It may be recalled that Standing Committee on International Financial Standards and Codes was constituted in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by Deputy Governor, Reserve Bank of In

After a review of recent developments in the international and domestic financial markets, Reserve Bank of India today announced the following measures :A reduction in the Bank Rate by half a percentage point from its present level of 8 per cent to 7.5 per cent effective close of business on February 16, 2001.A reduction in Cash Reserve Ratio (CRR) by 0.5 percentage point from its present level of 8.5 per cent to 8 per cent in two stages by 0.25 percentage point each

A Working Group on Capital set up by the Core Principles Liaison Group (CPLG) of the Bank for International Settlements is currently meeting in New Delhi to discuss the proposals of the second consultative paper on the new capital accord. The Basel Committee on Banking Supervision had released the second consultative paper on the new capital accord in January 2001. The first consultative paper was released in June last year.The Working Group on Capital, chaired by Mr.

The Advisory Group on International Accounting and Auditing submitted its report to the Standing Committee on International Standards and Codes today. The Advisory Group is headed by Shri Y.H.Malegam with Shri N.P.Sarda, Shri Mohindar M.Khanna and Shri T.V.Mohandas Pai as members. The report is available on the RBI website (www.rbi.org.in) It may be recalled that Standing Committee on International Financial Standards and Codes was constituted in December 1999 in orde

The 'Banking Statistics: Quarterly Handout – September 2000' providing data on Aggregate Deposits and Gross Bank Credit of Scheduled Commercial Banks as on Last Friday of September 2000, with various classifications, has been published by Reserve Bank of India. The primary data have been collected from the Scheduled Commercial Banks through the BSR-7 return. Data have been presented according to top hundred centres, population groups, districts, states and bank groups

It may be recalled that Standing Committee on International Financial Standards and Codes was constituted in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by Deputy Governor, Reserve Bank of In

"We have the comparative advantage, we have the resources, we have the manpower and we also have the respect of the world to make our financial system the best in the world. But the task is not easy." Stating this Dr. Bimal Jalan, Governor, Reserve Bank of India appealed to the National Institute for Bank Management and the banking community to debate and come up with a blueprint for the future of the banking system in India in say, another 10-15 years. The Governor w

The guidelines for licensing of new banks in the private sector were issued by the Reserve Bank of India (RBI) on January 22, 1993. Out of various applications received, RBI had granted licences to 10 banks. After a review of the experience gained on the functioning of the new banks in the private sector, in consultation with the Government, it has now been decided to revise the licensing guidelines. The revised guidelines for entry of new banks in private sector are

December 1, 2000 The Reserve Bank of India has advised income tax assessees that over 800 branches of public sector banks in Mumbai and Navi Mumbai are authorised to accept payment of income tax dues as a standing arrangement.Income-tax assessees may take advantage of these standing arrangements made for their convenience. The Reserve Bank has also advised income-tax assessees in Mumbai and Navi Mumbai cities to deposit their income tax dues sufficiently in advance to

The Reserve Bank of India has set up a multi-disciplinary working group to look into introduction of risk based internal inspection/audit in banks in India and to make suitable recommendations. The composition of the Working Group is:1.Shri G. Sitharaman:Chairman President The Institute of Chartered Accountants of India 2.Shri K. L. Khetarpaul:Member Chief General Manager-in-Charge Reserve Bank of India Department of Banking Supervision Central Office, Mumbai 3.Shri A