The Reserve Bank of India has refused the authorisation application of Zoha Inc, 291-Grove Street, Jersey City, New Jersey, 07302, USA to operate payment system for cross-border in-bound money transfer services. It has asked Zoha Inc, USA to wind-up their existing services for cross border money transfer to India with immediate effect.
The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.5,000 crore. The auction will be conducted on March 16, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion of the Bank. The sale will be subject to the terms and conditions specified in the General Notification No. F.2 (12)-W & M/97 dated 31st March, 1998 issued by Government of India and as amended from time to time.
The following nine State Governments have announced the sale of their 10-year State Development Loans (SDLs) for an aggregate amount of Rs. 5,232.860 crore through yield based auction using multiple price auction method.
The results of the RBI Repo/Reverse Repo auctions held on March 11, 2011 are:
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