Category: Press Releases

Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated July 02, 2021, a monetary penalty of ₹25.00 lakh (Rupees twenty five lakh only) on Punjab and Sind Bank (the bank) for non-compliance with certain provisions of directions issued by RBI on ‘Cyber Security Framework in Banks’ dated June 2, 2016.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949. 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 bank had reported a few cyber incidents to RBI on May 16 and May 20, 2020. Examination of the incident reports and the report of the forensic analysis of the said incidents, revealed, non-compliance with aforesaid directions. 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 non-compliance with the directions issued by RBI, as stated therein.

After considering the bank’s reply to the show cause notice, oral submissions made during the personal hearing and examination of further clarifications/documents furnished by the bank, RBI came to the conclusion that to the extent the charges of non-compliance with RBI directions were substantiated, it warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/483

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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹ 14,400 Cr. (Face Value). The revision is due to the addition of Chhattisgarh.

Sr. No. State/ UT Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1 Andhra Pradesh 1000 – 16 Yield
1000 – 17 Yield
2 Assam 500 – 5 Yield
3 Bihar 2000 – 6 Yield
4 Chhattisgarh 1000 – 7 Yield
5 Goa 100 – 10 Yield
6 Gujarat 1000 – 9 Yield
7 Maharashtra 1000 500 10 Yield
1000 – 11 Yield
8 Mizoram 100 – 13 Yield
9 Punjab 1200 – Re-issue of 6.95% Punjab SDL 2031 issued on June 30, 2021 Price
10 Rajasthan 1000 – 10 Yield
11 Tamil Nadu 1000 – 10 Yield
1000 – Re-issue of 6.83% Tamil Nadu SDL 2031 issued on June 23, 2021 Price
12 West Bengal 1500 – 7 Yield
  TOTAL 14,400      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 06, 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 July 06, 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 July 06, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on July 07, 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 January 07 and July 07 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: 2021-2022/482

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

Sr. No Treasury Bill Notified Amount
(in ₹ crore) 		Auction Date Settlement date
1 91 Days 9,000 July 07, 2021
(Wednesday)		 July 08, 2021
(Thursday)
2 182 Days 4,000
3 364 Days 4,000
  Total 17,000    

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, July 07, 2021, during the below given timings:

Category Timing
Competitive bids 10:30 am – 11:30 am
Non-Competitive bids 10:30 am – 11:00 am

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Thursday, July 08, 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: 2021-2022/481

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The results of the auctions of 5.63% Government Stock 2026 (Re-Issue), GoI FRB 2033 (Re-Issue), 6.64% Government Stock 2035 (Re-Issue) and 6.67% Government Stock 2050 (Re-issue) held on July 02, 2021 are:

Auction Results 5.63% GS 2026 GoI FRB 2033 6.64% GS 2035 * 6.67% GS 2050
I. Notified Amount ₹11000 Crore ₹4000 Crore ₹10000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹11000 Crore ₹4000 Crore ₹10000 Crore ₹7000 Crore
III. Competitive Bids Received        
(i) Number 210 106 334 176
(ii) Amount ₹21148 Crore ₹18016.615 Crore ₹28515.843 Crore ₹17533.5 Crore
IV. Cut-off price / Yield 99.60 99.90 99.07 94.31
(YTM: 5.7246%) (YTM: 4.9251%) (YTM: 6.7433%) (YTM: 7.1345%)
V. Competitive Bids Accepted        
(i) Number 2 8 164 85
(ii) Amount ₹500 Crore ₹3999.975 Crore ₹12497.234 Crore ₹6989.035 Crore
VI. Partial Allotment Percentage of Competitive Bids 0.00% 45.83% 6.86% 23.95%
(0 Bids) (3 Bids) (15 Bids) (1 Bid)
VII. Weighted Average Price/Yield 99.61 99.94 99.13 94.49
(WAY: 5.7222%) (WAY: 4.9207%) (WAY: 6.7366%) (WAY: 7.1191%)
VIII. Non-Competitive Bids Received        
(i) Number 3 2 4 6
(ii) Amount ₹5.222 Crore ₹0.025 Crore ₹2.766 Crore ₹10.965 Crore
IX. Non-Competitive Bids Accepted        
(i) Number 3 2 4 6
(ii) Amount ₹5.222 Crore ₹0.025 Crore ₹2.766 Crore ₹10.965 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹11000 Crore ₹4000 Crore ₹10000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers ₹10494.778 Crore 0 0 0
* Greenshoe amount of ₹2,500 crore has been accepted

Ajit Prasad
Director   

Press Release: 2021-2022/480

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The Reserve Bank of India (RBl) has imposed, by an order dated July 02, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on the Nagar Sahkari Bank Limited, Etawah (the bank) for contravention of section 35A read with section 56 of the Banking Regulation Act, 1949 and regulations on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – 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 provisions of the Act and directions issued thereunder 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, that the bank failed to adhere to the provisions related to IRAC 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 violation of the said directions.

After considering the bank’s written reply and oral submissions made by the bank during personal hearing and subsequent additional submissions, RBI came to the conclusion that the aforesaid charge of non-adherence/violation of provisions of the Act and directions issued thereunder by RBI was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/479

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Jun. 26 Jun. 18 Jun. 25 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government – – – – –
4.2 State Governments 3416 11799 6526 -5273 3110
* Data are provisional.

2. Foreign Exchange Reserves
Item As on June 25, 2021 Variation over
Week End-March 2021 Year
₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn.
1 2 3 4 5 6 7 8
1 Total Reserves 4519253 608999 55237 5066 300300 32015 684930 102162
1.1 Foreign Currency Assets 4201958 566240 51406 4700 277791 29546 664379 98636
1.2 Gold 269344 36296 3767 365 21621 2416 15734 2773
1.3 SDRs 11119 1498 41 0 255 13 193 54
1.4 Reserve Position in the IMF 36832 4965 22 1 634 41 4623 698
*Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Jun. 18, 2021 Variation over
Fortnight Financial year so far Year-on-year
2020-21 2021-22 2020 2021
1 2 3 4 5 6
2 Liabilities to Others            
2.1 Aggregate Deposits 15298539 -14614 299635 185026 1374661 1431411
2.1a Growth (Per cent)   –0.1 2.2 1.2 11.0 10.3
2.1.1 Demand 1754133 23857 -164563 -107060 163612 301693
2.1.2 Time 13544405 -38471 464198 292086 1211049 1129718
2.2 Borrowings 249201 6726 -22570 5176 -70268 -37668
2.3 Other Demand and Time Liabilities 631791 41881 -84173 -24816 29216 112288
7 Bank Credit 10841866 -1559 -125183 -107643 596909 596188
7.1a Growth (Per cent)   –0.0 –1.2 –1.0 6.2 5.8
7a.1 Food Credit 86912 -3064 37525 25658 17870 -2377
7a.2 Non-food credit 10754953 1505 -162708 -133301 579040 598565

6. Money Stock: Components and Sources
(₹ Crore)
Item Outstanding as on Variation over
2021 Fortnight Financial Year so far Year-on-Year
2020-21 2021-22 2020 2021
Mar. 31 Jun. 18 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 18844594 19168056 -4359 0.0 519527 3.1 323462 1.7 1903387 12.3 1848565 10.7
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2751828 2887414 10263 0.4 217332 9.2 135585 4.9 450404 21.3 320334 12.5
1.2 Demand Deposits with Banks 1995136 1889371 23617 1.3 -164718 -9.5 -105765 –5.3 169698 12.1 316398 20.1
1.3 Time Deposits with Banks 14050278 14341076 -38552 -0.3 466705 3.7 290797 2.1 1274253 10.7 1200355 9.1
1.4 ‘Other’ Deposits with Reserve Bank 47351 50194 314 0.6 209 0.5 2844 6.0 9032 30.4 11479 29.6
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 5850374 5919990 -105346 -1.7 539625 10.9 69616 1.2 910873 19.8 420003 7.6
2.1.1 Reserve Bank 1099686 1049521 -58800   131704   -50164   204200   -74375  
2.1.2 Other Banks 4750689 4870469 -46546 -0.9 407921 10.3 119780 2.5 706673 19.3 494378 11.3
2.2 Bank Credit to Commercial Sector 11668469 11551981 -274 0.0 -136271 -1.2 -116488 –1.0 643980 6.3 649608 6.0
2.2.1 Reserve Bank 8709 5749 3785   -5979   -2960   -1256   -1438  
2.2.2 Other Banks 11659760 11546232 -4059 0.0 -130292 -1.2 -113528 –1.0 645236 6.3 651046 6.0

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabilisation Scheme OMO (Outright) Long Term Repo Opera tions& Targeted Long Term Repo Opera tions# Special Long- Term Repo Operations for Small Finance Banks Special Reverse Repo£ Net Injection (+)/ Absorption (-) (1+3+5+6 +9+ 10+11+ 12-2- 4-7-8-13)
Repo Reverse Repo* Variable Rate Repo Variable Rate Reverse Repo Sale Purchase
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Jun. 21, 2021 – 314349 – – 0 – – – 100 – – – – -314249
Jun. 22, 2021 – 345816 – – 0 10199 – – 160 – – – – -335457
Jun. 23, 2021 – 349005 – – 0 – – – 200 – – – – -348805
Jun. 24, 2021 – 345721 – – 0 – – – – – – – – -345721
Jun. 25, 2021 – 354255 – – 2 – – – – – – – – -354253
Jun. 26, 2021 – 2541 – – 91 – – – – – – – – -2450
Jun. 27, 2021 – 6001 – – 59 – – – – – – – – -5942
* Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020)
# Includes Targeted Long Term Repo Operations (TLTRO) and Targeted Long Term Repo Operations 2.0 (TLTRO 2.0) and On Tap Targeted Long Term Repo Operations. Negative (-) sign indicates repayments done by Banks.
& Negative (-) sign indicates repayments done by Banks.
£ As per Press Release No. 2021-2022/177 dated May 07, 2021. From June 18, 2021, the data also includes the amount absorbed as per the Press Release No. 2021-2022/323 dated June 04, 2021.

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: 2021-2022/478

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    5.63% GS 2026 GOI FRB 2033 6.64% GS 2035* 6.67% GS 2050
I. Notified Amount ₹11,000 cr ₹4,000 cr ₹10,000 cr ₹7,000 cr
II. Cut off Price/Implicit Yield at cut-off 99.60/5.7246% 99.90/4.9251% 99.07/6.7433% 94.31/7.1345%
III. Amount accepted in the auction ₹505.222 cr ₹4000 cr ₹12,500 cr ₹7,000 cr
IV. Devolvement on Primary Dealers ₹10,494.778 cr Nil Nil Nil
* Greenshoe amount of ₹2,500 crore has been accepted

Ajit Prasad
Director   

Press Release: 2021-2022/477

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period May 24, 2021 to May 28, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Cancel Forward Spot Forward Cancel Forward Spot Swap Forward Spot Swap Forward
Purchase
24-05-2021 3,402 1,193 1,187 359 250 319 6,931 9,961 520 2,873 1,989 421
25-05-2021 5,301 2,161 3,011 386 381 320 10,641 13,427 663 4,502 4,773 571
27-05-2021 5,327 1,918 2,039 463 337 479 9,494 14,058 637 4,496 4,637 140
28-05-2021 8,294 2,508 1,562 468 485 368 17,202 16,510 612 4,451 3,451 387
Sales
24-05-2021 3,949 1,983 531 349 249 321 6,524 10,324 640 2,897 2,144 421
25-05-2021 5,318 3,187 1,949 386 369 319 10,898 12,906 1,001 4,513 4,920 571
27-05-2021 4,664 3,979 1,173 452 339 489 9,664 15,582 340 4,517 4,462 140
28-05-2021 4,753 3,160 1,989 471 477 357 17,503 16,984 1,371 4,493 3,398 387
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2021-2022/476

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period May 10, 2021 to May 14, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Cancel Forward Spot Forward Cancel Forward Spot Swap Forward Spot Swap Forward
Purchase
10-05-2021 2,817 1,139 992 267 422 245 8,072 10,925 459 3,385 2,267 334
11-05-2021 2,878 505 932 280 113 205 7,060 10,441 711 2,345 1,596 166
12-05-2021 2,955 888 1,025 481 116 169 7,969 10,832 1,172 3,274 2,254 224
14-05-2021 2,906 1,324 950 512 392 383 7,677 11,048 744 3,245 1,930 125
Sales
10-05-2021 3,619 1,699 595 270 396 241 7,704 10,840 443 3,383 2,404 334
11-05-2021 2,522 1,906 431 277 109 209 6,585 11,224 968 2,323 1,748 166
12-05-2021 3,008 1,553 248 479 114 159 7,657 11,566 1,880 3,296 2,551 225
14-05-2021 3,189 2,239 778 512 393 384 7,169 11,354 602 3,264 1,992 125
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2021-2022/474

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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period May 03, 2021 to May 07, 2021.

All Figures are in USD Millions
Position Date MERCHANT INTER BANK
FCY / INR FCY / FCY FCY / INR FCY / FCY
Spot Forward Cancel Forward Spot Forward Cancel Forward Spot Swap Forward Spot Swap Forward
Purchase
03-05-2021 3,233 730 1,211 153 111 100 7,995 14,635 166 1,873 2,190 123
04-05-2021 2,324 1,276 1,642 104 52 20 7,651 17,152 416 2,612 1,829 179
05-05-2021 2,174 1,245 960 232 83 143 8,793 12,856 596 2,116 1,728 94
06-05-2021 2,774 591 1,039 118 120 80 8,916 11,221 619 2,526 1,996 489
07-05-2021 2,669 1,016 956 576 158 112 7,751 11,628 1,462 2,724 2,166 545
Sales
03-05-2021 2,974 1,960 469 151 116 77 7,575 15,177 747 1,832 1,819 123
04-05-2021 2,992 2,387 363 104 53 19 7,000 16,092 1,187 2,589 1,962 179
05-05-2021 3,018 1,430 541 232 82 142 8,686 12,472 1,045 2,102 1,903 94
06-05-2021 2,519 1,754 629 119 120 80 8,256 12,026 1,106 2,427 2,073 489
07-05-2021 2,445 2,664 403 583 139 111 7,832 12,044 1,020 2,719 2,206 545
(Provisional Data)

Ajit Prasad
Director   

Press Release: 2021-2022/473

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