14.27 During the period July 2002-June 2003, Management Audit and Systems Inspection of 24 Regional Offices/Central Office Departments was conducted. Likewise, Information Systems Audit of 19 Regional Offices/Central Office Departments was conducted.

14.28 The Central Library of the Reserve Bank, attached to the Department of Economic Analysis and Policy, plays an important role in the collection, storage and dissemination of information within the Bank. The Library has a comprehensive collection of books, journals, working papers, reports, CD ROMs and other documents. The Library maintains electronic databases of all these documents (OPAC – Online Public Access Catalogue) which can be accessed through Intranet from the Central Office building at http://172.16.6.1/opac.html and from all other offices of the Bank at http://10.21.1.68. PROQUEST Business Periodicals service is available online (for terminals having access to Internet through the Reserve Bank’s leased line) from all locations from the address http://www.il.proquest.com/pqdauto. Access to IBID (India Business Insight Database) is also available online (for terminals having access to Internet through the Reserve Bank’s leased line) from all locations from the address http:// ibid.informindia.co.in. Access to Elsevier Science Direct Service for Elsevier Science Journals subscribed in the Central Library is also available from site http://www.sciencedirect.com. The size of the Library database is 98,009 records covering books and other documents. It subscribes to 498 print and 1,800 CD ROM journals. The Library provides Current Awareness Services, for all new documents added in the Library as well as selected articles from professional journals through the Intranet on a regular basis. The Central Library also provides information services and support to various departments, training colleges and libraries in other offices of the bank.

14.29 The Reserve Bank hosted the 32^nd Annual Meeting of the Asian Clearing Union (ACU) on June 16, 2003. The central bank Governors of Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka participated in the meeting. Two senior level officials from the Central Bank of Thailand also participated as observers. In the meeting, the Governors exchanged information on the monetary and economic conditions in their respective countries and also discussed the future role of the ACU. The review of the future role of ACU was necessitated in the context of developments taking place in the region including formation of several groups for trade promotion and economic cooperation. The meeting also elected the Governor of the Central Bank of Iran as the Chairman and the Governor of the Central Bank of Pakistan as the Vice-Chairman of the Asian Clearing Union for the calendar year 2004.

14.30 Formed in 1974, the Asian Clearing Union (ACU) at present has eight members - Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka. The ACU is headquartered in Tehran. The objectives of ACU are multilateral settlement of current account payments, conservation of foreign exchange, promotion of monetary cooperation among central banks, increasing relationships among the banking systems of member countries and providing currency swap arrangements.

14.31 Transparency, stringent standards of quality and timeliness are the three cornerstones of the Reserve Bank’s dissemination policy. During the year under review, the Reserve Bank disseminated information through traditional and newer media. Apart from press releases, publications, notifications, frequently asked questions (FAQs), advertisements and the website, it organised meetings, workshops and seminars for interactions with special audiences. Information kiosks and intranet sites were also used for communicating with the general public visiting the Reserve Bank premises.

14.32 During the year, the Reserve Bank continued its efforts to discourage stapling of currency notes and to disseminate information relating to 7 per cent Savings Bonds through its advertising campaigns. In an attempt to attract the best talent, the Reserve Bank showcased its role and functions as also the work environment in a video film, power-point presentation and brochure. These were displayed during pre-placement talks for on-campus recruitment.

14.33 From October 2002, the Negotiated Dealing System (NDS)’s real-time information on trades in Government securities (including Treasury Bills and Repos) and call/notice/term money was made available through the Reserve Bank’s website. The information includes trade details, market watch and quotes available. Data can be accessed either through the Reserve Bank’s main website www.rbi.org.in or through a special URL www.nds.rbi.org.in. The site has become a major source of information on current prices of Government securities for the retail investors, mainly, co-operative banks and regional rural banks in remote areas. The website also began displaying information on the maximum and minimum interest rates on advances charged by banks. Beginning February 2003, the website publishes information on banks’ minimum and maximum interest rates on rupee export credit as well as other credit. Updated on a quarterly basis, the information includes bank-group wise range of median interest rates on credit above Rs. two lakh other than export credit as well as other credit above Rs. two lakh under demand and term loans.

14.34 In the year 2002, the Reserve Bank’s website was benchmarked against sites of some other central banks and supranationals by an independent London-based consultant. As against five stars for best practices, the Reserve Bank’s site was rated four stars in three parameters, three stars in six parameters and three stars in overall effectiveness. Improvements relating to the design, navigation and technology were implemented during the year. Suggestions relating to content, especially the site for the common man, are under implementation.

14.35 The Reserve Bank’s website continued to remain a major source of information. Over 9,500 users registered themselves for receiving information through e-mail. As many as 10,018 visitors use personalisation service to access the information available on the Reserve Bank’s site in the form they want. The number was 3,019 last year. During the year under review, the Reserve Bank issued 1,336 press releases and added 653 mega-bytes (MBs) of material to its website taking the volume of information available on the website to 5.5 giga-bytes (GB). On an average, around 1.94 GB data is accessed every day by users.

14.36 Regional Offices in Chennai, Ahmedabad, Bangalore, New Delhi, Mumbai (including in the Central Office building), Hyderabad, and Chandigarh installed information kiosks in the reception area. The kiosks facilitate access of visiting public in the office premises to information emanating from the Reserve Bank as well as from the respective offices. The kiosks in Mumbai, for instance, use as screen saver, the six films produced by the Reserve Bank for education of the general public. The films depict security features of currency notes, non-stapling of currency notes and an advisory to the depositors of non-banking finance companies. These kiosks also provide for an email facility so that the user can e-mail the information for further use.

14.37 Several offices and departments set up helpdesks to clarify doubts raised by the general public through e-mail/telephone/fax. The nodal officers manning the helpdesks replied to the queries relating to their departments. The helpdesks also served as an effective medium of communication between the general public and the various departments/offices of the Reserve Bank. Notice boards, including electronic moving display boards, were put up at strategic points in some offices to display information of interest/relevance to customers, including citizens’ charter. Boxes were also installed to receive customer complaints. Wide publicity was given at the regional level to the Grievances Redressal Mechanism. The mechanism provides a forum to the public to seek redressal of their complaints against any department of the Reserve Bank.

14.38 Based on the recommendation of the Indian Banks’ Association (IBA), the ceiling for immediate credit of outstation/local cheques was enhanced from Rs.7,500 to Rs.15,000. Guidelines relating to extension of such facility to all individual depositors without laying any stipulation for minimum balance for the purpose, proper conduct of account of customer, charging of interest for the period for which the bank is out of funds in the event of cheque being returned unpaid and publicity of the availability of such facilities at branches were provided to banks.

14.39 With respect to savings bank account, banks were advised to inform customers regarding the requirement of minimum balance and any subsequent changes in this regard. Banks were allowed to open savings bank accounts in the names of State Government departments/bodies/agencies in respect of grants/subsidies released for implementation of various programmes/schemes sponsored by State Governments on production of authorisation from the Government departments concerned.

14.40 During the year, efforts were made for better customer service in the fields of currency management, clearing mechanism, exchange control and supervision. Regional Offices took initiatives for successful implementation of the Clean Note Policy. These measures are covered in Section XII.

14.41 Training programmes and workshops on Note Refund Rules and detection of forged notes were conducted by Regional Offices for officials of the Central Bureau of Investigation, Enforcement Directorate, Central Customs and Excise, Bharat Sanchar Nigam Limited and also for officials of private banks and financial institutions. The Reserve Bank’s Chandigarh office deputed officials to institutions for blind people to educate the visually impaired about the features of genuine notes.

14.42 The National Clearing Cells at Hyderabad and Kanpur reduced the number of days in the electronic clearing service cycle from 6 to 5 so that the final settlement could be effected one day earlier. Some Regional Offices conducted seminars/workshops/ presentations for commercial banks, UCBs to explain advantages of the Straight Through Processing (STP), zero clearing difference initiatives, issues in electronic clearing service, electronic funds transfer and disaster recovery preparedness.

14.43 Almost all Regional Offices organised seminars/workshops/conferences to educate Authorised Dealers on the latest exchange control regulations, including FEMA 1999, so that they could render better customer service. Some Regional Offices issued press releases indicating the names of Authorised Dealers in the State and the procedure for release of foreign exchange for various purposes with a view to improving public awareness on liberalised rules for using foreign exchange and to reduce references to the Reserve Bank.

14.44 During the year under review, the efforts to sensitise officials of State governments, Economic Offences Wing, the local police, etc., about the need for coordination among various authorities for protection of depositors continued at the Regional Office level. Some Regional Offices also organised familiarisation programmes/ workshops/seminars for auditors of non-banking finance companies (NBFCs) to explain their role and responsibility in the regulation and supervision of NBFCs.

14.45 Workshops were also organised by some Regional Offices on 'Modernisation of Treasury and Payment Accounting System for Treasury Officers' to familiarise senior functionaries of various State Governments to have efficient control of Government funds. Surveys were conducted on the procedure adopted by various banks for recovery of loans under Government sponsored schemes and the problems faced by them.

14.46 The Reserve Bank persevered in its objective of providing analytical research on macroeconomic and financial developments in the Indian economy during 2002-03 with continuous upgradation in technological inputs to ensure timely, comprehensive and accurate information and analysis. Consistent with this objective, the Department of Economic Analysis and Policy (DEAP) set out a Vision Statement in September 2002 indicating the major challenges that the Reserve Bank is likely to face in the near future in the context of the changing macroeconomic policy environment and the measures to deal with those challenges. A research agenda covering the effective inputs for the policy vision was also prepared.

14.47 Important publications released during the year were the Annual Report, 2001-02, Report on Trends and Progress of Banking in India, 2001-02 and a Study on Finances of Sate Governments. The Report on Currency and Finance, 2001-02 attempted an evaluation of the policy reforms since the early 1990s. A document titled, ‘Macroeconomic and Monetary Developments in 2002-03’ was also released along with the Statement on Monetary and Credit Policy. It provides the macroeconomic background for policy formulation. In addition to the monthly dissemination of key economic and financial information in the Reserve Bank’s Bulletin (and weekly dissemination through its Weekly Statistical Supplement), the fifth issue of the ‘Handbook of Statistics for the Indian Economy’ was released during the year. The Handbook database, which is a storehouse of information on various aspects of the Indian economy, provides data in the electronic form as also on a user-friendly RDBMS platform. The Reserve Bank of India Occasional Papers, the research publication of the Reserve Bank, was revitalised with the issue of special annual volumes. The Reserve Bank Staff Studies, which was introduced in January 1991 to provide an outlet for in-house research efforts but discontinued in September 2000, was also revived in January 2003. Meant for internal circulation, the Staff Studies provide an avenue for well-researched internal notes (non-confidential in nature). Eight studies have been brought out under the revised series. The DEAP also assists other departments in the Reserve Bank in bringing out their publications.

14.48 The Development Research Group (DRG), which was constituted in the Reserve Bank in November 1991, continued to serve as a forum for constructive debate and interaction among professional economists and policymakers. The DRG has so far published 23 studies and a DRG Discussion Paper since its inception on a wide range of subjects relating to real, social, monetary, fiscal, banking and external sectors. During the year, studies initiated under the DRG included interest rate modelling and forecasting in India, bank portfolio changes and the monetary policy transmission mechanism, forecasting currency demand in India, supply response in Indian agriculture, targeting efficiency in the public distribution system, the effect of private remittances in India and bank soundness and macroeconomic policy. Furthermore, under the Reserve Bank’s Endowment Scheme, financial support was provided to various institutions for the purposes of research and training in areas of interest to the Bank.

14.49 The DEAP coordinated the visit of two external experts viz., Prof. T. N. Srinivasan of Yale University and Prof. Raghuram Rajan of Chicago Business School, who submitted a report on the research agenda of the Bank, addressing, inter alia, the institutional framework for strengthening the research activities of the Reserve Bank.

14.50 During 2002-03, the Reserve Bank was closely associated with the Ministry of Finance, Government of India in hosting the meeting of the Group of Twenty (G-20) countries, which aims at promoting international financial stability through informal discussions, preparation of case studies and reviews of policy issues of relevance to the members. The G-20 Deputies deliberated on a range of issues of common concern to the G-20 members including measure for extending the benefits of globalisation, Sovereign Debt Restructuring Mechanism (SDRM), domestic policy requirements for regeneration of international capital flows, combating financing of terrorism, standards and codes, and enhancing the effectiveness of aid.

14.51 In order to align the present foreign direct investment (FDI) reporting system of India with the international reporting system by including equity capital of unincorporated entities, reinvested earnings and inter company debt transactions, the Reserve Bank was actively involved with the Government of India in preparing the ‘Report of the Committee on the Compilation of Foreign Direct Investment in India’. As a follow up of the Report, a Technical Monitoring Group was set up for speedy implementation of the recommendations made by the earlier Committee and the first Action Taken Report was submitted to the Government of India in June 2003. Accordingly, data on FDI have been revised since 2000-01 with expanded coverage to include besides equity capital, reinvested earnings and ‘other direct capital’ (inter-corporate debt transactions between related entities). A ‘Technical Group on External Debt Statistics’ was reconstituted in October 2002 with members from the Reserve Bank and the Government of India to take a fresh look on the definitional aspects, accounting procedures and institutional arrangements concerning collection, monitoring and reporting of the external debt statistics of India consistent with international best practices. An 'Ad-hoc Group on Prepayment of External Debt' was constituted in January 2002 with members from the Reserve Bank and the Government of India to deliberate on the issues on conceptualisation/identification of high cost debt including guaranteed debt and prepayment of selected corporate debt. The Government retired high cost loans during the year based on the recommendations of the Group. The Reserve Bank is actively involved in various Groups on issues relating to the World Trade Organisation and General Agreement on Trade in Services (GATS).

14.52 To implement the recommendations of the National Statistical Commission (NSC), the Reserve Bank was identified as an implementing agency by the Government of India. There were 40 recommendations of the NSC relating to financial and external sector to be implemented by the Reserve Bank. Out of the 40 recommendations, 37 recommendations have already been complied with.

14.53 Seminars were arranged in memory of late Prof. P. R. Brahmananda and late Prof. M. J. Manohar Rao of the University of Mumbai. Delegates from Universities/Institutions, other financial institutions and Government bodies attended the seminar.

14.54 Several initiatives were undertaken to refine and improve the primary compilation of information on macroeconomic parameters for which the Reserve Bank is the primary source. As recommended by the National Statistical Commission, the methodology of compilation of data on international investment position (IIP) was re-oriented with a view to generating IIP with a time lag of six months. Moreover, given the requirement under the Special Data Dissemination Standards (SDDS), annual estimates of IIP of India as on March 1997 to March 2002 were compiled and presented in the Reserve Bank’s website as per the format and timeliness prescribed by the International Monetary Fund (IMF).

14.55 A new reporting system, viz., Non Resident Deposit – Comprehensive Single Return (NRD-CSR) was introduced by the Reserve Bank in April 2003 as a single, comprehensive reporting framework for nonresident Indians’ deposit schemes. For this purpose, a software package was developed by the Reserve Bank and provided to the banks to assist them in reporting data on non-resident deposits. The Reserve Bank also conducted workshops for the benefit of bank officials to ensure proper data reporting at various centres.

14.56 The package for electronic reporting of R-Return transactions to the Reserve Bank by banks, i.e., Foreign Exchange Transactions – Electronic Reporting System (FET-ERS) was upgraded to include information on short-term external debt of maturity up to 180 days as recommended by the National Statistical Commission (NSC). The revised software also includes a module for compilation of quick estimates as well as more disaggregated data on trade in services as per Extended Balance of Payments (EBOP) classification. Beta testing of the software has been completed for implementation at all Authorised Dealers’ offices.

14.57 The 'Technical Group on Re-examination of Data Reporting system on Software Exports', which was formed in pursuance of the recommendations of the National Statistical Commission, has submitted its Report in March 2003. The Group suggested a comprehensive survey (in the nature of a census) every three years and a representative survey (every quarter) for developing a comprehensive information database on software and IT exports from the country.

14.58 As part of the implementation of the Bank for International Settlements (BIS) system for compilation of International Banking Statistics (IBS) of the banks in India, the quarterly data on international assets and international liabilities of banks were released in the form of Consolidated Banking Statistics (CBS) and Locational Banking Statistics (LBS). The Reserve Bank became the third among the central banks in developing countries (after Taiwan and Turkey) to be included in the International Banking Statistics of the BIS. A workshop on IBS was conducted for officials of all authorised commercial/co-operative banks in order to ensure quality, coverage and timeliness of IBS data.

14.59 The third phase of the enterprise data warehouse project, the Central Database Management System (CDBMS), comprising System Integration and Development was completed during the year. Four selected subject areas covering analytical information requirement in the areas of macro-economic research, monetary and liquidity management, financial sector supervision and regulation were implemented in this phase. The site has been made operational and opened for access to users from within the Reserve Bank across different centres. The process of enriching the site with more reports, universes and data cubes based on user feedback is underway.

14.60 Dr. Bizay Sonkar Shastri, Chairman, National Commission on SCs and STs, visited the Reserve Bank on December 9, 2002 and had discussions with Shri Vepa Kamesam, Deputy Governor, Executive Directors and senior officials.

14.61 The Committee of Parliament on Official Languages (3rd Sub Committee), headed by Shri Pradeep Kumar, Director, visited the Reserve Bank on January 10, 2003. The Committee had discussions with Deputy Governors Shri G.P. Muniappan, Dr. Rakesh Mohan, Executive Directors and other senior officials.

14.62 Senior Officials of the Bank at the Regional Offices at Bhubaneswar, Bangalore, Ahmedabad, Bhopal, Lucknow, Patna and from the Central Office, Mumbai appeared before Standing Committees of Parliament on Finance, Industry and Estimate Committee, during the year on various occasions.

14.63 Parliamentary Committee on Agriculture, headed by Shri S. S. Palanimanickam, during their visit to Mumbai, held discussions with Deputy Governor, Shri Vepa Kamesam and other senior officials on May 24, 2003.

14.64 Seven meetings of the Central Board were held during the year, of which five meetings were held at the traditional centres, viz. Mumbai, New Delhi (two meetings), Chennai and Kolkata and two were held at non-traditional centres, viz. Hyderabad and Guwahati. 48 weekly meetings of the Committee of the Central Board were held during the year at Mumbai. The Committee of the Central Board attended to the current business of the Reserve Bank. The discussions at the meetings of the Central Board broadly covered matters pertaining to general superintendence and direction of the Reserve Bank’s affairs in diverse fields such as currency management, information technology, human resource development, banking supervision, monetary and credit policy and the Reserve Bank’s accounting policy. The Central Board also reviewed the functions of Local Boards, taking into account the changes in the Reserve Bank’s role in supervision over the financial system as also the changing organisational structure of the Reserve Bank.

14.65 One meeting of the Staff Sub-Committee, four meetings of the Inspection and Audit Sub-Committee (IASC) and three meetings of the Building SubCommittee were held during the year. These SubCommittees of the Central Board have been constituted to assist the Central Board in direction of the affairs of the Reserve Bank. The Building SubCommittee advised the Bank during the year on various matters including construction / structural rehabilitation of office buildings and staff quarters, augmentation/renovation of air conditioning plants and lifts in office buildings. The Staff Sub-Committee considered the proposals for sanction of additional posts in all categories of staff in various Departments and Regional Offices of the Reserve Bank during the year. The Committee also considered matters concerning manpower planning.

14.66 Dr. Bimal Jalan was re-appointed as Governor of the Reserve Bank for a further period of two years commencing from November 22, 2002 and ending on November 21, 2004.

14.67 Dr. Y. V. Reddy, Deputy Governor relinquished charge of his office on July 31, 2002 on his appointment as Executive Director, IMF.

14.68 Dr. S. Narayan, Finance Secretary, Ministry of Finance, New Delhi was nominated as the Government nominee Director on the Central Board under Section 8(1) (d) of the Reserve Bank of India Act, 1934 with effect from August 7, 2002 in place of Shri C. M. Vasudev.

14.69 Dr. Rakesh Mohan took over as Deputy Governor of the Reserve Bank from September 9, 2002 for a period of three years.

14.70 Dr. Ashok Lahiri, Member, Local Board, Southern Area resigned from the Local Board on his appointment as Chief Economic Adviser, Government of India on October 17, 2002.

14.71 Shri G. P. Muniappan Deputy Governor relinquished the charge of his office on expiry of his term on May 31, 2003.

14.72 Smt. K. J. Udeshi took over as Deputy Governor of the Reserve Bank on June 10, 2003 for the period upto October 12, 2005 or until further orders.

14.73 Shri Vepa Kamesam was reappointed as Deputy Governor of the Reserve Bank for the period from July 1, 2003 and upto September 23, 2003 or until further orders.

14.74 Shri D. C. Gupta, Finance Secretary and Secretary (Expenditure), Government of India, Ministry of Finance, New Delhi was nominated as the Government nominee Director on the Central Board under Section 8(1) (d) of the Reserve Bank of India Act, 1934 with effect from July 21, 2003 in place of Dr. S. Narayan.

14.75 Shri P. N. Khanna, Member, Local Board (Northern Area) passed away on August 26, 2002.

14.76 Shri R. Jankiraman, former Deputy Governor passed away on May 18, 2003.

14.77 Shri S. L. Parmar, Executive Director retired from the Reserve Bank’s service from the close of business on January 31, 2003.

14.78 Shri P. B. Mathur, Executive Director retired from the Reserve Bank’s service from the close of business on February 28, 2003.

14.79 Smt. Shyamala Gopinath, Shri Y. S. P. Thorat and Shri P. K. Biswas were appointed as Executive Directors with effect from March 1, 2003. While or Shri Thorat and Shri Biswas took over charge on March 1, 2003, Smt. Gopinath assumed charge of her office on June 27, 2003 on her return from deputation with the IMF, Washington.

14.80 Shri Mohammad Tahir, Executive Director retired from the Reserve Bank’s service from the close of business on March 31, 2003.

14.81 Smt. Usha Thorat was appointed as Executive Director with effect from April 1, 2003.

14.82 Shri K. L. Khetarpaul, Executive Director voluntarily retired from the Reserve Bank’s service from the close of business on June 10, 2003.

14.83 Smt. K. J. Udeshi, Executive Director voluntarily retired from the Reserve Bank’s service as at the close of business on June 10, 2003 on her appointment as Deputy Governor of the Reserve Bank.

14.84 Shri A. V. Sardesai was appointed as Executive Director with effect from June 12, 2003.

14.85 Mr. E. Asiedu-Mante, Deputy Governor of Bank of Ghana, visited the Reserve Bank on July 23, 2002 and had discussions with Shri Vepa Kamesam, Deputy Governor, Executive Directors and senior officials of the Reserve Bank.

14.86 Mr. Dai Xianglong, Governor, Peoples’ Bank of China, visited the Reserve Bank on November 26, 2002 and met Governor and Deputy Governors. He also addressed the senior officials of the Reserve Bank.

14.87 Prof. Jagdish Bhagwati, Columbia University, NewYork, visited the Reserve Bank to deliver the Twelfth C.D. Deshmukh Memorial Lecture on December 12, 2002.

14.88 Sir Howard Davies, Chairman, Financial Services Authority, U.K., visited the Reserve Bank from January 6 to 7, 2003 and held discussions with Deputy Governor Shri G.P. Muniappan on U.K. operations of Indian banks.

14.89 Prof. Ronald I Mckinnon of Stanford University, USA, visited the Reserve Bank from January 9 to 11, 2003. He had discussions with Dr. Rakesh Mohan, Deputy Governor and addressed a seminar on January 11, 2003.

14.90 Mr. Mohsin Khan, Director, IMF, visited the Reserve Bank from January 29 to 31, 2003. He held discussions with Dr. Rakesh Mohan, Deputy Governor and also addressed a seminar on January 31, 2003.

14.91 A team of officials from the Bank of Uganda, headed by Dr.Gabriela Braun, visited the Reserve Bank on February 4, 2003 and had discussions with senior officials of the Bank.

14.92 A team from the World Bank, headed by Mr. Mark Baird visited the Reserve Bank and held discussions with Dr. Rakesh Mohan, Deputy Governor on February 7, 2003.

14.93 A delegation of Cooperative Bankers in Poland, headed by Mr. Eugeniusz Lasz Kiewicz, President of the National Union of Cooperative Banks, Poland, visited the Reserve Bank on February 12, 2003 and had discussions with officials.

14.94 A German delegation, headed by Mr. Ernst Welteke, President, Bundesbank, visited the Reserve

Bank on February 28, 2003 and had discussions with Dr. Rakesh Mohan, Deputy Governor.

14.95 A group of officials from the Secretariat of the South Asian Federation of Stock Exchanges (SAFE), representing Bangladesh, Bhutan, Shri Lanka, Nepal and Pakistan visited the Reserve Bank on March 7, 2003 and had interaction with senior officials of the Reserve Bank.

14.96 Mr. Kenneth S. Rogoff, Director (Research) IMF visited central office on 18th July 2003 and had discussions with Governor, Deputy Governors and senior officials of the Bank. He also addressed a seminar.

14.97 The Government of India appointed M/s. Chandabhoy & Jassoobhoy, Mumbai, M/s. P. B. Vijayaraghavan & Co., Chennai, M/s. P.K. Mitra & Co., Kolkata, M/s. J. L Sengupta & Co., Kolkata, M/s. S. N. Nanda & Co., New Delhi and M/s. Khimji Kunverji & Co., Mumbai as auditors of the Reserve Bank for the year 2002-03. While the first three audit firms were re-appointed, the latter three have been appointed for the first time by the Central Government.