| Date |
Event |
| 10 Apr 1985 |
S. Chakravarty Committee was set up to review the working of monetary system. Its
recommendations had far reaching consequences. |
| 1985 |
By mid-1985, the statutory preemption on banks' resources in the form of the Statutory
Liquidity Ratio (SLR) and the Cash Reserve Ratio (CRR) exceeded 45%. |
| Nov 1986 |
182 day TB introduced. |
| Jan 1987 |
Board for Industrial and Financial Reconstruction set up and became operational
wef May 1987 reflecting concerns related to Industrial Sickness. |
| Mar 1987 |
Magnetic Ink Character Recognition (MICR) technology introduced for cheque clearing.
Efforts at mechanising cheque clearing operations. |
| 28 Dec 1987 |
Indira Gandhi Institute of Development Research (IGIDR) was established by Reserve
Bank as an advanced studies institute to promote research on Development issues
from a multi-disciplinary point of view. |
| Apr 1988 |
Security & Exchange Board of India (SEBI) established to deal with the development
and regulation of the securities market and investor protection. |
| Apr 1988 |
The Discount and Finance House of India, set up as a money market institution, commenced
operations. |
| Jul 1988 |
The National Housing Bank established as an apex body of housing finance and to
promote activities in housing development. |
| Aug 1988 |
Stock Holding Corporation of India Ltd. (SHCIL) a depository institution commenced
operations. |
| Oct 1988 |
Maximum lending rate abolished. Banks free to charge customers according to their
credit record. |
| Mar 1989 |
Certificates of Deposit (CDs) and Commercial Paper (CPs) introduced in India to
widen the monetary instruments and give investors greater flexibility. |
| Apr 1989 |
Banking, Public Financial Institution and Negotiable Instruments Laws (Amendment)
Act, 1988 enacted to encourage the culture of use of cheques in India. It introduced
penalties for the dishonour of cheques. |
| Apr 1989 |
Service Area Approach for rural lending became operational. |
| 1 Jul 1989 |
CRR raised to 15 per cent taking statutory preemptions of banks' resources in the
form of the Statutory Liquidity Ratio (SLR) and the Cash Reserve Ratio (CRR) to
over 53%. |
| 15 May 1990 |
Agriculture and Rural Debt Relief Scheme, 1990 providing debt relief upto Rs 10,000
to small borrowers from Public Sector Banks and Regional Rural Banks announced. |
| 22 Dec 1990 |
S. Venkitaramanan Governor. |