Reserve Bank today said it will announce its fifth bimonthly monetary policy review on December 1.
"The Reserve Bank of India will announce the Fifth bimonthly monetary policy review, 2015-16 on Tuesday, December 1, 2015 at 11 AM by way of press release," the apex bank said in a release.
RBI's previous monetary policy was announced on September 29, when the key policy or the repo rate was cut, by a larger-than-expected rate of 0.5 per cent to 6.75 per cent in a move aimed to boost the economy and spur demand.
However, it is widely expected that RBI Governor Raghuram Rajan may keep the policy rate unchanged this time as he was of the view that the banks were yet to fully translate the benefit of repo rate cut to the costumers.
Following RBI's repo cut, many banks including industry peers such as SBI, ICICI Bank and Axis Bank had reduced their lending rates.
Meanwhile, a report by global financial services major Bank of America Merrill Lynch today said the apex bank is likely to hit the pause button in its policy review meeting on Tuesday, but a 0.25 per cent cut is likely in February.
The RBI also looked into the effectiveness of systems and
processes for implementation of KYC norms/AML standards.
The findings, the apex bank said, revealed weaknesses in the internal control systems, management oversight and violation of certain regulatory guidelines.
The weakness was revealed in non-adherence to KYC requirements like customer identification and risk categorisation, instructions on monitoring of transactions in customer accounts and the guidelines issued under the FEMA provisions.
Based on the findings, the Reserve Bank had issued a show-cause notice to 21 banks.
The central bank came to the conclusion that "some of the violations of serious nature were substantiated" and warranted imposition of monetary penalty on 13 banks, as the failure on the part of these banks to take timely remedial measures had aggravated the seriousness of the contraventions.
