| 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%. |
| 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. |