Policy repo rate unchanged as MPC focuses on withdrawing accommodation to align inflation with the target.
The Monetary Policy Committee kept the policy repo rate unchanged and maintained standing facility rates, while committing to a calibrated withdrawal of monetary accommodation to ensure inflation progressively aligns with the CPI medium term target. The MPC noted moderating headline inflation, identified food dynamics and monsoon distribution as key risks, projected inflation and GDP growth for the year with risks evenly balanced, and recorded a unanimous vote to keep the policy rate unchanged with one member reserving on the withdrawal of accommodation language.

Bank governance: Boards must align management incentives, enforce risk transparency, and strengthen assurance functions for stability.
Boards must exercise heightened fiduciary responsibility and active oversight to align management incentives with depositor and stakeholder interests, ensure transparency of financial performance and risk practices, and enforce fit-and-proper director composition. Operational duties include setting risk-management expectations with regular reporting on risk appetite and exposures, objectively appraising management and taking corrective action, structuring remuneration to reflect long-term risks with ex-ante and ex-post checks, and instituting Board self-assessment. Assurance functions must be independent, resourced and directly linked to the Board to identify and remediate governance and supervisory concerns.

Government securities auction: multiple dated securities issued via uniform and yield-based methods, with non-competitive allocation.
Primary market auctions for four Central Government securities will be conducted by the Reserve Bank of India using price-based uniform price auctions for three re-issued dated securities and a yield-based multiple price auction for a new long-dated security; the Government may retain additional subscription up to notified limits; a fixed proportion of each notified amount is allocable to eligible participants under the Non-Competitive Bidding Facility; bids must be submitted electronically on the RBI E-Kuber system within prescribed windows, with auction results and settlement following the announced timetable and "When Issued" trading permitted under RBI guidelines.

Cyber resilience draft mandates governance and baseline security controls for payment operators, inviting stakeholder comments by a set deadline.
Draft directions require Payment System Operators to implement a governance mechanism for identifying, assessing, monitoring and managing cybersecurity and information security risks, and to adopt specified baseline security measures to ensure safe and secure digital payment transactions; the draft is published for stakeholder consultation with comments invited by a stated deadline.

Bank governance: Boards must prioritise depositor interests and strengthen risk oversight and compliance to ensure sustainable stability.
Boards must prioritise robust governance to protect depositor interests by independently scrutinising business models, risk appetite and management; ensure compliance with the spirit of laws; and mitigate operational vulnerabilities through succession planning, staff upskilling and strong controls against outsourcing, process failures and ethical lapses.

Provisional government accounts consolidation shows receipts composition, increased devolution to states and expenditure split with key drivers.
Consolidated provisional accounts for 2022-23 present aggregate receipts comprising net tax revenue, non tax revenue and non debt capital receipts, record increased devolution of share of taxes to states, and distinguish Revenue Expenditure from Capital Expenditure while identifying major expenditure drivers such as interest payments and subsidies.

Public finance receipts and expenditures highlight tax revenue dominance and elevated state devolutions in early fiscal implementation.
Union government receipts for April 2023 are dominated by tax collections, supplemented by non tax receipts and limited non debt capital receipts including loan recoveries and miscellaneous capital receipts. A material portion of receipts was allocated to states through Devolution of Share of Taxes, higher than the prior period. Government spending is divided between Revenue Expenditure (including interest payments and major subsidies) and Capital Account outlays, reflecting primary fiscal flows against budget estimates.

Government securities auction: re-issue via uniform and multiple-price methods with non-competitive allotment and E Kuber bidding.
The Government announced a re-issue auction of three dated Government Securities to be conducted by the Reserve Bank of India using uniform-price and multiple-price methods; the Government may retain additional subscriptions and up to five percent of each notified amount is reserved for eligible bidders under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the RBI E-Kuber system within prescribed windows, auction results and payment dates will be notified, and the securities will be eligible for When Issued trading per RBI guidelines.

Bank governance expectations: Boards must ensure independence, information integrity and robust risk controls for depositor protection.
Boards of banks must prioritise robust bank governance and depositor protection by implementing regulator guidelines on Board themes and composition, ensuring directors meet fit and proper criteria and maintain requisite expertise, preserving independence and absence of conflicts, securing timely and accurate information for informed decisions, safeguarding financial statement integrity against aggressive accounting, aligning compensation with prudent long term performance, and empowering independent assurance functions with direct Board access under the three lines of defence model.

Merger control approval for acquisition of Series E CCPS in Acko by private equity and pension investors.
Approval by the Competition Commission of India is recorded for the proposed acquisition of additional compulsorily convertible preference shares (Series E CCPS) in Acko Technology & Services Private Limited by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc., increasing investor shareholding and requiring merger control clearance; a detailed regulatory order will follow.

Government securities auction: re issue of dated bonds via uniform and multiple price methods with non competitive allotment.
The Government announced re issue auctions of three dated government securities to be conducted by the Reserve Bank of India; the government may accept additional subscriptions up to a stated limit for each security. Two securities will use the uniform price method and one will use the multiple price method. Up to five percent of each notified amount is reserved for eligible participants under the Scheme for Non Competitive Bidding, with electronic submission of non competitive and competitive bids on the E Kuber system within prescribed time windows. Securities will be eligible for When Issued trading under RBI guidelines.

Legal tender status upheld; banks must continue over the counter exchange and maintain daily exchange and deposit records.
The denomination is withdrawn from circulation but retains its Legal Tender status; banks must continue over the counter exchange and deposit facilities as before. Banks are to provide branch-level infrastructure for public convenience and maintain daily records in the prescribed format (bank name, date, amount exchanged, amount deposited, total amount) for submission when requested.

Tax Collection at Source exclusion for small international card transactions prevents TCS on qualifying payments under the LRS.
Payments by individuals using international debit or credit cards up to an annual threshold of Rs 7 lakh will be excluded from LRS limits and will not attract TCS; beneficial TCS treatment for education and health payments will continue and the Foreign Exchange Management (Current Account Transactions) Rules, 2000 will be amended to implement this exclusion.

Withdrawal of high denomination banknotes: banks must stop issuance and provide deposit/exchange facilities with compliance safeguards.
The Reserve Bank announced withdrawal of the two thousand rupee denomination from circulation while confirming continued legal tender status. Banks must stop issuing the denomination immediately, reconfigure ATMs, classify Currency Chest holdings as unfit, sort received notes with Note Sorting Machines and dispatch them to RBI issue offices. Deposit and exchange facilities must be provided through branches and Business Correspondents subject to KYC, CTR and STR compliance, with operational arrangements to replenish other denominations and assist vulnerable customers.

Withdrawal of high denomination banknotes: notes remain legal tender; banks accept deposits and limited exchanges until deadline.
The Reserve Bank has decided to withdraw the Rs.2000 denomination banknote from circulation while it will continue to be legal tender. Banks are directed to stop issuing the denomination immediately. Members of the public may deposit the notes into bank accounts without restrictions subject to extant statutory provisions, or exchange them for other denominations at bank branches and designated RBI Issue Department offices. Exchange at banks and RBI offices is limited to Rs.20,000 per transaction, and banks must provide these facilities through a time bound window ending September 30, 2023.

Legal tender status retained for high-denomination banknotes; public urged to deposit or exchange before deadline with prescribed limits.
The RBI has withdrawn the Rs.2000 denomination from circulation but it continues as legal tender; banks and designated RBI Issue Departments will accept deposits and exchanges until the announced deadline. Deposits into accounts are allowed without restriction subject to KYC and other statutory requirements. Exchange is operationally limited per transaction and Business Correspondents may exchange smaller daily amounts for account holders; non-account holders can also exchange within the transaction limit. Exchange facilities are free and banks must make special arrangements for vulnerable persons. Grievances may be taken to the bank and thereafter to the RBI Integrated Ombudsman Scheme if unresolved.

Merger approval clears UBS acquisition of Credit Suisse, with regulatory clearance subject to a detailed order to follow.
CCI approval is granted for a cross-border merger in which UBS Group AG will acquire Credit Suisse Group AG by absorption, with UBS as the surviving legal entity; the transaction involves global banking businesses active in wealth management, asset management, investment banking and brokerage services, and a detailed CCI order and any conditions will follow.

Government securities auction re-issue: competitive and non-competitive bidding allowed with E-Kuber submission and when-issued trading.
Three Central Government securities are offered by re-issue through auctions using the uniform price method for two securities and the multiple price method for one; the issuer may retain additional subscription up to a specified incremental amount and up to five percent of each notified amount is reserved for eligible participants under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the Reserve Bank of India E-Kuber system within prescribed time windows for non-competitive and competitive bids, with auction results announced and payment scheduled on specified settlement dates; the securities are eligible for when-issued trading under RBI guidelines.

Financial sustainability for regional rural banks via sponsor bank-led technology adoption and strict adherence to viability plans.
Review focused on implementation and monitoring of viability plans for Regional Rural Banks, noting substantial year-on-year improvement and concentrating on technology upgradation, NPA reduction, IT initiatives, financial inclusion, and rural credit delivery. The Secretary emphasized sponsor banks' and NABARD's active handholding to facilitate technology adoption and urged RRBs to intensify efforts to achieve viability-plan targets within the next year.

Government securities auction: re issue using uniform and multiple price methods with non competitive allotment provision.
The Government announced re-issues of four Government Securities through RBI conducted auctions: three via the uniform price method and one via the multiple price method, with notified nominal amounts and an option to retain additional subscriptions. Auctions will be conducted on the RBI E Kuber system with prescribed windows for non competitive and competitive bids. Up to five percent of each notified amount is reserved under the Scheme for Non Competitive Bidding Facility. Results and payment follow announced schedules, and the securities are eligible for When Issued trading under applicable RBI guidelines.