No dues certificate requirement waived for small agricultural loans; self-declaration permitted as alternative compliance under regulator guidance.
Banks are advised to waive the no dues certificate requirement for small loans to small and marginal farmers and share croppers and to accept a borrower self-declaration instead, applying to scheduled commercial banks including regional rural banks and changing documentary compliance for these low value agricultural credits; no complaints of non compliance have been reported.

Affordable housing finance: combined fiscal, guarantee and regulatory measures to expand mortgage and project lending access.
Measures combine fiscal augmentation of rural and urban refinance funds and a mortgage guarantee product for low income housing with regulatory relaxations that reduce built up and capitalization thresholds for projects allocating a portion to affordable housing under lock in conditions; RBI measures permit banks to raise long term bonds for housing lending, channel term loans to housing finance institutions and agencies, and allow financing to individuals, cooperatives and slum improvement projects.

Reference rate for US dollar establishes rupee cross rates and the SDR rupee basis for official exchange calculations.
Publication sets out the reference rate for the US dollar and corresponding euro, pound sterling and yen exchange rates derived from the US dollar reference and middle cross currency quotes, and states that the SDR rupee rate will be determined on the basis of the published reference rate.

Reference rate published: US dollar benchmark set and cross currency exchange rates for euro, pound and yen derived accordingly.
Publication of the Reference Rate establishes the US Dollar-Rupee benchmark and, using that rate with middle rates of cross currency quotes, determines and publishes Rupee exchange rates for the Euro, Pound Sterling and Japanese Yen; the SDR Rupee rate is based on the published Reference Rate.

Interest subvention for short term crop loans retained, with added prompt repayment incentive reducing effective borrower rate.
Approval continues the interest subvention for short-term crop loans at seven percent per annum for the specified loan limit across banks and NABARD, with an additional three percent subvention for borrowers who repay within one year, funded through authorised allocations including amounts to NABARD for refinance and allocations to banks for their own fund subvention.

Credit guarantee for factoring expands partial cover for factored receivables, supporting non recourse financing for MSMEs.
A centrally sponsored Credit Guarantee Fund for Factoring will provide partial credit cover for eligible factored receivables to promote factoring without recourse. The Fund, to be set up under the National Credit Guarantee Trustee Company with the Department of Financial Services as Settlor, will be governed by a Management Committee responsible for policy, claim guidelines and periodic review; participating factors will pay a capped guarantee fee while retaining discretion over interest charged to MSMEs.

Capital raising by public sector banks via market share issuance to meet Basel III capital requirements while retaining majority control.
Public sector banks may raise capital from public markets by phased dilution of government equity to a minimum 52 percent to meet Basel III capital requirements, with emphasis on increasing Common Equity Tier 1 and other regulatory capital largely via share issues to retail investors to reduce budgetary support while retaining government control.

Reference rate for US dollar published, determining rupee exchange rates for major currencies and SDR Rupee calculations.
The Reserve Bank of India published the Reference Rate for the US Dollar and, using that reference rate together with middle cross currency quotes, provided the derived rupee exchange rates for the Euro, Pound Sterling and Japanese Yen; it further states that the SDR Rupee rate will be based on the published reference rate.

Reference Rate for US Dollar establishes exchange benchmarks for EUR, GBP, JPY and determines SDR Rupee linkage.
The Reserve Bank publishes a Reference Rate for the US Dollar as the primary benchmark for rupee conversions; using that reference and middle cross currency rates it derives and publishes rupee exchange rates for Euro, Pound Sterling and Japanese Yen, and it ties the SDR Rupee rate to the published reference.

Branch expansion policy mandates substantial allocation to unbanked rural centres under RBI permission for scheduled commercial banks.
The Reserve Bank granted general permission to domestic scheduled commercial banks (excluding regional rural banks) to open branches, mobile branches, administrative offices and service centres in Tier 2-Tier 6 centres and in North Eastern States and Sikkim, subject to reporting. Banks must include such openings in their Annual Branch Expansion Plan and allocate a stated portion of annual branch additions to unbanked rural (Tier 5 and Tier 6) centres; rural branch requests are routed to banks or the State Level Bankers' Committee for feasibility assessment.

Commodity futures regulation preserves price discovery while imposing position limits and circuit limits to curb manipulation.
Futures trading in listed food commodities is permitted under the Forward Contracts (Regulation) Act and is treated as a mechanism for price discovery and risk management; studies cited find no causal relationship between futures trading and inflation. The Forward Markets Commission enforces safeguards-open position limits, daily circuit limits linked to spot history, additional/special margins, and compulsory staggered delivery-to prevent cornering and undue volatility, and requires daily exchange reporting to ensure futures prices reflect demand and supply fundamentals.

Reference rate publication: US dollar reference influences rupee cross currency rates and determines SDR rupee valuation policy.
The Reserve Bank of India published a Reference Rate for the US Dollar and, using middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and the Japanese yen; the SDR Rupee rate is specified to be based on this reference rate, establishing the RBI publication as the determinative input for SDR valuation in rupee terms.

Reference rate for US dollar updated, altering rupee conversions for euro, pound and yen and SDR valuation.
The Reserve Bank of India published the Reference Rate for the US dollar, giving current and prior day benchmarks and stating that this rate serves as the basis for deriving rupee exchange rates for the euro, British pound and Japanese yen; the SDR Rupee rate will be based on the published reference rate.

Foreign direct investment policy: 100% automatic FDI allowed in construction development subject to floor area, funding and developed plot conditions.
The policy amendment permits 100% automatic FDI in construction development projects while excluding entities engaged in real estate business, farm house construction and TDR trading. Conditions include minimum floor area requirements for construction projects (no minimum for serviced plots), a mandatory initial FDI infusion within six months of building/layout plan approval with subsequent tranches allowed up to ten years or before project completion, and exit/repatriation permitted on project completion or after provision of trunk infrastructure; early repatriation may be allowed by Government/FIPB on a case by case basis. Only developed plots may be sold and local authorities will monitor compliance.

Reference rate for US dollar published; derived euro, pound and yen exchange rates and SDR rupee linkage noted.
Publication of an official reference rate for the US dollar establishes the benchmark Rupee value and, together with middle cross currency rates, sets derived Rupee exchange rates for the euro, pound sterling and the Japanese yen; the SDR Rupee rate will be based on the published reference rate.

Public sector bank strike preparedness: government urges pre-emptive measures to maintain services and resume negotiations.
Government advises Public Sector Banks to take pre-emptive steps to ensure minimal public inconvenience during the union strike notice, including loading ATMs, ensuring clearing house operation, maintaining internet banking, and arranging uninterrupted government business transactions. It notes that wage negotiations occur between bank managements represented by the IBA and unions, that the IBA has held fourteen negotiation rounds and remains flexible, and urges unions to avoid strike action and continue negotiations.

Reference rate for the US dollar updated; cross currency exchange rates and SDR Rupee linkage adjusted accordingly.
The Reserve Bank of India published the US dollar reference rate for December 2, 2014 with the prior day's figure for comparison, and, based on that reference rate and middle cross currency quotes, provided corresponding Rupee exchange rates for the euro, pound sterling and Japanese yen; it further states the SDR Rupee rate will be based on the reference rate.

Auction of Government Stocks: price-based re-issue using multiple-price method with non-competitive allocation and electronic bidding.
Sale by re-issue of four central government securities will be conducted by the Reserve Bank of India using a price based auction under the multiple price method, with up to 5% of each notified amount reserved for eligible individuals and institutions under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on E Kuber within prescribed time windows on the auction date; auction results will be announced on that date and payment is scheduled on the stated settlement date. The re issued stocks are eligible for when issued trading per RBI guidelines.

Reference rate for the US dollar set, deriving exchange rates for euro, pound and yen and SDR-rupee.
The Reserve Bank published the Reference Rate for the US dollar for December 1, 2014, and, using that reference and middle cross-currency quotes, provided corresponding rupee exchange rates for the euro, pound sterling and Japanese yen; the SDR Rupee rate is stated to be based on the published reference rate.

Foreign Direct Investment approvals: Government clears multiple FDI proposals across defence, pharma and services sectors.
The Central Government, on FIPB recommendations, approved fifteen FDI proposals across defence, I&B, pharma, banking-related services, NBFC and manufacturing, covering new foreign equity, increases in foreign shareholding, post-facto regularisations and amendments to prior approvals; seven proposals were deferred for further examination, two were rejected, one was found to fall under the automatic route and one banking-sector proposal was recommended to the Cabinet Committee on Economic Affairs for consideration due to its scale.