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News
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February 15, 2017
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Voluntary employee enrolment declaration waives undeducted employee contributions and fixes nominal employer damages under the campaign.
The Employees Enrolment Campaign 2017 creates a voluntary declaration route by which employers may disclose previously unenrolled workers; declared employees' share of contributions is waived, employer damages are fixed at a nominal rate, no administrative charges are collected, declarations are barred where an inquiry is pending, and payments for declared periods must be remitted month wise via ECRs through the EPFO online Principal Employer portal.
February 15, 2017
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Reference Rate guidance: central bank publishes USD reference and derived exchange rates for major currencies.
The Reserve Bank of India published the Reference Rate for the US Dollar and, using that USD reference together with middle rates of cross currency quotations, provided derived exchange rates for EUR, GBP and JPY against the rupee for the indicated dates; the release further states that the SDR Rupee rate will be based on the reference rate.
February 15, 2017
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Repurchase of Government Securities via reverse auction using price-based multiple-price method; electronic bids on E-Kuber required.
Repurchase of Government securities will be conducted through a reverse auction to redeem specified Government Stocks prematurely using surplus cash balances; the exercise is ad hoc. The auction is price based using the multiple price method, with electronic bids to be submitted via the Reserve Bank of India Core Banking Solution (E Kuber) during the prescribed bidding window on the announced date and results declared the same day.
February 14, 2017
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Reference rate established for the US dollar; cross currency rupee rates for euro, pound and yen updated, SDR rupee linked.
The Reserve Bank of India announced the Reference Rate for the US dollar and, using middle rates of cross currency quotes, provided updated rupee rates for the euro, pound sterling and yen, stating that the SDR Rupee rate will be based on the reference rate.
February 13, 2017
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Reference rate for US dollar updated; corresponding euro, pound and yen exchange rates provided, and SDR rupee linkage noted.
The Reserve Bank of India published the reference rate for the US dollar and its comparison with the previous reference; based on that reference and middle cross currency quotes the Bank provided exchange rates for the euro, pound sterling and yen against the rupee, and stated that the SDR rupee rate will be based on the reference rate.
February 10, 2017
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Reference rate for the US dollar published, determining cross currency exchange rates and SDR Rupee calculation for market guidance.
The publication announces the reference rate for the US dollar on February 10, 2017 and the prior day's rate; using that reference rate and middle cross currency quotes it provides exchange quotations for the euro, pound sterling and yen against the rupee, and states that the SDR Rupee rate will be based on the published reference rate.
February 9, 2017
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Interest rates for Small Savings Schemes were revised for the January-March 2017 quarter; banks must notify subscribers.
Government revised interest rates for small savings schemes for the quarter 1 January 2017 to 31 March 2017, fixing rates and compounding/payment frequencies for instruments such as Savings Deposit (4.0% annually), Time Deposits (1 year 7.0%; 2 year 7.1%; 3 year 7.3%; 5 year 7.8% quarterly), 5 year Recurring Deposit (7.3% quarterly), Senior Citizen Savings Scheme (8.5% quarterly/paid), Monthly Income Account (7.7% paid), National Savings Certificate and Public Provident Fund (8.0%), Kisan Vikas Patra and Sukanya Samriddhi Account as notified. Agency banks were directed to notify and display these rates to subscribers.
February 9, 2017
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Reference Rate for US Dollar published; corresponding cross-currency rupee rates and SDR-Rupee linkage stated, updated.
The Reserve Bank published the Reference Rate for the US Dollar and, using that rate with middle cross-currency quotes, supplied corresponding rupee exchange rates for the euro, pound and yen; it stated the SDR Rupee rate will be based on the published reference rate.
February 9, 2017
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Digital literacy initiative expands rural digital access, aiming to make millions of households digitally literate through national training and payment-readiness.
Cabinet approval establishes the Pradhan Mantri Gramin Digital Saksharta Abhiyan as a centrally supported national scheme to promote digital literacy in rural households, enabling operation of digital devices, online access to services, and cashless transactions; implementation will be supervised by the Ministry of Electronics and IT in coordination with State Implementing Agencies and District e Governance Societies, with explicit curriculum components on digital payment systems to ensure equitable geographic reach through Gram Panchayat level registration.
February 8, 2017
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Cash withdrawal limits relaxed for savings accounts: temporary cap raised, then limits removed as remonetisation progresses.
The Reserve Bank, in view of remonetisation after withdrawal of Specified Bank Notes, has decided a two-step relaxation for Savings Bank accounts (including PMJDY): first a temporary enhancement of the weekly cash withdrawal cap, and subsequently the complete removal of cash withdrawal limits, thereby aligning restrictions with the pace of remonetisation.
February 8, 2017
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Reference exchange rate used to compute cross currency rupee rates; daily updates affect SDR Rupee linkage and prior day comparison.
The Reserve Bank publishes a daily reference rate for the US dollar and compares it with the previous day's figure; using that reference rate together with middle rates of cross currency quotes, it derives and reports the rupee exchange rates for the euro, pound sterling and yen. The SDR Rupee rate is specified to be based on the same reference rate framework.
February 7, 2017
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Deposit flexibility in PMGKDS allows multiple instalments; must precede filing and meet minimum contribution requirement.
The amendment clarifies that deposits under sub-section (1) of Section 199F in the Pradhan Mantri Garib Kalyan Deposit Scheme may be made on one or more occasions and that such deposits shall be made before filing the declaration under sub-section (1) of Section 199C; the deposit must be not less than twenty-five per cent of the declared undisclosed income and is to be paid at authorised banks within the notified subscription period.
February 7, 2017
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Reference exchange rate published for the US dollar, with derived euro, pound and yen rates and SDR conversion method.
The Reserve Bank published a daily reference exchange rate for the US Dollar as the market benchmark and provided the previous day's comparative rate. It further set corresponding rupee rates for the euro, pound sterling and yen by applying middle cross currency quotes to the dollar reference, and specified that the SDR Rupee rate will be based on that published reference rate.
February 6, 2017
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Government securities auction: price-based re-issue with multiple-price method and non-competitive allocation allowing eligible individuals to bid.
Sale by re-issue of Central Government securities will be conducted via a price-based auction using the multiple price method; specified notified amounts are offered, with up to five per cent of each issue reserved for eligible individuals and institutions under the non-competitive bidding facility. Competitive and non-competitive bids must be submitted electronically through the designated core banking/electronic bidding system within prescribed time windows on the auction date. Auction results will be announced the same day and payment is due on the scheduled settlement date. The stocks are eligible for when-issued trading under the applicable guidelines.
February 6, 2017
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Reference rate for US Dollar updated; derived EUR, GBP and JPY exchange rates and SDR Rupee linkage adjusted accordingly.
Reserve Bank of India published an updated reference rate for the US dollar and the immediately preceding rate; that dollar reference rate is used, with cross currency middle rates, to derive rupee exchange rates for the euro, pound sterling and Japanese yen, and the SDR Rupee rate is stated to be based on the published reference rate.
February 3, 2017
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Reference rate for US Dollar updated, determining derived euro, pound and yen exchange rates and SDR rupee linkage.
The publication sets the reference rate for the US Dollar for the operative date and records the corresponding prior day rate. Based on that reference rate and the middle rates of cross currency quotes, it provides the exchange rates of the euro, pound sterling and yen against the rupee for the two consecutive dates. It further states that the SDR Rupee rate will be based on the published reference rate.
February 3, 2017
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Monetary Policy Committee meeting results to be released publicly at the scheduled publication time for transparency.
The document announces that the Monetary Policy Committee (MPC) will convene to adopt the Sixth Bi-monthly Monetary Policy Statement for 2016-17 and states that the MPC's resolution will be published on the Reserve Bank's website at a designated time, establishing the publication schedule and public disclosure mechanism for the policy decision.
February 2, 2017
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Reference Rate for US Dollar: RBI publishes the official rate and derives cross-currency and SDR Rupee benchmarks.
The Reserve Bank announced the official Reference Rate for the US Dollar and, using that rate with middle cross currency quotes, published corresponding exchange rates for the euro, pound sterling and yen against the rupee, and stated that the SDR Rupee rate will be based on the published reference rate.
February 2, 2017
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Cybersecurity preparedness: banks must ensure senior CISO oversight, rapid incident reporting and robust detection to manage fraud risk.
RBI mandates a Cyber Security Framework requiring banks to maintain separate cyber policies, crisis management plans, rapid incident reporting, detailed IT examinations and appointment of senior, empowered CISOs; banks must prioritise early detection, patch and configuration management, vendor oversight, forensic analysis and information sharing. Concurrently, banks must promptly identify and declare advance related frauds to avoid governance and criminal liability, strengthen internal controls against cheque cloning and malware, mitigate people risk through training and documented procedures, and implement practical measures including central registries, analytics and decisive loss cutting.
January 31, 2017
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Reference rate for US dollar published; exchange rates for major currencies and SDR linkage updated accordingly.
The Reserve Bank of India publishes an official daily reference rate for the US dollar and, using cross currency middle rates, supplies corresponding rupee exchange rates for the euro, pound sterling and yen; the statement also cites the prior day's reference rate for comparison and specifies that the SDR Rupee rate will be based on the published reference rate.

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