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Interest rates unchanged by RBI but shattering news to the citizens
Posted on: 05/Aug/2015 11:40:22 AM
Interest rates was kept unchanged by Reserve Bank of India Governor Raghuram Rajan as expected but raised hopes of a reduction before the end of the year if the monsoon maintains its ;near normal; progress thus far to keep farm product prices in check and a global supply glut prevents oil prices from climbing.
When this went smooth, recent news was a shattering one to the citizens. The news is that The Security Printing and Minting Corporation of India Limited continued to print Rs 20, Rs 100 and Rs 500 denomination notes with the signature of a former RBI governor in 2014 even though the governor had completed his tenure in September 2013, thereby incurring an in fructuous expenditure of Rs 36.69 crore.
D Subbarao, who was the RBI governor from September 5, 2008, to September 4, 2013, preceded Raghuram Rajan, who took over on September 4, 2013.
Despite instructions from RBI, the Bank Note Press (BNP) in Dewas, Madhya Pradesh, did not incorporate the signature of the new RBI governor with effect from January 1, 2014 but continued printing bank notes with Subbarao;s signature till February 25, 2014
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