This story is from January 21, 2020

RBI to adopt crore in reports, remove billion

The Reserve Bank of India will henceforth adopt crore instead of billion while presenting numbers in its balance sheet, income statement and weekly statement of affairs. A decision to change the units was taken in the RBI's meeting of central board of directors held on October 11, 2019 at Chandigarh.
RBI to adopt crore in reports, remove billion
(File photo)
MUMBAI: The Reserve Bank of India (RBI) will henceforth adopt crore instead of billion while presenting numbers in its balance sheet, income statement and weekly statement of affairs.
A decision to change the units was taken in the RBI's meeting of central board of directors held on October 11, 2019 at Chandigarh. The central bank has decided to make public the minutes of the meeting of the central board within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting.

To make this change, the central government will need to approve a change in regulations. In the Chandigarh meet, RBI's central board reviewed macroeconomic developments and a director presented his perspective on automobiles, real estate, steel power and road transport. He said that a concerted effort on the part of the government as well as various regulators is needed to improve the situation.
The board discussed current state of financial sector with special focus on regulatory and supervisory architecture of commercial and co-operative banks. The fraud at PMC Bank was discussed in the meeting. RBI officials informed the board about action and measures taken to strengthen regulation of these entities.
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