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$.

Reference exchange rates published for major currencies; updated rates and cross currency derived quotes affect rupee conversions.
The monetary authority published rupee reference exchange rates for the US dollar and Euro on 19 March 2014, with comparative figures for the previous day. Derived rupee rates for the pound sterling and the yen are provided based on the US dollar reference rate and middle cross currency quotes. The announcement states that the SDR Rupee rate will be based on the published reference rate.

Reference rate publication updates exchange benchmarks and cross currency conversions, altering GBP and JPY rupee reference rates.
The Reserve Bank of India announced rupee reference rates for the US dollar and the euro on March 18, 2014, noted prior day reference rates for comparison, provided rupee exchange rates for pound sterling and Japanese yen derived from the US dollar reference rate and cross currency middle rates, and stated that the SDR rupee rate will be based on the announced reference rate.

Cooperation in banking supervision enables formal exchange of supervisory information through an Exchange of Letters, strengthening cross-border oversight.
An Exchange of Letters establishes a formal platform for cooperation in banking supervision between the Reserve Bank of India and the Financial Services Agency, Japan, enabling bilateral exchange of supervisory information and enhanced supervisory coordination; this EoL is the first such instrument by the Reserve Bank with an overseas supervisor and complements its existing practice of concluding memoranda of understanding with foreign supervisors.

Overseas direct investment data: total financial commitment USD 2,372.72 million in Feb 2014, including equity, loans and guarantees.
Overseas direct investment for 1-28 February 2014 (as reported by authorised dealers) aggregates equity USD 279.1815m, loans USD 98.6108m and guarantees issued USD 1,994.9316m, totaling USD 2,372.7239m; the release itemises individual Indian investing parties, recipient JV/WOS, destination country, sectoral activity and the equity/loan/guarantee breakdown for regulatory and statistical monitoring.

Reference rate publication updates exchange rates and cross currency derivation, noting SDR rupee linkage for market reference.
Publication of daily Reference Rates sets official rupee benchmarks for the US dollar and Euro, provides day over day comparisons, and states that other currency rates are derived from the dollar Reference Rate using middle cross currency quotations; the SDR Rupee rate will be based on the published Reference Rate.

Government securities repurchase through reverse auction using multiple-price method; electronic E Kuber bids and same-day auction results.
Announcement of a repurchase of government securities via reverse auction to prematurely redeem specified Government Stocks by utilising surplus cash balances. The repurchase is ad hoc and covers listed dated stocks maturing in 2014-2015. The auction is price-based using the multiple price method; bids must be submitted electronically on the Reserve Bank of India E Kuber system during the prescribed bidding window, with results announced the same day.

Reference Rate update sets benchmark rupee conversion for US dollar and Euro, affecting derived cross currency exchange quotations.
Publication of Reference Rates establishes benchmark rupee conversion rates for the US dollar (Rs.61.0155) and the Euro (Rs.85.0232) on March 13, 2014. Derived cross currency quotations based on the US dollar reference give GBP at 101.6518 and 100 YEN at 59.46 for March 13, 2014. The SDR Rupee rate will be based on the published reference rate.

Withdrawal of older series banknotes: they remain legal tender but are exchangeable at banks free of charge.
Pre-2005 banknotes lack the enhanced security features and year-of-printing of post-2005 notes; the Reserve Bank is withdrawing them from circulation while they remain legal tender. Banks must stop re-issuing such notes and forward them to the Reserve Bank. The public may exchange pre-2005 notes free of charge at any bank branch, without limit and whether customer or not, with the option of cash or account credit; arrangements after the announced exchange period will be notified later.

Reference rate publication: central bank exchange rate fixes inform cross currency quotes and determine SDR rupee conversion.
The Reserve Bank publishes daily Reference Rate fixes for major currencies, giving current and previous-day rupee rates for the US dollar and euro. It describes deriving other currency rupee rates (e.g., GBP and JPY) from the US dollar reference rate using middle cross currency quotes, and states that the SDR rupee conversion will be based on the published reference rate.

Monetary policy statement announcement: formal central bank release scheduled as a public policy communication.
Publication of the First Bi-monthly Monetary Policy Statement, 2014-15 is scheduled as a formal policy communication by the central bank, fixing the date and time for public release and identifying the responsible official for issuing the advisory to the public and media.

Reference rate announcement sets rupee exchange benchmarks for major currencies and determines SDR rupee valuation effective immediately.
The Reserve Bank of India published official reference rates for the US dollar and euro on March 11, 2014, provided the prior day's rates for comparison, and, using the US dollar reference and cross currency middle rates, disclosed derived rupee rates for the British pound and Japanese yen; the release also states the SDR Rupee rate will be based on the reference rate.

Monetary penalty imposed for regulatory non-compliance after substantiated reporting, KYC and inter-bank exposure violations, following show-cause.
A regulatory monetary sanction was imposed on Imperial Urban Co-operative Bank Ltd. for incorrect reporting in Form I relating to CRR/SLR and erroneous computation of DTL; failures in KYC compliance including lack of customer risk profiles and unfixed threshold limits; and breaches of prudential inter bank gross exposure and counter party limits, following a show cause notice and consideration of the bank's written reply.

Monetary penalty for regulatory breaches after substantiated violations of exposure norms and director lending restrictions.
The Reserve Bank imposed a monetary penalty on a cooperative bank after issuing a show cause notice, considering the bank's written reply and hearing request, and finding substantiated breaches of exposure norms on single and group borrowers and regulatory restrictions on advances to directors and relatives under its statutory enforcement powers.

Cancellation of banking licence prohibits the bank from banking business and initiates liquidation with deposit insurance protection.
The Reserve Bank of India cancelled the licence of The Urban Co operative Bank Ltd., Bhubaneswar after statutory inspections and supervisory directions found the bank insolvent, non compliant with Banking Regulation Act provisions and unable to meet depositor obligations; repeated show cause notices, failed merger attempts and an unrealistic revival plan led to prohibition from carrying on banking business and initiation of liquidation with deposit insurance entitlement under the Deposit Insurance Scheme.