RBI announces Special Open Market Operations on Simultaneous Purchase and Sale of Government of India Securities
- In view of the current liquidity and financial conditions, RBI has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 10000 crores each on 7 January 2021.
- The eligible participants should submit their bid/offers in electronic format on the RBI core banking solution (E-Kuber) system on 7 January 2021.
To read full official notification, Click on https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50889
RBI imposes Rs 7 Lakh penalty on two Co-operative banks for violating the norms
- On 4th January 2021, the RBI in a press release imposed a total penalty of Rs 7 Lakh on two co-operative banks that includes Rs 5 Lakh on Vyavasayik Sahakari Bank Maryadit for violation of KYC and other norms and 2 Lakh has been imposed on Maharashtra Nagari Sahakari Bank Maryadit, Latur
- Further, RBI said that the action against the banks is based on deficiencies in regulatory compliance, and not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.
Read full notification of RBI, Click on https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50911 and https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50912