75 Years Journey of RBI | Important Dates to Remember 1935 ~~~ Operations begin on April 1. 1949 ~~~ Nationalisation of the Reserve Bank; Banking Regulation Act enacted. 1950 ~~~ India embarks on planned economic development. The Reserve Bank becomes active agent and participant. 1966 ~~~ Cooperative banks come under RBI regulation. 1969 ~~~ Nationalisation of 14 major commercial banks. (six more were nationalised in 1980.) 1973 ~~~ RBI strengthens exchange controls by amending Foreign Exchange Regulation Act (FERA). 1974 ~~~ Introduction of priority sector lending targets. 1975 ~~~ Regional Rural Banks set up. 1985 ~~~ Financial market reforms begin with Sukhamoy Chakravarty and Vaghul Committee Reports. 1991 ~~~ India faces balance of payment crisis; pledges gold to shore up reserves. 1993 ~~~ Exchange rate becomes market determined. 1994 ~~~ Board for Financial Supervision set up. 1997 ~~~ Ad hoc treasury bills phased out ending automatic monetisation. 1997 ~~~ Regulation of Non- Banking Finance Companies strengthened. 1998 ~~~ Multiple indicator approach for monetary policy adopted. 2000 ~~~ Foreign Exchange Management Act (FEMA) replaces FERA. 2002 ~~~ Clearing Corporation of India Limited (CCIL) commences clearing and settlement in government securities. 2004 ~~~ Transition to a full- fledged daily liquidity adjustment facility (LAF) completed. Market Stabilisation Scheme (MSS) introduced to sterilise capital flows. 2004 ~~~ Real Time Gross Settlement System commences. 2005 ~~~ Focus on financial inclusion and increasing the outreach of the banking sector. 2006 ~~~ RBI empowered to regulate money, forex, G-sec and gold related securities market. 2007 ~~~ RBI empowered to regulate Payment System. 2010 ~~~ Year-long Platinum Jubilee celebrations. 2011 ~~~ Positioning RBI as a knowledge institutions shareeeeeeeeeeeeeeee like> Manu royal
Posted on: Fri, 20 Jun 2014 10:59:48 +0000
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