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| Dr Yaga Venugopal Reddy took charge as the Governor of the Reserve Bank of India on September 6, 2003. The major changes that have taken place after he stepped in are: |
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September 15,2003
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The interest rates on repatriable non-resident (external) rupee (NRE) deposits for one year to three years was reduced from 250 basis points above the London Interbank Bid Offer Rate /SWAP rates for US dollar to 100 basis points. September 16, 2003
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The RBI, in consultation with government, decided to derecognise with overseas corporate bodies (OCBs) in India as an eligible
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