The Reserve Bank of India has today announced the auction of 56-day Government of India Cash Management Bills for a notified amount of Rs. 8,000 crore. The auction will be conducted on July 18, 2011 using "Multiple Price Auction" method. The Cash Management Bills will be repaid at par on September 13, 2011. The competitive bids for the auction should be submitted in electronic format on the Negotiated Dealing System (NDS) between 10.30 a.m. and 12.30 p.m on Monday, July 18, 2011. Results will be announced on the same day. Payments by successful bidders will be on Tuesday, July 19, 2011.

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Jagruti Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violating the Reserve Bank of India's instructions by sanctioning loans to present directors, their relatives and firms / concerns in which they are interested and suppressing such information by not reporting it in the relevant quarterly statement proforma I & II submitted to the Reserve Bank of India.

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violating the Reserve Bank of India's instructions by sanctioning / renewing loans to the relatives of the director of the bank and suppressing such information by not reporting it in the relevant quarterly statement proforma I & II submitted to the Reserve Bank of India.

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Pioneer Urban Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violating the Reserve Bank's instructions for sanctioning loan to a company in which a director of the Bank is interested and suppressing such information by not reporting it in the relevant quarterly statement proforma I & II submitted to the Reserve Bank of India.

The Reserve Bank of India has today issued an A.P. (DIR Series) Circular (rbi.org.in/Scripts/NotificationUser.aspx?Id=6612&Mode=0) on the captioned subject on its web-site www.rbi.org.in (www.rbi.org.in) .