A senior official retired from her position at RBI after 38 years and was replaced. Major fuel companies in India are considering raising petrol prices for the third time since June due to increasing crude oil costs. RBI met with executives from several banks to encourage greater usage of electronic transactions for payments, which currently make up 90% of the total value but only 35% of the total volume of banking transactions. An insurance company postponed plans to go public on the stock exchange until foreign investment limits in the industry are potentially relaxed, which would allow its major foreign partner to increase its ownership stake.