Nirmala Sitharaman, Union Minister of Finance, addressed the Directors of the Central Board recently. The Finance Minister in her address outlined the thinking behind the Union Budget 2020-21 and the focus areas of the Government. The Finance Minister indicated increased complementarity in policy between the RBI and the Government to address growth concerns. Complementing the Finance Minister on the Budget, the Board members made various suggestions for consideration of the Government.
The Board in its 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 and approved forwarding a proposal to the Government for its consideration.
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