In a rare event, the country's banking regulator had to deal with power failure for an entire day on July 21. Work was disrupted from 10 a m to 5 p m in the 25-floor tower of the Reserve Bank of India (RBI) headquarters in Mumbai owing to a transformer fault. As a result, money market information, like repo borrowing figures, which is usually out by noon, was released in the evening. Had it been the case in any of the commercial banks they would have been immediately pulled up for bad contingency management, said an RBI official.
BS
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