After nearly 8 decades, RBI to change its accounting year to April-March

The RBI, which currently follows July-June calendar, usually transfers dividend after closing its accounts in August

Breaking away with nearly eight decades of practice, the Reserve Bank of India (RBI) on Monday decided to follow April-March calendar, and not July-June calendar, as its accounting year, a top central bank official said. It was done to align its accounting year with that of the central government.

The decision was taken during the RBI’s central board of directors’ meeting on Monday. This will, in effect, do away with the RBI’s need to transfer an interim dividend to the central government — a practice which has been adopted in the past few years after the National Democratic Alliance (NDA) assumed