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To mark the 90th year of its establishment, Reserve Bank of India hosted RBI@90 Inter Institutional Cricket Tournament at Jaipur, Rajasthan from September 21-28, 2024. Teams with Indian players having experience of playing at International and National level participated in the tournament. The tournament was played in the twenty over format.

The event commenced with Opening Ceremony and Exhibition Match on September 21, 2024. Finals of the tournament was played on September 28, 2024 between SPJ Cargo and Bank of Baroda at Sawai Mansingh Stadium, Jaipur

Finals started with introduction of both the teams and unveiling of trophy of the tournament. Bank of Baroda won the toss and scored 157 runs. SPJ Cargo chased the target to win the tournament.

The matches of the tournament were streamed live on the Reserve Bank of India’s YouTube channel.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/1180

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No. S4800/12-23-151/2024-2025 dated September 26, 2024, has issued certain Directions to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak, (the bank) whereby, as from the close of business on September 27, 2024, 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 September 26, 2024. Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank, current accounts or any other account of a depositor, but set off of loans against deposits is allowed, subject to the conditions stated in the above RBI Directions. The bank may incur expenditure in respect of certain essential items such as salaries of employees, rent, electricity bills, etc. as specified in the said Directions.

2. These directions are necessitated due to supervisory concerns emanating from the recent adverse material developments in the bank, and to protect the interest of depositors of the bank.

3. The eligible depositors of the bank would be entitled to receive deposit insurance claim amount for their deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) in the same capacity and in the same right, within 90 days, from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 based on submission of willingness by the concerned depositors and after due verification. Details may also be accessed on the DICGC website: www.dicgc.org.in. As per the information currently available with the Reserve Bank, more than 94 per cent of the depositors of the bank will be covered by DICGC for their entire account balance.

4. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. Subject to the restrictions specified in the said Directions, the bank will continue to undertake its banking business, including recovery of loans. The Reserve Bank is monitoring the position of the bank and will continue to take necessary steps, including modifications of these Directions depending upon circumstances, in the interest of depositors.

5. These Directions shall remain in force for a period of six months from the close of business on September 27, 2024 and are subject to review.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/1179

In terms of GOI Notification F.No. 4(7)-W&M/2016 dated August 29, 2016 (SGB 2016-17 Series II – Issue date September 30, 2016) on Sovereign Gold Bond Scheme, the Gold Bond shall be repayable on the expiration of eight years from the date of issue of the Gold Bonds. Accordingly, the final redemption date of the above tranche shall be September 30, 2024.

2. Further, the redemption price of SGB shall be based on the simple average of closing price of gold of 999 purity of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the final redemption due on September 30, 2024 shall be ₹7,517/- (Rupees Seven thousand five hundred and seventeen only) per unit of SGB based on the simple average of closing price of gold for the week September 23 – September 27, 2024.

Ajit Prasad           
Deputy General Manager
(Communications)    

Press Release: 2024-2025/1178

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹19,942 Crore (Face Value).

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 01, 2024 (Tuesday). The Government Stock up to Ten per cent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions, subject to a maximum limit of One per cent of its notified amount for a single bid per stock as per the ‘Scheme for Non-competitive Bidding Facility’. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in).

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 October 01, 2024 (Tuesday). The competitive bids should be submitted between 10:30 A.M. and 11:30 A.M. and non-competitive bids should be submitted between 10:30 A.M. and 11:00 A.M.

In case of technical difficulties, Core Banking Operations Team may be contacted (email; Phone no: 022-69870466, 022-69870415).

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: 022-22603456, 022-22603457, 022-22603190) 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 or the price as the case may be, 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. Stock will be issued for a minimum nominal amount of ₹10,000.00 and in multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on October 01, 2024 (Tuesday) and payment by successful bidders will be made during banking hours on October 03, 2024 (Thursday) at Mumbai and at respective Regional Offices of RBI.

The new State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new stock, interest will be paid half yearly on April 03 and October 03 of each year till maturity. For the re-issued Government Stock, interest will be paid at the rate as determined on the date of original issue of Government Stock and will be paid on half yearly basis till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and the 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          
Deputy General Manager
(Communications)    

Press Release: 2024-2025/1177

The Reserve Bank today held a Conference in Bengaluru for the Directors on the Boards of Small Finance Banks (SFBs). Shri Swaminathan J, Deputy Governor inaugurated the Conference. The event, with the theme ‘Governance in SFBs – Driving Sustainable Growth and Stability’, is part of a series of supervisory engagements that the Reserve Bank has been organising with the Directors of its Supervised Entities in recent past. Earlier, the Conferences for Directors on the Boards of Public Sector Banks and Private Sector Banks were held in May 2023 and for UCBs in August 2023 and June 2024.

Executive Directors Shri S C Murmu, Shri Rohit Jain and Shri R L K Rao along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the Reserve Bank also participated in the Conference.

Deputy Governor Shri Swaminathan J., in his keynote address, underscored the significant role of Governance in guiding SFBs towards sustainable growth with stability. He also exhorted the Directors to be vigilant and proactive in identifying and mitigating emerging risks and highlighted the importance of sustainable business models. He emphasised the need for strengthening cybersecurity to safeguard against digital threats, and urged a stronger focus on financial inclusion, customer service and grievance redressal to ensure a broader reach of banking services.

The Conference also included technical sessions conducted by senior officials of RBI in the areas of ‘Governance and Assurance Functions’, ‘Business Risk – Regulatory & Supervisory Expectations’ and ‘IT Systems & Cybersecurity’. The technical sessions were followed by a talk by an external Expert on ‘Board Conduct in Banks’ and a panel discussion by Independent Directors of select SFBs on the topic – ‘SFBs Prospects & Challenges’.

The Conference concluded with an open house interactive session of the participants with the Executive Directors of the Reserve Bank.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/1176

The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter October – December 2024, is expected to be ₹3,20,121 Crore. The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts indicated by them is as under:

The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and the market conditions. RBI would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. RBI reserves the right to modify the dates and the amount of auction in consultation with State Governments/UTs.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/1175