RBI Central Board Holds 607th Meeting to Review Economic Landscape and Approve Budget

The 607th meeting of the Central Board of Directors of the Reserve Bank of India convened today in Nagpur, with Shri Shaktikanta Das, Governor, at the helm.

Reviewing Economic Situation

The Board commenced by scrutinizing both global and domestic economic conditions and prospects, delving into the implications of geopolitical developments and fluctuations in global financial markets. In light of the dynamic economic landscape, discussions centered on strategies to navigate challenges and foster resilience.

Progress in RBI Activities

The meeting also served as a platform to evaluate the Reserve Bank's initiatives and achievements during the current fiscal year, particularly in the realms of digital payments and consumer education. Members of the Board took stock of the progress made in enhancing financial literacy and promoting digital payment adoption across the country.

Approval of Budget for 2024-25

In a significant development, the Board ratified the Reserve Bank's budget for the upcoming accounting year 2024-25. This decision underscores the Board's commitment to prudent financial management and aligning resources with strategic priorities.

Key Attendees

Deputy Governors Dr. Michael Debabrata Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, Shri Swaminathan J., and other esteemed Directors of the Central Board were present at the meeting. Notable attendees included Shri Ajay Seth, Secretary of the Department of Economic Affairs, and Dr. Vivek Joshi, Secretary of the Department of Financial Services.

The gathering epitomized a collaborative effort among key stakeholders to chart a course for the Reserve Bank amidst evolving economic dynamics. With a focus on resilience and innovation, the deliberations underscored the institution's unwavering commitment to safeguarding financial stability and fostering sustainable growth.