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Historical Event on 7/1/1996
RBI reduces cash reserve ratio to 12\%.
| Other Historical Dates and Events |
| 8/20/1997 | Arun Gawli, Mumbai underworld don, arrested for his alleged involvement in the killing of a builder. |
| 8/13/2000 | The Government announces the opening up of the national long distance communication segment with no restriction on the number of players. |
| 9/5/1612 | East India Company's Navy eastablished. |
| 11/14/1926 | Piloo H. Mody, social reformer, politician and architect, was born at Bombay. |
| 7/1/1955 | Imperial Bank of India was inaugurated and was renamed as State Bank of India. |
| 6/2/1955 | A British party scales the third highest peak Mt. Kanchenjunga, highest unclimbed peak. |
| 7/16/1991 | Railway budget hikes passenger fares by 15-20\% and freight up by 10\%. |
| 9/27/1989 | The second test launching of India's surface-to-surface missile, 'Prithvi', from Sri Harikota was successful. |
| 10/14/1980 | S. N. Banerjee, cricketer--one Test for India and 249 runs 10th wkt stand on tour, died. |
| 7/23/1904 | The Great Indian Peninsula Railway started First Class restaurant cars on its mail trains. |
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