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Q87 (IAS/1998) Economy › Money, Banking & Inflation › Banking operations services Answer Verified

The accounting year of the Reserve Bank of India is

Result
Your answer: —  Â·  Correct: B
Explanation

The Reserve Bank of India’s traditional accounting year runs from July 1 to June 30, i.e., the July–June financial year, which has been in effect for decades and is the basis for RBI’s annual closing and many operational schedules [1]. In recent years the RBI board recommended aligning its accounts with the government’s April–March fiscal year; a transitional nine‑month accounting period (July 2020–March 2021) was proposed with subsequent years to run April–March, but the longstanding and commonly referenced accounting year remains July–June for the period under consideration in standard MCQs [2].

Sources

  1. [1] https://www.thehindu.com/business/Economy/rbi-to-remain-open-on-july-1-to-facilitate-public-transactions/article6155238.ece
  2. [2] https://indianexpress.com/article/business/banking-and-finance/rbi-changes-accounting-year-interim-dividends-may-stop-6270222/
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