Outgoing Governor Bimal Jain (left) greets his successor, Y V Reddy.
The Reserve Bank of India had an eventful year, with many firsts.
Bimal Jalan, whose tenure had been extended twice, became the first RBI governor to be nominated to the Rajya Sabha.
Next, Y V Reddy, who replaced Jalan in September, was the first RBI governor to be given a five-year term.
K J Udeshi also became the first woman deputy governor in the RBI's history.
The central bank cut bank rates and the Credit Reserve Ratio - the amount of money banks keep with the RBI -- by 0.25 per cent to 6 per cent and 4.5 per cent, respectively, in the annual Monetary and Credit Policy. It also accorded NRI status to Indian students studying abroad.
The RBI allowed resident entities having overseas direct investments to hedge the exchange risk arising out of such investments. It liberalised forex regulations and brought about reforms in the government securities and money markets.
Y V Reddy is new RBI governor
RBI's change of guard
RBI's first woman deputy governor
The Monetary and Credit Policy 2003-04
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RBI: News and Views