Reddy Reckoner

 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:

 

 

September 15,2003

 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

 The RBI, in consultation with government, decided to derecognise with overseas corporate bodies (OCBs) in India as an eligible