Monetary policy tapering continues to affect global liquidity; India says authorities remain prepared to act to maintain stability.
The statement notes the US Federal Reserve's reduction in monthly asset purchases and its non pre set approach to tapering, while emphasising continued large global liquidity and low short term interest rates until labour market improvement. It asserts India's resilience through strengthened foreign exchange reserves, robust capital inflows, comfortable liquidity, stronger capital market regulation, improving investment and credit demand, moderated inflation, and a smaller expected current account deficit, and stresses that the Government and the Reserve Bank of India will remain vigilant and act to ensure financial stability.

Reference exchange rate announcement sets rupee benchmarks for major currencies, including derived GBP and JPY rates, and underlies SDR rupee calculation.
The Reserve Bank of India published the rupee Reference Rates for the US dollar and Euro for January 29, 2014, noted the previous day's rates for comparison, provided derived rupee exchange rates for the British pound and Japanese yen using middle cross currency quotes, and stated that the SDR Rupee rate will be based on the published reference rate.

Bank rate increase aligned with MSF rate, tightening short term lending and discounting conditions immediately.
The Reserve Bank raised the marginal standing facility (MSF) rate by 25 basis points to 9.0 per cent and adjusted the Bank Rate to 9.0 per cent with immediate effect, as announced in the Third Quarter Review of Monetary Policy and communicated via press release.

Reference rate publication sets USD and Euro rupee benchmarks, with GBP and JPY rates derived from cross-currency quotes.
The Reserve Bank of India published reference rates for the US dollar and the Euro on January 28, 2014, listing the current and previous day rupee benchmarks. Based on the USD reference rate and middle cross currency quotes, the Bank supplied derived rupee rates for the British pound and the Japanese yen, and indicated that the SDR rupee rate will be based on the reference rate.

Reference rate update: RBI publishes foreign exchange reference rates and derived cross-currency exchange benchmarks.
The Reserve Bank of India published Reference Rates for the US dollar and the Euro on January 27, 2014, with prior-day comparators, and supplied derived Rupee exchange rates for the British Pound and the Japanese Yen based on the dollar reference rate and middle cross-currency quotes; the release states that the SDR Rupee rate will be based on the published reference rate.

Reference rate publication sets rupee exchange benchmarks and cross-currency derived rates, with SDR rupee linked to reference rate.
The Reserve Bank publishes the daily Reference Rate for the US dollar and Euro and records the prior day's rates for comparison; these Reference Rates serve as the official rupee exchange benchmark. Using the US dollar Reference Rate together with cross-currency middle rates, the bank derives and publishes rupee rates for other currencies, and it declares that the SDR-Rupee rate will be based on the Reference Rate.

Reference Rate announcement updates exchange-rate benchmarks and derived cross-currency conversions, including pound and yen.
The announcement establishes official Reference Rates for the US dollar and the Euro, compares them with the previous day's rates, and states that those published reference rates form the basis for derived cross-currency conversions, including the pound and the yen, as well as for the SDR rupee rate.

Fiscal consolidation: budgeted revenue surplus lowers gross fiscal deficit and supports higher capital outlay for states.
State fiscal consolidation since 2010-11 has been revenue-led through higher own-tax receipts and increased central transfers. For 2013-14, states budget an increased revenue surplus that reduces the gross fiscal deficit while allowing a modest rise in capital outlay; committed expenditure is budgeted to remain stable. The consolidated state debt-to-GDP ratio is projected to continue declining, though risks from a narrowing growth-interest differential and contingent off budget liabilities warrant improved fiscal transparency and disclosure. Capital outlay is pro cyclical, while primary revenue expenditure is largely acyclical.

Reference Rate benchmarks guide daily publication of cross-currency exchange rates and determine the SDR Rupee linkage.
The Reserve Bank of India published official Reference Rate benchmarks for the US dollar and the Euro, which are used, together with the middle rates of cross currency quotes, to derive and publish the Rupee exchange rates for pound sterling and Japanese yen; the press release also states the SDR-Rupee rate will be based on the published reference rate.

Reference rate publication: central bank sets exchange reference rates for major currencies and provides derived cross currency rates.
The central bank published reference rates for the US dollar and the euro, compared them with the prior day's figures, and, using the dollar rate and cross currency middle rates, provided derived exchange rates for the pound sterling and the yen; the SDR Rupee rate will be based on the published reference rate.

Bank board governance review announced to strengthen board independence, regulatory compliance, fit and proper criteria and compensation oversight.
An Expert Committee will review bank board governance focusing on regulatory compliance, board functioning (strategy, growth, governance, risk management), ownership and representation rules, conflicts of interest, fit and proper criteria for directors including tenure, and board compensation guidelines to inform governance reforms.

Reference rate publication: RBI updates US dollar and euro reference rates, affecting cross currency quotes and the SDR rupee rate.
The Reserve Bank of India published reference rates for the US dollar and the euro for January 20, 2014, with day over day comparisons; it also supplied derived exchange rates for the pound sterling and the Japanese yen based on the US dollar reference and cross currency quotes, and stated that the SDR-rupee rate will be based on the published reference rate.

Foreign shareholding threshold restored below limit; restrictions on share purchases withdrawn and prior approvals cancelled.
Foreign shareholding in The South Indian Bank Limited fell below the prescribed caution threshold, leading to removal from the caution list and immediate withdrawal of restrictions on share purchases; all prior approvals for the scrip were cancelled and equity shares may now be purchased in the primary market and on stock exchanges.

Reference Rate: RBI publishes major currency rates; cross currency middle rates derive others and SDR Rupee is tied.
The Reserve Bank of India released the Reference Rate for the US dollar and the Euro, compared with the prior day's rates. Using the US dollar Reference Rate and the middle rates of cross currency quotations, the exchange rates of the British pound and the Japanese yen against the rupee are provided. The press release specifies that the SDR Rupee rate will be based on the Reference Rate.

Reference rate publication: RBI issues daily exchange reference rates and ties the SDR rupee conversion to them.
The Reserve Bank of India published daily Reference Rates for the US dollar and the euro and, using the dollar reference rate with cross currency middle rates, derived the pound sterling and Japanese yen exchange rates against the rupee; the SDR rupee rate is to be based on the published reference rate.

Regulatory penalty imposed for breaches of income recognition, asset classification, KYC and issuance norms following inspection.
A monetary penalty was imposed on Rajkot Nagarik Sahakari Bank Ltd. under statutory powers of the Banking Regulation Act for breaches including income recognition and asset classification deficiencies, non compliance with KYC norms, improper issuance of demand drafts/postal orders against cash, violation of a management conduct provision, and persistence of earlier inspection deficiencies after the bank responded to a show cause notice.

Monetary penalty imposed for breach of operational banking instructions after show cause process and bank submissions.
Reserve Bank of India imposed a monetary penalty on The Gandhidham Mercantile Co operative Bank Ltd for contravention of operational instructions under the Banking Regulation Act (as applicable to co operative societies), exercising powers under Section 47A read with Section 46(4) in relation to directions issued under Section 36(1), following a Show Cause Notice, written reply and personal submissions.

Reference Rate publication updates exchange benchmarks for major currencies and provides derived cross currency rates against the rupee.
Reserve Bank of India publishes the Reference Rate for the US dollar and the Euro for 15 January 2014, compares these with the previous reference day, and, using the dollar reference and cross currency middle rates, provides derived rupee exchange rates for the pound sterling and the Japanese yen; the SDR Rupee conversion will be based on the published reference rate.

Deferred auction of dated securities suspended following cash-position review and consultation with central bank; issuance calendar adjusted.
The government deferred the auction of Dated Securities scheduled for January 17, 2014 as per the issuance calendar for the second half of the financial year; the decision, taken after review of the government's cash position and funding requirement, was made in consultation with the central bank and suspends the announced public debt auction pending further scheduling.

Related-party lending violations result in regulatory penalty after show cause, for suppressed disclosures and false reporting.
Monetary penalty under the Banking Regulation framework was imposed for related-party lending, suppression of required disclosures and furnishing false information. The Reserve Bank exercised powers to penalise a cooperative bank for sanctioning and renewing loans to directors, their relatives and firms in which directors were interested, failing to report those transactions in the prescribed quarterly proforma and providing misleading information to the inspecting officer.