Appointment of Deputy Governor assigns oversight of banking supervision, currency management, financial stability, rural credit, human resources and security.
Shri S. S. Mundra was appointed Deputy Governor of the Reserve Bank of India for a three-year term from taking office or until further orders, with responsibility for banking supervision, currency management, financial stability, rural credit, and the Reserve Bank's human resources and physical security; the release cites his prior leadership at Bank of Baroda, executive roles at Union Bank of India, broad board experience in financial market infrastructure and payments, committee work on financial inclusion, and relevant academic qualifications.

Monetary policy review scheduled: central bank to announce third bi monthly policy decision at a public press release.
The central bank scheduled the Third Bi monthly Monetary Policy Review for the 2014-15 cycle to be announced publicly on August 5, 2014 at 11:00 a.m., via a press release and news notice fixing the timing and format of the policy communication.

Reference rate publication: RBI announces benchmark exchange rates and derived cross currency rates, guiding SDR conversion and market quoting.
RBI publishes reference rates for the US dollar and the Euro for the stated date and preceding day, provides derived GBP and JPY exchange rates from those benchmarks, and confirms that the SDR Rupee rate will be based on the Reference Rate, serving as the Bank's official benchmark dissemination for market quoting and conversion.

Financial inclusion meeting to align public banks on technology, business correspondents and social protection schemes.
The Union Finance Minister will meet CEOs of Public Sector Banks and Financial Institutions to advance a comprehensive financial inclusion plan, focusing on coordinating the role of business correspondents, deploying technology to extend service delivery, and securing universal access to banking facilities; related items include Financial Literacy and Credit Counseling, a Credit Guarantee Fund, Micro Insurance, and unorganised sector pension schemes such as Swavlamban.

FDI cap relaxation permits increased foreign equity in defence and insurance under FIPB route with Indian management control.
The Government relaxed FDI rules by raising the composite foreign equity cap in defence manufacturing and insurance under the FIPB route while preserving Indian management and control; manufacturers on the automatic route may sell through retail and e commerce without additional approval. Smart-city FDI thresholds for built-up area and capitalisation were reduced and projects committing a portion of costs to low-cost housing are exempted from minimum size and capitalisation, subject to a three-year lock-in. Aggregated and sector-wise FDI inflow data for April 2011-May 2014 were also provided.

Reference rate issuance sets official daily benchmarks for major currencies, with cross rate derivations and SDR linkage.
The Reserve Bank published the Reference Rate for the US dollar and the Euro on July 30, 2014, compared to the previous day, and provided GBP and JPY exchange rates derived from the US dollar reference rate and middle cross currency quotes. The release states the SDR Rupee rate will be based on the published Reference Rate, establishing the official daily benchmark and the basis for derived cross rates.

Cancellation of NBFC registration prevents affected companies from transacting non banking financial business under regulatory powers.
Cancellation of registration certificates for six non-banking financial companies removes their authority to carry on the business of a non-banking financial institution; each listed company is prohibited from transacting NBFC activities under the statutory power to revoke registration, with the operative definition of the business of a non-banking financial institution determining the scope of the prohibition.

Reference exchange rates updated by central bank; dollar and euro benchmarks set and cross currency rates adjusted accordingly.
Announcement of the Reserve Bank of India's reference exchange rates for the US dollar and the euro on July 28, 2014, reporting the rupee benchmark values and their movement from the previous day; derived cross currency rates for pound sterling and Japanese yen are provided and the SDR rupee rate is stated to be based on the reference rate.

Monetary penalty imposed on banks after scrutiny and show cause process for violations of central bank instructions.
Reserve Bank of India imposed monetary penalties on twelve banks after scrutiny of M/s. Deccan Chronicle Holdings Ltd. accounts, issuance of show cause notices, consideration of written replies and personal submissions, and conclusion that violations of Reserve Bank instructions were substantiated. The penalties were imposed under the Reserve Bank's powers under Section 47A(1) read with Section 46(4)(i) of the Banking Regulation Act, 1949, and the action is not intended to pronounce on the validity of transactions between the banks and the borrower.

Withdrawal of pre-2005 currency notes extended; routine bank recall and systematic destruction continue under exchange arrangements.
Withdrawal of pre-2005 series banknotes required banks to remove those notes from circulation, with an announced deadline later extended; banks facilitated exchange and surrender while regional offices carried out systematic shredding of withdrawn Rs. 100, Rs. 500 and Rs. 1000 notes.

Banking Regulation Act supervision strengthens oversight of rural bank operations, paired with audits and grievance redressal mechanisms.
Supervision under the Banking Regulation Act, 1949 and periodic statutory audits, together with internal and external inspections, constitute the core framework to detect and remedy irregularities in rural banking. Banks must maintain internal control systems and governance bodies such as Audit Committees; observed deviations are subject to remedial action. Complementary mechanisms include Vigilance Cells, Risk Management and Investment Committees, and the Banking Ombudsman Scheme for grievance redressal, with government-forwarded complaints routed to the concerned bank or authority for action.

Reference rate publication sets rupee exchange benchmarks including derived cross currency rates and basis for SDR rupee valuation.
Publication of Reference Rates sets the official rupee exchange benchmarks for the day by stating the Reference Rates for the US dollar and the Euro, providing derived cross currency rates for Pound Sterling and Japanese Yen from middle cross currency quotations, and declaring that the SDR Rupee rate will be based on the published Reference Rate.

Exchange reference rates published for major currencies establish official rupee conversion benchmarks for market and SDR valuation.
The Reserve Bank published official reference exchange rates for the US dollar and the euro for July 24, 2014, noting prior day levels, and provided derived rupee rates for the British pound and Japanese yen based on cross currency quotes; the press release states the SDR Rupee rate will be based on the reference rate.

FDI policy reform expands sectoral access and eases entry conditions while preserving management control safeguards.
Inter-ministerial consultations are in progress to permit FDI in certain railway activities as part of a broader review to attract investment. The Budget statement proposes raising composite caps in defence and insurance with full Indian management and control via the FIPB route; reducing Smart City built-up area and capital thresholds with a post-completion lock-in; exempting projects allocating a defined share to affordable housing from minimum area and capitalisation requirements subject to lock-in; and retaining manufacturing FDI on the automatic route while allowing retail including e-commerce sales of manufactured products.

Reference Rate publication: central bank issues currency reference rates and cross currency derived exchange rates for market reference.
The Reserve Bank of India announces the Reference Rate for the US dollar and the Euro for the stated business day, provides previous day comparisons, and publishes GBP and JPY exchange rates derived from the US dollar Reference Rate and cross currency middle rates; the SDR Rupee rate is stated to be based on the published Reference Rate.

Reference exchange rates published by central bank set rupee benchmarks for major currencies and cross-rate derivations.
The central bank published reference exchange rates for the US dollar and the euro for the stated date, alongside the prior day figures for comparison. Derived rupee rates for the pound sterling and the Japanese yen are calculated from the dollar reference rate using middle cross currency quotes. The release states that the SDR rupee rate will be based on the published reference rate, providing official benchmarks for pricing, accounting and other operational uses.

Auction of government stocks using uniform price method; non-competitive facility and electronic E Kuber bidding govern participation and settlement.
Announcement of auctions for multiple Central Government stocks to be conducted by the Reserve Bank of India using the uniform price method, with specified notified amounts and up to 5% reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI E-Kuber system within prescribed non-competitive and competitive time windows; results and payment/settlement dates are set, and the stocks are eligible for When Issued trading under RBI guidelines.

Reference rate publication sets exchange benchmarks for US dollar, Euro and derived cross currency rates against the rupee.
Publication of the Reference Rate establishes official exchange benchmarks: the Reserve Bank supplied the Reference Rate for the US dollar and the Euro for the reporting day, provided the prior business day's rates, and supplied derived rupee exchange rates for pound sterling and Japanese yen based on the US dollar reference and cross currency mid rates; the notice also states the SDR Rupee rate will be based on the Reference Rate.

FDI policy changes: defence and insurance caps raised to permit greater foreign investment under Indian management via FIPB.
Budget announcements relax and recalibrate FDI entry conditions: composite caps in defence and insurance will be increased via the FIPB route with Indian management and control; Smart Cities FDI thresholds for built-up area and capitalisation are reduced with a post-completion lock-in and exemptions where projects allocate a significant portion to low-cost affordable housing; manufacturing on the automatic route may sell through retail and e-commerce without extra approvals. The report also notes proposal volumes, pending cases and that sectoral/state breakdowns are not centrally maintained.

Credit guarantees for MSEs enable collateral free lending, complemented by Swarozgar credit and shared group insurance protections.
CGTMSE provides guarantees to registered Member Lending Institutions enabling collateral free loans to new and existing MSE units in manufacturing and services, though it does not keep separate data for artisans, craftsmen or weavers. NABARD's Swarozgar Credit Card Scheme offers timely working capital and block capital to small artisans and handloom weavers, includes consumption finance, and automatically covers beneficiaries under a group insurance with premium shared equally by bank and borrower.