The Government of India have announced the sale (re-issue) of (i) “7.83 percent Government Stock 2018” for a notified amount of ` 4,000 crore (nominal), (ii) “8.79 percent Government Stock 2021” for a notified amount of ` 6,000 crore (nominal) and (iii) “8.28 percent Government Stock 2027” for a notified amount of ` 3,000 crore (nominal) through price based auctions. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on November 18, 2011 (Friday).

The Reserve Bank of India has today notified that the aggregate net purchases of equity shares in the following companies by Non Resident Indian (NRIs) under Portfolio Investment Scheme (PIS) in the primary/secondary markets have reached the trigger limit. Hence, these companies have been included in the ban list of the Reserve Bank of India for purchase of equity shares by NRIs. Accordingly, no further purchases of shares of these company would be allowed through stock exchanges in India on behalf of NRIs.

In view of the fact that Gujarat Industrial Co-operative Bank Ltd, Ahmedabad (Gujarat) had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank before commencement of business on November 11, 2011. The Central Registrar of Co-operative Societies, New Delhi has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.  It may be highlighted that on liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of `1,00,000/- (Rupees One lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

The result of the RBI Reverse Repo auction held today is as under: