Liquidity Adjustment Facility: Fixed Rate Reverse Repo Operations

The result of the RBI Fixed Rate Reverse Repo Operations held on December 13, 2016 is as under:

Amount (face value in ₹ Billion)
Item		Overnight Reverse Repo Auction
		5.75% Fixed Rate
1. Bids received
(i)	Number	38
(ii)	Amount	151.90
2. Bids accepted
(i)	Number	38
(ii)	Amount	151.90

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/1510

Money Market Operations as on December 13, 2016

MONEY MARKETS @
	Volume		Wtd.Avg.Rate	Range
	(One Leg)
A. Overnight Segment (I+II+III+IV)	1,724.04		5.74	4.00-6.25
I. Call Money	136.91		6.05	4.80-6.25
II. CBLO	1,109.97		5.63	4.00-6.08
III. Market Repo	477.16		5.92	5.00-6.25
IV. Repo in Corporate Bond	0.00		-	-
B. Term Segment
I. Notice Money**	10.60		5.99	5.70-6.25
II. Term Money@@	2.20		-	6.05-6.30
III. CBLO	0.00		-	-
IV. Market Repo	23.42		6.26	6.26-6.26
V. Repo in Corporate Bond	1.25		8.00	8.00-8.00

RBI OPERATIONS@
	Auction Date	Tenor (Days)	Maturity Date	Amount Outstanding	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility
(i) Repo (Fixed Rate)	13/12/2016	1	14/12/2016	23.82	6.25
(ii) Repo (Variable rate)	02/12/2016	14	16/12/2016	8.50	6.27
	06/12/2016	14	20/12/2016	4.50	6.26
	09/12/2016	14	23/12/2016	40.00	6.27
	13/12/2016	14	27/12/2016	25.00	6.27
(iii) Reverse Repo (Fixed rate)	13/12/2016	1	14/12/2016	151.90	5.75
(iv) Reverse Repo (Variable rate)	16/11/2016	91	15/02/2017	500.05	6.24
	17/11/2016	56	12/01/2017	141.75	6.24
	21/11/2016	23	14/12/2016	200.06	6.23
	13/12/2016	3	16/12/2016	600.06	6.23
	13/12/2016	1	14/12/2016	910.87	6.24
D. Marginal Standing Facility	13/12/2016	1	14/12/2016	2.30	6.75
E. Standing Liquidity Facility Availed from RBI $				12.29
RESERVE POSITION @
F. Cash Reserves Position  of Scheduled Commercial Banks
(i) Cash balances with RBI  as on #		08/12/2016		9,344.10
(ii) Average daily  cash reserve  requirement  for the fortnight ending		09/12/2016		7,662.42
G. Government of India Surplus Cash Balance Reckoned for Auction as on ¥		13/12/2016		78.00
@ Based on RBI / CCIL/ FIMMDA Data
- 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
# The figure for the cash balances with RBI on Sunday is same as that of the previous day (Saturday).
$ Includes refinance facilities extended by RBI
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015
Ajit Prasad Assistant Adviser
Press Release : 2016-2017/1511

Bengaluru RBI officer laundered money for 30% cut

BENGALURU: Continuing its crackdown on fraudsters after demonetization, the CBIarrested on Tuesday a Reserve Bank of India employee in Bengaluru on charges of money laundering.

CBI sleuths arrested Michael Kattukaran, a senior special assistant at the RBI's issue department in Bengaluru, and two other persons. The arrest came in the wake of a money-exchange racket linked to the State Bank of Mysore's Kollegal branch. CBI officers said the investigators recovered Rs 17 lakh from the accused.

Kattukaran and his accomplices, including SBM head cashier Parashivamurthy, were allegedly involved in 12 cases of money laundering. They are accused of exchanging Rs 1.51 crore worth of demonetized notes for new currency. Kattukaran's is the first arrest of an officer of the central bank.

"Michael was sent to the currency chest in Kollegal to remit new currency notes after the announcement of demonetization. He allegedly joined hands with Parashivamurthy and others to convert money benefiting 13 parties for a 30% commission," RBI officers told TOI.

About Pension Fund Regulatory and Development Authority (PFRDA)

PFRDA is a statuary pension regulatory authority established in 2003 under the PFRDA Act.

 It functions under the aegis of Union Ministry of Finance, Department of Financial Services. 

PFRDA promotes old age income security by establishing, developing and regulating pension funds.

 It also protects interests of subscribers to schemes of pension funds and related matters. 

It is responsible for appointment of various intermediate agencies such as Central Record Keeping Agency (CRA), Custodian, Pension Fund Managers, NPS Trustee Bank, etc.

RBI moots manned ATMs as branches

Mumbai: A study by the Reserve Bank of India (RBI) has found that although the country's mobile banking penetration is among the highest in Asia, Indians are omni channel users in banking and still hugely dependent on ATMs and branches. This has prompted the central bank to propose that a remote ATM, with a bank employee for support, be treated as the equivalent of a branch to complement the self-service feature of mobile banking.



Last week, an RBI report highlighted the findings of an Asia-Pacific banking consumer survey. The findings showed that among the respondents, the ones from India were most frequent users of mobile banking. Half the respondents used mobile banking at least once a week as against 26% in Malaysia and 44% in China. In absolute terms, monthly mobile banking transactions have grown 11-fold to 7 crore per month in three years.

But at the same time, Indians are heavy users of ATMs as well as branch banking. ATMs continue to dominate in terms of number of transactions. As against monthly 75 crore ATM transactions in July 2016, banks have reported 6.5 crore mobile banking transactions for the same month. This has prompted the RBI to look at widening the use of this network of 2.01 lakh cash machines.

Currently, no person other than a security guard is allowed to be posted at ATMs. Some banks have requested that banks be permitted at their discretion to post their staff or business correspondents at ATMs so that the kiosks can be well utilized for furthering their business and providing better customer service.

"It is recommended that this condition (of not allowing bank staff on off-site ATMs) be removed and any electronic kiosks and ATM cash deposit machines, if mannedby bank's staff or business correspondent for providing limited customer-based banking services to their walk-in customers, should also be treated as a 'banking outlet' for the purpose of these regulations," the report said.

"Given the consumer preferences, banks need a true 'omni-channel' strategy that meets differing customer needs," the RBI said in its report on rationalization of branch authorization policy. The report observed that as digital adoption increases, traditional branch usage will eventually decline. "It is the general expectation that branch footprints would contract, as regulatory restrictions around opening of accounts and provision of banking services relax," the report said.

IBPS Recruitment 2015 – Apply Online for RRB CWE-IV Office Assistant, Officer Scale I, II & III Posts

IBPS Recruitment 2015 – Apply Online for RRB CWE-IV Office Assistant, Officer Scale I, II & III Posts: Institute of Banking Personnel Selection (IBPS) has released notification for conducting Online Common Written Examination (RRBs CWE-IV) for the recruitment of Group “A”- Officer (Scale-I, II & III) & Group “B”- Office Assistant (Multipurpose) vacancies in 56 Regional Rural Banks (RRBs). Eligible candidates may apply online from 08-07-2015 to 28-07-2015. Other details like age limit, educational qualification, selection process, how to apply are given below…

Age Limit: Candidates age limit will be considered as on 01-07-2015. Age relaxation is applicable as per rules.

Post Name	Age Limit
Office Assistant	Between 18-28 years
Officer Scale I	Between 18-30 years
Officer Scale II	Between 21-32 years
Officer Scale III	Between 21-40 years

Educational Qualification:

For Office Assistant (Multipurpose):
Degree in any discipline from a recognized University or its equivalent and must have proficiency in local language.

For Officer Scale I:
Degree in any discipline from a recognized University or its equivalent and must have proficiency in local language.

For Officer Scale II (General Banking Officer):
Degree in any discipline from a recognized University or its equivalent with at least 50% marks in aggregate with 2 years experience as an officer in a Bank or Financial Institution.

For Officer Scale II (Specialist Officer):

Information Technology Officer: Degree from a recognized University in Electronics/ Communication/ Computer Science/ Information Technology or its equivalent with a minimum of 50% marks in aggregate.

Chartered Accountant: Certified Associate (CA) from Institute of Chartered Accountants of India.

Law Officer: Degree from a recognized University in Law or its equivalent with a minimum of 50% marks in aggregate with two years experience as an advocate or should have worked as Law Officer in Banks or Financial Institutions.

Treasury Manager: Certified Associate ship (CA) from Institute of Chartered Accountants of India or MBA in Finance from a recognized university/ institution.

Marketing Officer: MBA in Marketing from a recognized university.

Agricultural Officer: Degree in Agriculture/ Horticulture/ Dairy/ Animal Husbandry/ Forestry/ Veterinary Science/ Agricultural Engineering/ Pisciculture from a recognized university or its equivalent with a minimum of 50% marks in aggregate.

For Officer Scale III:
Degree in any discipline from a recognized University or its equivalent with a minimum of 50% marks in aggregate with minimum 5 years experience as an Officer in a Bank or Financial Institutions.

Selection Process: Candidates will be selected based on Common Online Examination & Common Interview.

Application Fee: Candidates have to pay application fee/ intimation charges of Rs. 100/- for SC/ ST/ PWD/ EXSM category and Rs. 600/- for all others through Online. After submission of online application form, candidates can make payment through payment gateway only Debit Cards (RuPay/ Visa/ MasterCard/ Maestro), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets by providing information as asked on the screen from 08-07-2015 to 28-07-2015. After online payment, take print out of system generated e-receipt for future use.

How to Apply: Eligible candidates may apply online through IBPS official website www.ibps.in from 08-07-2015 to 28-07-2015 and no other mode of application will be accepted. After submission of online application form, candidates have to take print out of it for future purpose.

Instructions to Apply Online:
1. Before applying online candidates should have valid email ID & scanned copies of photograph, signature.
2. Log on through the website www.ibps.in.
3. Select the link “Click here to Apply Online for CWE-RRBs-Officers (Scale-I, II and III) September 2015″ or “Click here to Apply Online for CWE-RRBs-Office Assistants (Multipurpose) September 2015″ to open Online Application.
4. Fill all the mandatory details & upload scanned copies of photograph & signature.
5. Make the payment through online by using Debit Cards (RuPay/ Visa/ MasterCard/ Maestro), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets by providing information. On successful completion of the transaction, an e-receipt will be generated and take the print out of e-receipt.
6. Submit online application with out mistakes.
7. After submission of online application registration number & password will be generated. Candidates should note their registration number & password for future reference.
8. Now take print out of system generated online Application Form for future use by using registration number, password/ date of birth.

Important Dates:
Starting Date to Apply Online & for Payment of Fee: 08-07-2015.
Last Date to Apply Online & for Payment of Fee: 28-07-2015.
Download of call letters for Pre-Exam Training for Officer Scale-I: After 17-08-2015.
Date of Pre-Exam Training for Officer Scale-I: 24-08-2015 to 29-08-2015.
Download of call letters for Pre-Exam Training for Office Assistant: After 24-08-2015.
Date of Pre-Exam Training for Office Assistant: 31-08-2015 to 05-09-2015.
Download of Call Letters for Online Examination: After 19-08-2015.
Online Examination: September 2015.
Declaration of Result: October 2015.
Conduct of Interview: November/ December 2015.
Provisional Allotment: January 2016.

Read more: IBPS Recruitment 2015 - Apply Online for RRB CWE-IV Off Asst, Off Scale I, II, & III http://www.ibps.in 

Direct And Indirect Speech Rules

The matter within inverted commas “………… “is called the Reported speech and the verb that introduces the reported speech and the verb that introduces the reported Speech is called Reporting verb. There are certain rules to change the narration.

1.Change the Tenses:

(i) when reporting verb is in present or future tense, there will be no change of tense, for example:

(a) Direct: He says, “ Ram is hungry.”

Indirect: He says that Ram is hungry

(b) Direct: He has told me, “Ram cannot move.”

Indirect: He has told me that Ram cannot move.

(ii) If the reporting verb is in past tense, the tense of the reported speech must be changed as under:

Direct                                                       Indirect

1. Present Indefinite (write)                         Past Indefinite (wrote)

2. Present Continuous (is writing)                Past continuous (was writing)

3. Present Perfect ( has written )                 Past Perfect ( had written)

4.Present Perfect Continuous                      Past Perfect Continuous

(has been writing)                                       (had been writing)

5. Past Indefinite (wrote)                            Past Perfect (had written)

6. Past Continuous (was writing)                Past Perfect Continuous

                                                                 (Had been writing)

7. Past Perfect ( had written )                     No change

8. Past Perfect Continuous                         No change

( had been writing)

(i)Direct: He said,” I write English”.

Indirect: He said that he wrote English.

(ii)Direct: He said, “The teacher is writing English”.

Indirect: He said that the teacher was writing English.

Note: If the reported speech relates to universal truth, habitual facts, proverbs, historical facts and improvable future conditions then the tense will not be changed, example:

(i) Direct: The teacher said, “God is omnipresent.”

Indirect: The teacher said that God is omnipresent.

(ii) Direct: The teacher said, “Had you worked hard , you would have passed”.

Indirect: The teacher said that if he had worked hard he would have passed.

2. Change of reporting verbs:

In assertive sentences the reporting verb ‘said to’ is changed into told only and ’said’ alone is not changed. In interrogative sentences the reporting verb ‘said to’ is changed into asked. In imperative sentences the reporting verb ‘said to’ is changed into ordered, requested, suggested, begged, proposed forbade etc. according to the sense of the sentence.

Examples:

(a) Rakshit said to his friend, “Where are you going?”

Rakshit asked his friend where he was going.

(b) The headmaster said to the peon, “Give me a glass of water.”

The headmaster ordered the peon to give him a glass of water.

3. Change of Pronoun:

The pronouns in the reported speech are changed as:

First person according to Subject

Second Person according to object

Third Person will not be changed.

4. Change of words expressing nearness:

In the reported speech when the present tense is changed into the past then we changed the following words as This  ­à That, here à there, these à those, now à then, today à that day, yesterday à the previous day, tomorrow à the next day, ago à before, come à go.

5. (i) Assertive Sentence: - the conjunction ‘that’ is used. 
(ii) In interrogative sentences: When the question starts with Auxiliary verbs such as do / does/ did/ has / have/ had/ is /am/ are/ will/ shall/     can/could/ may/might/ would/ should etc. ‘If or ‘Whether is used. If the question starts with interrogative pronouns or Adverb such as who, whose, whom, which/ what/ why/ when/ where, no other conjunction with interrogative pronoun is used.

(1)Direct: He said to me, “When did you finish ‘your lesson?’

Indirect: He asked me when I had finished my lesson.

(ii) In the imperative sentences: Infinite ( To + V) is used. ‘Ordered, requested, begged, advised, commanded are used in place of ‘said to’

1. He said to Mohan,” Get away”.(Direct)

He ordered Mohan to get away. (Indirect)

6.  In exclamatory sentences, ‘said to’ is changed according to the expression of the sentences.

Words expression:

Beware/ careful changed into                        warned

Alas changed into                                        Exclaimed with sorrow

Hurrah changed into                                     Exclaimed with joy

Phew changed into                                       Exclaimed with surprised or relief

May God / long live changed into                    Wished

For example:

1. He said to me, “Hurray! I have passed the examination.”

He exclaimed with Joy that he had passed the examination.

2. She said,” Ugh! You have spoilt the game”.

She exclaimed with disgust that she had spoilt the game