Institutional Developments
(1) The Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008 notified and have come into effect from August 12, 2008.
(2) Operating guidelines for mobile payments issued for adoption by banks under Section 18 of the Payment and Settlement Systems Act, 2007 with effect from October 8, 2008.
(3) Existing exemption to Non-scheduled UCBs in Tier I regarding maintaining SLR not to exceed 7.5 per cent of NDTL with effect from October 1, 2009 and the exemption to be withdrawn effective from April 1, 2010.
(4) Non-scheduled UCBs in Tier I to maintain SLR in the form of Government and other approved securities not less than 7.5 per cent of their NDTL by September 30, 2009 and 15 per cent of their NDTL by March 31, 2010.
(5) Current prescription of holding SLR in Government and other approved securities not less than 15 per cent of their NDTL in respect of non-scheduled UCBs in Tier-II to continue up to March 31, 2010.
(6) From March 31, 2011 onwards all UCBs (non-scheduled and scheduled) to maintain SLR in Government and other approved securities up to 25 per cent of their NDTL.
(7) Advisory Panel Reports and the overview report of the Committee on Financial Sector Assessment (CFSA) to be released by December 2008.
Domestic Developments
Real GDP growth during the first quarter of 2008-09 is placed at 7.9 per cent as against 9.2 per cent a year ago.
Inflation, measured by variations in the wholesale price index (WPI) on a year-on-year basis, increased to 11.4 per cent as on October 4, 2008 from 7.8 per cent as at end-March 2008 and 3.2 per cent a year ago.
The daily average price of the Indian basket of crude oil increased from US$ 99.4 per barrel in March 2008 to US$ 129.8 in June 2008 and further to a peak of US$ 141.5 on July 3, 2008 before declining to US$ 96.8 in September 2008 and to US$ 74.4 in October so far up to October 22, 2008.
Inflation, based on the consumer price index (CPI) for industrial workers, showed a sharp increase to 9.0 per cent on a year-on-year basis in August 2008 from 7.3 per cent a year ago.
Image: A street vendor sells vegetables. | Photograph: Rouf Bhat/AFP/Getty Images
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