Treasury bill issuance schedule announced; government and central bank retain flexibility to modify auction amounts and timing.
Government of India, with the Reserve Bank of India, announced a quarterly auction calendar specifying recurring auction dates and tenor-specific issuance quantities for 91-day, 182-day and 364-day Treasury Bills and aggregate totals for the quarter. The Government and the Reserve Bank retain flexibility to modify the notified amount and timing of auctions based on cash requirements and market conditions; the calendar is subject to change and all auctions are subject to the terms and conditions specified in the General Notification referenced in the announcement.

Non-competitive bidding reservation for retail investors ensures retail access while maintaining an indicative auction calendar.
Indicative weekly auction calendar for government marketable dated securities for the first half of fiscal 2014-15 sets aggregate notified amounts and security-wise allocations across four maturity buckets and aims to aid investor planning and market transparency. All auctions include a non-competitive bidding facility reserving five percent of notified amounts for specified retail investors. The Government and the Reserve Bank retain flexibility to modify notified amounts, issuance periods, maturities and instrument types in response to financing needs and market conditions, after giving due notice.

International Investment Position shows net foreign claims rising as foreign-owned assets grow faster than resident external assets.
India's IIP for December 2013 records an increased net liability position as foreign-owned assets in India rose more than residents' assets abroad. Reserve assets dominated external assets; liabilities were concentrated in direct investment, portfolio investment, loans, trade credit and currency and deposits. Rupee appreciation affected US dollar valuations, increasing equity liabilities by stock valuation effects while non-debt liability share declined marginally.

Reference Rate publication sets official exchange benchmarks for major currencies and informs SDR rupee valuation.
The Reserve Bank of India published official Reference Rates for the Rupee against the US dollar and the Euro, compared with the previous day's rates, and supplied derived Rupee rates for the British pound and Japanese yen using the US dollar reference and cross currency middle rates. The release states the SDR-Rupee rate will be based on the published reference rate.

Extended banking hours enable in-person tax payments to government counters before the fiscal year-end deadline.
Reserve Bank directed agency banks to keep designated government business counters open with extended hours on the specified weekend days and, where applicable, on the Monday otherwise observed as a public holiday, while select branches at key locations will operate as regular working days to transact government business; electronic transactions for government receipts will continue until midnight on the fiscal year end day.

Reference exchange rates published for major currencies; rupee conversion benchmarks and cross currency derived quotes updated for transparency.
Reserve Bank published official reference exchange rates for the US dollar and euro with prior-day comparators, provided rupee rates for currencies calculated from cross currency middle rates (including pound sterling and yen), and stated that the SDR rupee conversion will be based on the announced reference rate.

Tax payment facilitation: banks and central bank extend hours and electronic systems to ensure government receipts processing.
Banks and the central bank directed designated agency bank branches and RBI offices handling government business to keep counters open for extended hours and to operate select branches where holidays applied, while electronic transactions would continue until midnight; special clearing operations and centralised payment systems including RTGS and NEFT were to remain operational to facilitate government receipts over the specified three-day period.

Reference rate for foreign exchange announced; sets benchmark for cross currency quotations and SDR rupee calculation.
The Reserve Bank published reference rates for the US dollar and the euro and reported the previous day's rates for comparison; exchange rates for pound sterling and Japanese yen are derived from the US dollar reference and cross currency middle rates. The release serves as the official benchmark for market reference, and the SDR Rupee rate will be based on the published reference rate.

RBI offices open for public transactions on April 1 to maintain public-facing bank services in Mumbai and Navi Mumbai.
All offices of the Reserve Bank situated in Mumbai and Navi Mumbai will remain open for public transactions on April 1, 2014; the press release serves as an administrative notice ensuring continued office accessibility on that date.

Reference Rate publication sets exchange benchmarks and informs cross currency rupee rates and SDR Rupee calculation methodology.
The Reserve Bank of India published the Reference Rate for the US dollar and Euro for March 25, 2014, and disclosed prior-day rates for comparison. The Bank derived GBP and JPY exchange rates against the Rupee using the US dollar reference rate and mid market cross currency quotes. The release further states that the SDR Rupee rate will be based on the published reference rate, establishing the reference rate as the basis for related currency determinations and reporting.

Reference rate announcement sets rupee benchmarks for dollar and euro and informs derived pound and yen exchange rates.
The Reserve Bank published its Reference Rate establishing benchmark rupee exchange rates for the US dollar and the euro, compared them with the previous day, and used the dollar Reference Rate plus middle cross currency quotes to derive rupee rates for the pound sterling and the Japanese yen; the press release states the SDR Rupee rate will be based on the published Reference Rate.

Credit information standardisation: CICs to adopt common data formats and expanded reporting to improve CIR accuracy and accessibility.
The Report recommends standardising and expanding credit information furnished to CICs by making all credit institutions members of CICs, broadening product coverage, and adopting common data formats; CIRs should use a common credit score classification, report co borrower/guarantor details, provide a single borrower CIR via unique identifiers, link with CERSAI for mortgage data, enable online corrections, disclose disputes and customer comments, prioritise grievance redressal, allow direct reporting of wilful defaults to CICs, publish suit filed data accessibly, supply free CIRs to customers, and implement a Data Quality Index.

Monetary policy update: coordinated release of macroeconomic and monetary developments with the bi-monthly policy statement.
Announcement of the central bank's release of the Macroeconomic and Monetary Developments (An Update) together with the First Bi-monthly Monetary Policy Statement for 2014-15, indicating coordinated publication of macroeconomic assessment and monetary policy guidance.

Deputy Governor early departure prompts search for successor and acknowledges leadership in risk-based supervision at RBI.
Deputy Governor K. C. Chakrabarty requested an early departure effective April 25, 2014, ahead of his scheduled term end on June 30, 2014, for personal reasons; the Reserve Bank recorded gratitude for his service, highlighted his leadership in moving the Bank toward risk-based supervision, and stated that a search for his successor is underway.

Reference Rate published for major currencies, fixing exchange benchmarks and cross-currency rates against the Rupee.
Publication of Reference Rate fixings for major currencies against the Rupee on March 21, 2014, specifying the Reference Rate for the US dollar and the Euro, providing derived cross-currency rates for GBP and JPY based on the US dollar Reference Rate and middle cross-currency quotes, and stating that the SDR Rupee rate will be based on the Reference Rate.

Reverse auction repurchase of government securities using multiple price bidding and electronic E Kuber submission on the announced auction date.
Repurchase of Government securities through a reverse auction is announced to prematurely redeem specified Government Stocks by utilising surplus cash balances; the operation is ad hoc and targets listed securities maturing in 2014-2015. The repurchase will be conducted as a price based auction using the multiple price method, with bids submitted electronically via the Reserve Bank of India Core Banking Solution (E Kuber) within a designated bidding window and results declared the same day.

Reference rate announcement sets exchange benchmarks for the rupee against major currencies and determines SDR linkage.
The Reserve Bank published the rupee Reference Rate for the US dollar and the euro, compared them with the previous day to show short term movement, and used the dollar reference rate together with cross currency middle rates to derive sterling and yen exchange rates; the notice states the SDR rupee rate will be based on the stated reference rate.

Penalty for breach of cheque issuance guidelines imposed after inspection, show cause notice, and submissions considered.
RBI imposed a monetary penalty on a cooperative bank for contravening guidelines on issuance of at-par cheques/pay orders against cash, exercising powers under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act as applicable to co-operative societies, after an inspection, issuance of a Show Cause Notice, and consideration of the bank's written and personal submissions.

Trade receivables exchange: RBI proposes reverse factoring primary market and secondary trading to enhance MSME financing, seeks feedback.
RBI seeks feedback on a Concept Paper to create a market infrastructure enabling MSME financing by monetising trade receivables. The model proposes a primary market using reverse factoring to provide initial finance to MSMEs and a secondary market where financiers can trade receivables to enhance liquidity, and requests stakeholder comments on legal, operational and market design issues.

Global crude oil price change: Indian Basket edged down as rupee strengthened, affecting rupee-denominated oil prices.
The Petroleum Planning and Analysis Cell reported the Indian Basket crude price fell to US$ 104.47 per barrel on 18 March 2014 from US$ 105.36 the previous trading day; in rupee terms the price declined to Rs. 6,367.45 per barrel as the rupee strengthened to Rs. 61.44 per US$.