Reference rate for US dollar updated, altering Rupee exchange rates for major currencies and SDR valuation.
The Reserve Bank of India updated the reference rate for the US dollar, providing the current and prior day Rupee values and stating that the SDR Rupee rate will be based on this reference rate. It further used the US dollar reference and middle cross currency rates to publish corresponding Rupee exchange rates for the euro, pound sterling and the yen.

Reference rate determination sets rupee exchange rates for major currencies and fixes SDR rupee linkage accordingly.
RBI publishes the US Dollar reference rate and, using that rate with cross currency middle rates, provides corresponding rupee exchange rates for the Euro, Pound Sterling and Japanese Yen; the announcement specifies that the SDR Rupee rate will be based on the RBI reference rate.

Reference rate for the US dollar establishes basis for cross currency rupee conversions and SDR rate.
The publication sets the Reference Rate for the US dollar for the reporting date, notes the prior day's rate, derives euro, pound and yen rupee rates from that reference using middle cross currency quotes, and states that the SDR Rupee rate will be based on the announced reference rate.

Reference rate publication for currency conversions establishes the operative benchmark and sets SDR rupee linkage.
The Reserve Bank announced the Reference Rate for the US Dollar and, using middle cross-currency quotes, published corresponding rupee exchange rates for the euro, pound sterling and Japanese yen; it further specified that the SDR-Rupee rate will be based on that reference rate, providing the operative market benchmark for conversions on the stated dates.

Interest rate deregulation: NBFCs must adopt transparent interest rate models and disclose borrower rate gradations.
NBFC interest rates are generally deregulated, with a cap only for NBFC MFIs; the RBI's Fair Practices Code requires NBFC Boards to adopt an interest rate model based on cost of funds, margin and risk premium, determine borrower category rates, and disclose the rationale and gradations of risk to borrowers in the application form and sanction letter to ensure transparency.

Reference rate publication sets exchange benchmarks and determines SDR rupee linkage for cross currency conversions and quotations.
Publication of the Reserve Bank's Reference Rate for the US dollar provides the benchmark for rupee-dollar conversion and is used, together with middle cross currency rates, to derive exchange rates for EUR, GBP and JPY; the SDR Rupee rate is specified to be based on this reference rate.

Monetary policy: repo rate held at 6.25%; neutral stance to achieve CPI 4% target while supporting growth.
The MPC kept the policy repo rate at 6.25 per cent and maintained a neutral stance to achieve the medium-term CPI inflation objective of 4 per cent 2 per cent while supporting growth. The decision reflects waning transitory effects of demonetisation, remonetisation-driven recovery in cash-intensive sectors, rising but contained inflation with persistent underlying pressures, and the need to monitor food, fuel, wage/allowance and GST-related upside risks. Liquidity is being steadily drained and transmission to lending rates is improving; future policy will depend on incoming data.

Reference rate publication updates USD-based rupee valuation and derives cross currency exchange rates, informing SDR rupee conversions.
Publication of the Reserve Bank of India's reference rate for the US Dollar establishes the rupee valuation for April 6, 2017 and, using middle cross currency rates, derives rupee exchange rates for Euro, Pound Sterling and Yen. The notice states that the SDR Rupee rate will be based on the published reference rate.

Reference rate published: RBI set the US dollar benchmark and derived euro, pound and yen rupee rates.
The Reserve Bank of India published the US dollar reference rate on April 5, 2017 and provided the corresponding prior day rate, using that reference together with middle rates of cross currency quotes to give rupee exchange rates for the euro, pound sterling and Japanese yen; the release also specifies that the SDR rupee rate will be based on the published reference rate.

Reference rate for US Dollar sets exchange benchmarks for euro, pound and yen and determines SDR Rupee rate.
The Reserve Bank of India publishes a daily reference rate for the US Dollar which serves as the benchmark for Rupee exchange quotations and for deriving the SDR Rupee rate. Using that US Dollar reference rate together with middle rates of cross currency quotes, the Bank supplies derived Rupee exchange rates for the euro, pound sterling and Japanese yen and publishes comparative values for the dates indicated.

Monetary policy meeting scheduled; committee resolution to be published publicly following conclusion of deliberations.
The Monetary Policy Committee will convene for its First Bi-monthly Monetary Policy Statement for 2017-18 on April 5 and 6, 2017, and the Committee's resolution will be published publicly on April 6, 2017 at 2:30 pm.

Reference rate for US Dollar sets rupee exchange rates and determines SDR Rupee rate under RBI publication.
The Reserve Bank publishes the Reference Rate for the US Dollar and, using that rate together with middle rates of cross currency quotes, provides Rupee exchange rates for the Euro, Pound Sterling and Japanese Yen; the SDR Rupee rate is to be based on the published reference rate.

Reference rate for US dollar sets daily Rupee cross-currency rates and determines SDR-Rupee conversion basis.
Reserve Bank of India published the daily reference rate for the US dollar and, using that rate with middle cross currency quotes, provided derived Rupee exchange rates for the euro, pound sterling and the Japanese yen; the SDR Rupee rate will be based on the reference rate.

Payment systems closure suspends RTGS and NEFT operations on the specified date, with a broadcast to member banks.
All payment systems will remain closed on April 1, 2017; the earlier instruction that RTGS and NEFT would operate as on a normal working day through that date has been withdrawn and member banks will receive a separate broadcast notification. Instructions for Special Clearing operations on March 30 and March 31, 2017 remain unchanged and continue to apply.

Government business opening requirement eased: agency banks must maintain holiday operations but need not open on April first.
Agency Banks must keep branches dealing with government business open on all days in the current financial year, including weekends and holidays; however, those branches are exempted from opening on April 1, 2017 to avoid disruption from annual closing and bank mergers.

Reference rate published for the US Dollar, triggering derived cross-currency exchange rates and SDR Rupee linkage.
Publication of the Reference Rate for the US Dollar establishes an operative market benchmark; using that reference rate and middle cross-currency quotes the release provides corresponding exchange rates for the Euro, Pound Sterling and Japanese Yen against the Rupee, and specifies that the SDR-Rupee rate will be determined on that basis.

Treasury bill auction schedule notified for the quarter; dates and amounts may be modified and are subject to notification terms.
Notification of a quarterly Treasury Bills auction calendar sets specific weekly auction dates and prescribed issuance tranches across the 91 day, 182 day and 364 day tenors, with aggregate totals for the quarter, while preserving Government discretion to modify amounts or timing in response to cash management needs and market conditions; auctions are governed by the applicable General Notification and changes will be communicated by press release.

Government securities issuance calendar sets weekly dated auctions and reserves retail allocation via non-competitive bidding for transparency.
An indicative issuance calendar for Government dated securities covering April 1 to September 30, 2017 establishes a weekly auction schedule with tenor-wise allocations to assist investor planning and enhance market transparency; all auctions include a non-competitive bidding facility reserving five per cent of the notified amount for specified retail investors; the Government and the Reserve Bank retain flexibility to modify amounts, issuance periods, maturities and instrument types, including variable rate and non-standard maturities, after giving due notice.

Services sector promotion advances market access, export incentives and integrated support linking services with manufacturing.
The Government pursues a multi pronged strategy to promote trade in services through negotiation of market access via multilateral, plurilateral and bilateral agreements, trade promotion activities, targeted market and sector strategies, stakeholder consultations to address domestic constraints, and selective fiscal incentives under the Services Exports from India Scheme (SEIS). Key service inputs-IT/TeS, logistics, transport, financial services, utilities and professional services-are identified as critical to the 'Make in India' agenda, supported by complementary initiatives and FDI policy changes to boost sectoral growth.

Reference rate for US Dollar set by central bank determines exchange rates for euro, pound and yen against the rupee.
The Reserve Bank announced a reference rate for the US Dollar on March 27, 2017, compared it with the prior business day, and, using that reference together with cross-currency middle rates, published the exchange rates of the euro, pound sterling and Japanese yen against the rupee; the release further states that the SDR Rupee rate will be based on the reference rate.