New Delhi, Nov. 6 -- The monetary policy announcement of 1 October 2025 was noteworthy for the changes to India's banking regulation rules proposed by the Reserve Bank of India (RBI), more than for the formal decision of the monetary policy committee (MPC) to leave the repo rate unchanged. There was, of course, a separate and very detailed Monetary Policy Report, a statutory obligation of the MPC at the mid-point of a fiscal year.

The RBI governor's public address after each bimonthly MPC meeting usually deals also with banking regulation and financial market issues, which do not fall within the jurisdiction of the MPC.

This time, however, the regulatory component dominated the address, with 22 new initiatives announced to strengthen pr...