RBI Financial Year: Central Bank’s Board recommends a big change

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Published: February 15, 2020 7:14:43 PM

The board recommended aligning the financial year of RBI, currently July-June, with the government's fiscal year (April-March) from the year 2020-21.

The board members made various suggestions for consideration of the government.

The Reserve Bank board on Saturday recommended aligning the central bank’s accounting year, beginning July, with the financial year from 2020-21, an official statement said. The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank.

The board recommended aligning the financial year of RBI, currently July-June, with the government’s fiscal year (April-March) from the year 2020-21. It approved forwarding a proposal to the government for its consideration, the RBI said in the statement.

Addressing the board meeting, Finance Minister Nirmala Sitharaman outlined the thinking behind the Union Budget 2020-21 and the focus areas of the government. She indicated increased complementarity in policy between the RBI and the government to address growth concerns, the statement said.

Complimenting the finance minister on the Budget, the board members made various suggestions for consideration of the government, it added. The finance minister was accompanied by Minister of State for Finance Anurag Singh Thakur, Finance Secretary Rajiv Kumar and Expenditure Secretary T V Somanathan, among other senior officials.

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