RBI central board reviews current economic situation

The central board of the Reserve Bank, reviewed the current economic situation in the backdrop of global and domestic challenges and various areas of operations of the RBI, including the customer education initiatives and resolution of customer complaints.

The board meeting, chaired by Governor Shaktikanta Das, noted the change in the bank’s Financial Year from July-June to April-March, and the changes in the unit of presentation from millions / billions to lakh / crore, the central bank said in a statement.

In its February 2020 meeting, the central board had recommended aligning the financial year of the RBI, currently July-June, with the government’s fiscal year (April-March) from the year 2020-21.

The 16-member board, also discussed the draft Report on Trend and Progress of Banking in India, 2019-20.