Gujarat has accepted partial amount of ₹1054.202 crore
**Punjab has accepted partial amount of ₹357.01 crore for re-issue of 6.84% Punjab SDL 2031 and has not accepted any amount for re-issue of 6.98% Punjab SDL 2033

Ajit Prasad
Director   

Press Release: 2021-2022/1029

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The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022. This action has been taken on account of the failure on the part of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company.

2. This will not impact audit assignment/s of M/s Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1027

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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) 460,871.80 3.11 0.01-3.40
     I. Call Money 9,614.84 3.27 1.95-3.40
     II. Triparty Repo 348,652.20 3.09 2.50-3.18
     III. Market Repo 102,304.76 3.15 0.01-3.30
     IV. Repo in Corporate Bond 300.00 3.30 3.30-3.30
B. Term Segment      
     I. Notice Money** 467.64 3.21 2.50-3.40
     II. Term Money@@ 55.65 – 3.10-3.35
     III. Triparty Repo 0.00 – –
     IV. Market Repo 1,238.11 3.04 2.00-3.45
     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 Mon, 11/10/2021 1 Tue, 12/10/2021 263,634.00 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 Mon, 11/10/2021 1 Tue, 12/10/2021 250.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -263,384.00  
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 400,002.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 05/10/2021 7 Tue, 12/10/2021 200,001.00 3.61
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$       23,995.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -499,661.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -763,045.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 11/10/2021 612,081.95  
     (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¥ 11/10/2021 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: 2021-2022/1026

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It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the Reserve Bank of India Act, 1934, the Reserve Bank had, on October 04, 2021, constituted a three-member Advisory Committee to assist Shri Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties. The members of the Committee are:

  1. Shri R. Subramaniakumar, former MD & CEO, Indian Overseas Bank

  2. Shri T T Srinivasaraghavan, former Managing Director, Sundaram Finance Limited

  3. Shri Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited

2. Upon admission of the petitions for insolvency resolution process by the Kolkata Bench of the Hon’ble National Company Law Tribunal in respect of SIFL and SEFL vide orders dated October 08, 2021, the Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee constituted under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1025

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on October 12, 2021, Tuesday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor
(day)		 Window Timing Date of Reversal
1 2,00,000 8 10:30 AM to 11:00 AM October 20, 2021
(Wednesday)

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: 2021-2022/1024

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