1 & ;
3 Jul 1991 |
External Payments Crisis.
Rupee Devalued in two stages. Cumulative devaluation about 18
percent in USD terms. |
Nov
1991 |
The
Narsimahmam Committee Report suggested far reaching reforms in the
Indian Banking sector. These included a phased reduction in the SLR
and CRR as well as accounting standards, income recognition norms
and capital adequacy norms. |
Mar
1992 |
A dual exchange rate system
called Liberalised Exchange Rate Management System (LERMS)
introduced. This was the initial step to enable a transition to a
market determined exchange rate system. |
Apr
1992 |
Income
recognition and asset classification norms introduced. Provisioning
and Capital adequacy standards specified. Indian Banks required to
fulfill these norms by 1994 and 1996. |
22 Dec
1992 |
C. Rangarajan appointed
Governor. |
1992 |
SEBI
formulated �Insider Trading Regulations�. |
1993 |
Unified Exchange rate. |
1993 |
Guidelines
for the establishment of private sector banks issued. This heralds a
new policy approach aimed at fostering greater competition. |
15 Jul
1994 |
Nationalised Banks allowed
to tap the capital market to strengthen their capital base. |
Jun
1994 |
National
Stock Exchange commenced operations |
1994 |
�Committee on Reform of
the Insurance Sector�, RN Malhotra. |
Aug
1994 |
Rupee made
convertible on the Current Account. Acceptance of Article VIII of
the Articles of Agreement of the IMF. |
Oct
1994 |
Lending rates of commercial
banks deregulated. Banks required to declare their Prime Lending
Rates (PLR). |
3
Feb 1995 |
Bharatiya
Reserve Bank Note Mudran Limited established as a fully owned
subsidiary of the Reserve bank. Commenced printing of Notes at
Mysore on June 1 and at Salboni on December 11. |
Jun
1995 |
The Office of the Banking
Ombudsman established for expeditious & inexpensive resolution
of customer complaints related to Banking services. |
Oct
1995 |
Banks are
allowed to fix their own interest rates on domestic term deposits
with maturity of two years. |
17 Sep
1996 |
RBI Web site made
operational. |
1
Apr 1997 |
RBI &
Government of India agree to replace the system of ad hoc Treasury
Bills with Ways and Means Advances ending automatic monetisation of
fiscal deficits. |
6 Jun
1997 |
RBI Conducts first auction
of 14 day Treasury Bills. In October, auction of 28 day Treasury
Bills was introduced. |
10
Jul 1997 |
Foreign
Institutional Investors (debt funds) permitted to invest in dated
Government Securities. |
22 Nov
1997 |
Bimal Jalan appointed
Governor. |
28
Nov 1997 |
A series
of measures introduced in response to the Asian Currency Crisis. |
28 Nov
1997 |
Fixed rate repos in G-Secs
introduced to give maneuverability in liquidity management; and to
bring orderly conditions in money and forex markets. |
19
Dec 1997 |
Capital
Index Bonds introduced for first time. Inflation hedged instrument
linked to Wholesale Price Index. |
Apr
1998 |
Recommendations on the
harmonisation of the Role and Operations of Development Financial
Institutions and Banks paved the way for universal banking in India. |
11
Dec 1998 |
RBI
Monetary Museum Web Site launched. |
20 Apr
1999 |
Interim Liquidity Adjustment
Facility introduced. |
Jul
1999 |
Interest
Rate Swaps (IRS) and Forward Rate Agreements (FRAs) introduced as
OTC derivatives. |
Nov
1999 |
RBI issued guidelines to
banks for the issuance of debit cards and smart cards to ease
pressure on physical cash. |
1999 |
Foreign
Exchange Management Act, 1999 replaces FERA, 1973 with the objective
of �facilitating external trade and payments� and �promoting
the orderly development and maintenance of foreign exchange market
in India�. The new act became operative from June 2000 along with
a sunset clause. |