RBI to change units to ‘crore’ from ‘billion’ in reports

The RBI has taken the decision of changing the units to ‘crore’ from ‘billion’ while presenting numbers in its balance sheets, income statements and weekly statements of affairs. The central board of directors has taken the decision during RBI’s meeting that was held at Chandigarh.

In order to implement this, the government will need to approve a change in regulations. In the Chandigarh meet, the central board of RBI reviewed macroeconomic developments and a director emphasized on automobiles, real estate, steel power and road transport. He further said that a concerted effort on the part of the government and as various regulators are required to improve the situation.

The board also elaborated on the current state of the financial sector with a special focus on the regulatory and supervisory architecture of commercial and co-operative banks. The fraud at PMC Bank was also discussed in the meeting.