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Historical Event on 7/1/1996
RBI reduces cash reserve ratio to 12\%.
| Other Historical Dates and Events |
| 10/30/1889 | Acharya Narendra Deo, educationist, freedom fighter and politician, was born at Sitapur, U.P. |
| 6/9/1980 | M. G. Ramachandran's second AIADMK ministry takes office. |
| 12/7/1782 | Hyder Ali, warrior of Mysore, passed away in a camp near Chittur. |
| 1/15/1996 | Restoration of the original name of the city as ""Mumbai"" for Bombay Vide Maharashtra Act No, XXV of 1996. |
| 4/15/1997 | Interest rate on domestic term deposits brought down from 10 to nine per cent by RBI. |
| 1/23/1992 | India becomes ASEAN dialogue partner. |
| 12/11/1986 | The United Nations Children's fund (UNICEF) completes 40 years of work on behalf of children (11-12-86). |
| 4/6/1664 | Abraham Shipmen died without taking charge of Bombay Islands from Portuguese. |
| 2/25/1894 | Meher Baba (1894-1969) of Poona, Indian saint of Persian origin and gifted with psychic powers of prediction, was born. The mystical teachings of this silent sage stressed love, self-inquiry and God consciousness. |
| 5/1/1987 | The Bofors Deal. |
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