Category: Press Releases

The value of exports and imports of services during July 2021 is given in the following Table.

Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/794

International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) 12.57 billion (equivalent to around USD 17.86 billion at the latest exchange rate) to India on August 23, 2021. The total SDR holdings of India now stands at SDR 13.66 billion (equivalent to around USD 19.41 billion at the latest exchange rate) as on August 23, 2021. This increase in SDR holdings will be reflected in the Foreign Exchange Reserves (FER) data that shall be published for the week ended August 27, 2021.

SDR holdings is one of the components of the FER of a country. IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021 (effective from August 23, 2021) of which the share of India is SDR 12.57 billion.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/792

Ajit Prasad
Director   

Press Release: 2021-2022/791

Ajit Prasad
Director   

Press Release: 2021-2022/790

The Reserve Bank of India issued Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 to Bidar Mahila Urban Co-operative Bank Ltd., Bidar, Karnataka, vide Directive DCBS.CO.BSD-III.No.D-8/12.23.212/2018-19 dated February 21, 2019, as modified from time to time, last being vide Directive DOR.MON/D-59/12.23.212/2020-21, dated February 26, 2021 in terms of which, the Directions were extended up to August 31, 2021.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of Directive DCBS.CO.BSD-III.No.D-8/12.23.212/2018-19 dated February 21, 2019 issued to Bidar Mahila Urban Co-operative Bank Ltd., Bidar, Karnataka as modified from time to time for a further period of six months. 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.No.D-8/12.23.212/2018-19 dated February 21, 2019 issued to Bidar Mahila Urban Co-operative Bank Ltd., as modified from time to time, the validity of which was extended up to August 31, 2021, shall continue to apply to the bank for a further period of six months from September 01, 2021 to February 28, 2022, subject to review.

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

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/789

Today, the Reserve Bank released its quarterly house price index (HPI)¹ (base: 2010-11=100) for Q1:2021-22, based on transaction-level data received from housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai). Time series data on all-India and city-wise HPIs are available at the Bank’s Database of Indian Economy (DBIE) portal (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics > Real Sector > Price & Wages > Quarterly).

Highlights:

• All-India HPI recorded 2.0 per cent annual growth (y-o-y) in Q1:2021-22 as compared with 2.7 per cent growth in the previous quarter and 2.8 per cent a year ago; HPI growth varied widely across the cities- it ranged from an expansion of 8.8 per cent (Ahmedabad) to a contraction of (-) 5.1 per cent (Chennai).

• On a sequential (q-o-q) basis, the all-India HPI registered a 0.5 per cent growth in Q1:2021-22; Mumbai, Delhi, Chennai, Kanpur and Lucknow recorded a sequential decline in HPI, whereas it increased in other five cities.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/787

Today, the Reserve Bank released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), June 2021 on its Database on Indian Economy (DBIE) portal (web-link: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications#!3). Data on credit and deposits disaggregated by type, are classified by states/union territories (UTs), districts, centres, population groups and bank groups. These data are collected from all SCBs (including Regional Rural Banks and Small Finance Banks) under the Basic Statistical Return (BSR) – 7 system¹.

Highlights:

• Bank credit recorded 6.0 per cent growth (y-o-y) in June 2021 (6.4 per cent growth a year ago): bank branches in urban, semi-urban and rural centres recorded double-digit credit growth but it moderated for metropolitan branches to 2.7 per cent (5.1 per cent a year ago).

• Growth (y-o-y) in credit by private sector banks (10.1 per cent) was much higher than that for public sector banks (3.1 per cent).

• Aggregate deposits growth (y-o-y) stood at 10.0 per cent in June 2021 (11.5 per cent a year ago): deposit accretion in private sector banks grew at a faster pace vis-a-vis public sector banks.

• The share of current account and savings account (CASA) deposits in total deposits increased further to 43.8 per cent in June 2021 (42.0 per cent a year ago).

• As deposit growth outpaced credit growth, the all-India credit-deposit (C-D) ratio moderated to 70.5 per cent in June 2021 (73.1 per cent a year ago): C-D ratio declined for all bank groups, except for regional rural banks.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/786

The Reserve Bank of India (RBI) has, by an order dated August 30, 2021, imposed a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on The Bihar State Co-operative Bank Ltd., Patna (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) contained in its circular on “Review of Frauds – Guidelines on Monitoring and Reporting System”. This penalty has been imposed in exercise of powers vested in RBI under 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 NABARD with reference to the bank’s financial position as on March 31, 2018 and March 31, 2019, the Inspection Reports (IRs) pertaining thereto, and examination of all related correspondence, revealed, inter alia, non-compliance with aforesaid directions issued by NABARD. 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 contravention of the aforesaid directions. After considering the bank’s reply to the notice and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/785