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Credit Policy: RBI keeps rates unchanged
April 29, 2008
Active demand management of liquidity through appropriate use of the CRR stipulations and open market operations (OMO) including the MSS and the LAF.
Introduction of STRIPS in Government securities by the end of 2008-09.
A clearing and settlement arrangement for OTC rupee derivatives proposed.
Domestic crude oil refining companies would be permitted to hedge their commodity price risk on overseas exchanges/markets on domestic purchase of crude oil and sale of petroleum products based on underlying contract.
Currency futures to be introduced in eligible exchanges in consultation with the SEBI; broad framework to be finalised by May 2008.
Indian companies to be allowed to invest overseas in energy and natural resources sectors.
Reserve Bank can be approached for capitalisation of export proceeds beyond the prescribed period of realisation.
Loans granted to RRBs for on-lending to agriculture and allied activities to be classified as indirect finance to agriculture.
The shortfall in lending to weaker sections would be taken into account for contribution to RIDF with effect from April 2009.
RRBs allowed to sell loan assets to other banks in excess of their prescribed priority sector exposure.
The Reserve Bank to disseminate details of various charges levied by banks.
Asset classification norms for credit to infrastructure projects relaxed.
The prudential guidelines for specific off-balance sheet exposures of banks to be reviewed.
Reserve Bank to carry out supervisory review of banks' exposure to the commodity sector.
The limit of bank loans to individuals for housing having lower risk weight of 50 per cent enhanced from Rs. 20 lakh to Rs. 30 lakh.
Consolidated supervision of financial conglomerates proposed.
Working Group to be set up for a supervisory framework for SPVs/Trusts.
Inter-departmental Group to review the existing regulatory and supervisory framework for overseas operations of Indian banks.
All transactions of Rs. one crore and above made mandatory to be routed through the electronic payment mechanism.
Dispense with the extant eligibility norms for opening on-site ATMs for well-managed and financially sound UCBs.
Regulations in respect of capital adequacy, liquidity and disclosure norms for systemically important NBFCs to be reviewed.
Image: Reserve Bank of India Governor Y V Reddy addresses the media after announcing the monetary policy in Mumbai | Photograph: Pal Pillai/AFP/Getty Images
Also read: How to beat inflation. 3 investment tips
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