The Reserve Bank of India had refused to give extended deadline for banks to upgrade their security features to protect cardholders from credit card frauds.
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RBI had increased its short term policy repo rate to 7.5% from 7.25%, a move which could have stock markets remain volatile.
The Reserve Bank of India would scrutinize pending foreign deals after the steep fall in rupee's value.
According to India's Finance Minister, Palaniappan Chidambaram, the hunt for a new central bank governor is on after the bank's current head declined term extension.
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