RBI Board reviews prevailing economic situation

RBI Central Board also discussed the draft report on trend and progress of banking in India, 2019-20.

Mumbai: The Reserve Bank of India (RBI) said its Central Board on Friday reviewed the current economic situation in the backdrop of global and domestic challenges.

The Central Board met under the chairmanship of Governor Shaktikanta Das through video conferencing. It was the 586th meeting of the Central Board.

"The Board reviewed the current economic situation in the backdrop of global and domestic challenges and various areas of operations of the Reserve Bank including the customer education initiatives and resolution of customer complaints," it said in a statement.

The Central Board also discussed the draft report on trend and progress of banking in India, 2019-20.

It also noted the change in the central bank's financial year from July-June to April-March and the changes in the unit of presentation from millions / billions to lakhs / crores.

Besides the deputy governors, directors of the board N Chandrasekaran, Ashok Gulati, Manish Sabharwal, Prasanna Kumar Mohanty, Dilip S Shanghvi, Satish K Marathe, S Gurumurthy and Revathy Iyer attended the meeting.

Tarun Bajaj, secretary, Department of Economic Affairs and Debasish Panda, secretary, Department of Financial Services, also attended the meeting.

(PTI Report)