The Government of India has reconstituted the Central Board of Directors of the Reserve Bank of India. In a notification issued on Friday, the Government of India has appointed seven new Directors on the Central Board of the Reserve Bank for a period of four years from the date indicated. The new Directors are:
On a review, it has been decided, to further liberalise the ECB policy in respect of the infrastructure sector.Direct foreign equity holder (holding minimum 25 per cent of the paid-up capital) and indirect foreign equity holder holding atleast 51% of the paid-up capital, will be permitted to provide credit enhancement for the domestic debt raised by Indian companies engaged exclusively in the development of infrastructure and by Infrastructure Finance Companies (IFCs) through issue of capital market instruments. No prior approval will be required from the Reserve Bank for providing such credit enhancements.
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the Porbandar Vibhagiya Nagarik Sahakari Bank Ltd., Porbandar, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions regarding Know Your Customers (KYC) norms and Anti Money Laundering (AML)  guidelines.
The result of the RBI Reverse Repo auction held today is as under:
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