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General News 80 years after its inception, RBI to switch to April-March accounting year..
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80 years after its inception, RBI to switch to April-March accounting year from next fiscal

Over 80 years after its inception, the Reserve Bank of India (RBI) on Saturday decided to switch to April-March fiscal year from the current July-June format as its accounting year to align with the Central government.

The RBI Central Board on Saturday 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.

Once effected, the interim dividends and dividends will be aligned with government's fiscal year of April-March. RBI gives interim dividends in February and final pay-outs in August currently.

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